Business in America News

Aviation Entrepreneur Says American Jobs Act Is "Critically Important" to Small Firms

Posted by Ari Matusiak on October 11, 2011 at 9:00 PM EDT

Jamail Larkins, the President and CEO of Ascension Aircraft, hopes Congress passes the American Jobs Act so he can grow his business. "The ability to reduce our payroll taxes will allow us to hire more people by stretching our limited capital."

Jamail Larkins wants Congress to pass the American Jobs Act so he can reduce his payroll expenses and put more people to work. "The Jobs Act is critically important to small firms like mine. One of our biggest expenses is payroll, and the ability to reduce our payroll taxes will allow us to hire more people by stretching our limited capital."

Larkins, 27, is the President and CEO of Ascension Aircraft, an airplane sales and leasing company in Augusta, Georgia that he founded in 2006. This entrepreneur's love of flying began the first time he piloted a plane -- at the age of twelve. He continued taking lessons, but his decision to volunteer to wash planes at his local airport helped him establish relationships with pilots and more quickly gain confidence in his flying abilities. Eventually Larkins petitioned the Federal Aviation Administration to allow him to fly solo before his 16th birthday. Though his exemption was denied, he was undeterred and traveled to Canada, where the minimum age to fly solo was fourteen. That year, Larkins became one of the youngest American pilots to solo a powered aircraft in Canada. “I was fortunate that I discovered my calling in life at a young age. Flying a small aircraft is a very unique experience. It’s challenging, it’s exciting, always changing, and it allows you to see the world from a completely different perspective.”

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President Obama Attends Meeting of Council on Jobs and Competitiveness

Posted by Colleen Curtis on October 11, 2011 at 6:55 PM EDT

President Obama today attended a meeting of his Council on Jobs and Competitiveness, where he heard recommendations from the group on how to get the economy moving and create more jobs. The advisory council, which includes leaders from business, labor and academia, was created by the President earlier this year to provide diverse perspectives and ideas on how to create jobs and strengthen our competitiveness.

The third quarterly meeting of the Council today in Pittsburgh was focused on a report that team presented to the President that offered five major initiatives to increase employment while improving competitiveness:
- Measures to accelerate investment into job-rich projects in infrastructure and energy development
- A comprehensive drive to ignite entrepreneurship and accelerate the number and scale of young, small businesses and high-growth firms that produce an outsized share of America’s new jobs
- A national investment initiative to boost jobs-creating inward investment in the United States, both from global firms headquartered elsewhere and from multinational corporations headquartered here
- Ideas to simplify regulatory review and streamline project approvals to accelerate jobs and growth;
- Steps to ensure America has the talent in place to fill existing job openings as well as to boost future job creation.
The President called the report “outstanding” and highlighted some of the Council’s recommendations that have already been acted upon, including the announcement today of 14 high-priority infrastructure projects which the permitting process has been significantly expedited through administrative action. He also discussed the American Jobs Act, which offers solutions to the infrastructure issues the Council raised and has provisions in place to accelerate job creation as well as tax breaks that will enable small companies grow more quickly:

The good news is -- and it’s reflected in your Jobs Council report -- there’s just a bunch of stuff that we can do right now that not only helps the economy immediately but puts us on a more stable path over the long term. And most of it should not be controversial. The good news is, is that our problems are imminently solvable and does not necessarily fall into the classic ideological divisions between left and right, conservative, liberal, but are just smart things to do to respond to a historic challenge that we face as a country.

The bad news is that there is a big gap between sensible solutions and what either the political process seems to be willing to act on and also, I think, people’s perceptions, which are clouded by news reports that would make it seem as if there is nothing we can do and that we’re automatically on a downward decline.

And so I think what the Job Council has been invaluable in providing is a road map for the American people -- not comprehensive, this is just a piece of the puzzle, but pointing to examples of where, if we do some smart things now, we can have a lot better outcomes in the future. And that can help to build back a sense of confidence -- or a sense of confidence about our ability to meet these challenges.

The full report is available for download at www.jobs-council.com

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High Tech Manufacturers See American Jobs Act "Creating Opportunities at Every Turn"

Posted by Ari Matusiak on October 11, 2011 at 6:45 PM EDT

Wendy Jameson and Scott Grimshaw are the founders of ColnaTec, a “greentech” manufacturing business in Arizona

Wendy Jameson, the co-founder of ColnaTec in Gilbert, Arizona says that the American Jobs Act will enable her company to "concentrate on what we do best – putting Americans and American innovation to work. Every dollar saved by the American Jobs Act is one more dollar we can spend on innovation. This changes the growth trajectory of our company, creating opportunities at every turn. In these difficult times, with most Americans worried about what tomorrow holds, who wouldn’t want that?"

Jameson and Scott Grimshaw’s “green tech” manufacturing business lives up to its founders' motto: “fear mediocrity.” Since its launch in October 2009, ColnaTec has become one of the world’s only firms that makes the electronic sensors needed to manufacture thin film solar cells and display screens used in devices such as cell phones. The holder of numerous patents, ColnaTec has received two research grants from the Department of Energy for a new self-cleaning sensor, which will not only be more accurate than existing models, but also capable of clearing off the coating that forms on them, which leads to sensor failure – a process Grimshaw has said will work like a “self-cleaning oven.”

The co-founders, who met on Twitter, say “can’t” is a word they don’t believe in. Jameson, who has 25 years experience in sales, marketing and business strategy is the CEO, and Grimshaw, the founder of two other high tech manufacturing businesses, is the chief technology officer. Their business (which is named after Jameson's sons, Colton and Nathan) is self-funded, and the owners say their aim is to develop manufacturing products that haven’t existed before – designing those products for long life and the highest accuracy and efficiency possible.

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Restaurant Entrepreneur Says American Jobs Act Will Help Small Businesses Get Back on Track

Posted by Ari Matusiak on October 11, 2011 at 12:07 PM EDT

Phillip Maung, the founder and CEO of Hissho Sushi arrived in the U.S in 1989 with $13 in his pocket. Today his company operates more than 400 sushi bars across the country.

Philip Maung, founder and CEO of Hissho Sushi, believes that Congress should pass the American Jobs Act so that small businesses like his can fast track their growth. “The American Jobs Act has provisions that will motivate small businesses owners like me to expand in an environment in which we have been forced to put some hiring decisions on hold for quite some time. Hopefully, with these incentives, small businesses will get back on track and our company, along with many other companies, can continue in our role of being the driving engine behind job growth.”

Maung arrived in this Los Angeles from Burma in 1989 with $13 in his pocket. He had a dream of making something of himself and wanted to make his family proud. In 1998, Maung and his wife started Hissho Sushi in their dining room. What began as a tiny company providing fresh sushi to supermarkets and cafes has evolved into a dynamic foodservice and distribution enterprise, headquartered in Charlotte, North Carolina. Hissho Sushi now employs more than 200 people and trains sushi chefs, distributes sushi ingredients throughout the United States and operates more than 400 sushi bars across the country.

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Clothing Manufacturer Says the American Jobs Act "Will Change the Global Scope of Apparel Manufacturing"

Posted by Ari Matusiak on October 11, 2011 at 7:00 AM EDT

SustainU's Chris Yura, center, with workers Carolina Cut ' N Sew in Mt. Gilead, NC, where his line of environmentally-friendly apparel for colleges and universities is produced.

The payroll tax holiday on all new hires and wage increases that is part of the American Jobs Act will help Chris Yura of SustainU and his manufacturing partners in West Virginia, North Carolina and Tennessee "free up much needed capital to continue growing in our community and in other areas of the country as we look to expand."

Yura is especially drawn to the tax credits for hiring the long-term unemployed and for hiring service-disabled veterans that are provision of the American Jobs Act. “The growth and potential of our business lies solely in our American contracted manufacturers. Giving our partners in manufacturing the ability to rehire skilled workers increases our productivity and will change the global scope of apparel manufacturing. We have the people that want and need jobs; we need to invest in them.”

When Yura was a fullback for Notre Dame, he wore his Fighting Irish uniform with great pride. Yura recognized the power of the school’s signature apparel by the excitement generated in the stands when they took the field, and saw “The Shirt” bring people together even far from the college stadium. After graduating in 2003, Yura spent five years modeling in New York City where he became particularly interested in the sustainable fashion movement and was frustrated to learn about the misleading character of the “green” clothing movement.

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Vice President Biden Announces Boosts for Small Business in Ohio

Posted by Amy Dudley on September 21, 2011 at 2:49 PM EDT

Small businesses across the country got a boost yesterday when Vice President Biden announced that 13 of the nation’s largest banks, in partnership with the Small Business Administration, have committed to increase small business lending by a combined $20 billion over the next three years.

Speaking with SBA Administrator Karen Mills at Wrap Tite Inc. – a small packing and shipping material company in Solon, Ohio – the Vice President told the story of how a recent $1.5 million SBA-supported loan allowed Wrap Tite to purchase and renovate a new facility in Solon, as well as hire five new workers. The new lending commitments announced today means more small businesses like Wrap Tite will have access to the capital they need to help grow the nation’s economy at the local level. As Vice President Biden said, "Small business men and women – who are the engine of economic growth in America – create two out of every three jobs in America."

But, as the Vice President said in Ohio, the lending boost for small businesses is only part of the story, and we cannot stop there. Urging Congress to pass the American Jobs Act right away, he described two key ways the bill would help small businesses grow and hire in Ohio and across the country – by cutting their taxes and putting money back in their customer’s pockets:

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The America Invents Act: Turning Ideas into Jobs

Posted by Quentin Palfrey on September 16, 2011 at 12:19 PM EDT

Download Video: mp4 (212MB) | mp3 (21MB)

This morning, I had the great honor of watching President Obama sign the America Invents Act at Thomas Jefferson High School for Science & Technology in Alexandria, Virginia—a school named for the first official to issue U.S. patents. This historic legislation will help American entrepreneurs and businesses get their inventions to the marketplace sooner so they can turn their ideas into new products and new jobs.

The America Invents Act was passed with President Obama’s strong leadership after nearly a decade of effort to reform the Nation’s outdated patent laws. It will help companies and inventors avoid costly delays and unnecessary litigation, and let them focus instead on innovation and job creation. Many key industries in which the United States leads, such as biotechnology, medical devices, telecommunications, the Internet, and advanced manufacturing, depend on a strong and healthy intellectual property system.

As President Obama explained in his 2011 State of the Union address: “We know what it takes to compete for the jobs and industries of our time. We need to out-innovate, out-educate, and out-build the rest of the world.”

On stage with President Obama was a bipartisan group of legislators who came together to pass the most significant reform of the Patent Act since 1836: Sen. Patrick Leahy (D-VT); Rep. Lamar Smith (R-TX); Rep. Bob Goodlatte (R-VA); Rep. Jim Moran (D-VA); and Rep. Mel Watt (D-NC). Today’s bill signing shows that strong bipartisan cooperation is possible. Congress can come together on behalf of the American economy and American innovation.

The newly-signed law has a number of important transformations that will build on reforms already underway under the leadership of the US Patent and Trademark Office's dynamic Director David Kappos. The law will give the USPTO the resources to significantly reduce patent application waiting times, building on the great strides the patent office has already made, including reducing its backlog by 75,000 during this Administration even as the number of filings per year has increased.

A few months ago, Austan Goolsbee (then Chairman of President Obama’s Council of Economic Advisers) created a video explaining why reducing the backlog will help get more ideas turned into companies and jobs. The USPTO will now be in a position to implement an innovative program to speed up the processing of the patents that are likely to create good jobs right away. Under the prioritized examination process, the USPTO will offer start-ups and growing companies an opportunity to have important patents reviewed in one-third the time with a new fast-track option that has a guaranteed 12-month turnaround.

The program builds on the Green Technology Pilot program that accelerates patent applications involving reduced greenhouse gas emissions and energy conservation — at no cost to the inventor. More than 2,407 petitions have been granted to green technology patent applicants since the pilot began in December 2009, and USPTO has issued a total of 470 patents under the program.

Excessive litigation has long plagued the patent system. The America Invents Act will offer entrepreneurs new ways to avoid litigation regarding patent validity, without the expense of going to court, and will also give the USPTO new tools and resources to improve patent quality. The new law also will harmonize the American patent process with the rest of the world to make it more efficient and predictable, and make it easier for entrepreneurs to simultaneously market products in the United States and for exporting abroad.

President Barack Obama examines a robot created in the school’s prototyping and robotics senior research labs at Thomas Jefferson High School for Science and Technology in Alexandria, Va., Sept. 16, 2011. (Official White House Photo by Pete Souza)

At Thomas Jefferson High School, President Obama also announced some of the additional steps we’re taking to unleash the ingenuity of America’s entrepreneurs. The National Institutes of Health will launch a new center that will help companies reduce the time and cost required to develop life-saving drugs, and is making it easier for startups to commercialize the biomedical inventions made by NIH and FDA researchers. In addition, the Administration will develop a “bioeconomy blueprint” to create jobs and address key national challenges in health, energy, and agriculture.

We also know that government cannot do this alone. That’s why 140 university presidents have answered the Administration’s call to action to move research breakthroughs from the lab to the marketplace. We’re also announcing a new prize supported by the National Science Foundation and the Coulter Foundation to reward those universities that make the most progress on accelerating economic growth and job creation.

Now more than ever, the jobs of the future will spring from the inventions of today, which will be built on the foundation of a strong and balanced intellectual property system. As President Obama explained today, “We should be encouraging the entrepreneurial spirit wherever we find it. We should be helping American companies compete and sell their products all over the world. We should be making it easier and faster to turn new ideas into new businesses and new jobs. And we should knock down any barriers that stand in the way.”

Have questions on the America Invents Act? Today, US Chief Technology Officer Aneesh Chopra will be answering your questions with USPTO Director David Kappos during an Open for Questions event on WhiteHouse.gov. Join us live at 5:00 p.m. EDT on Friday, September 16th. Here's how it works and how you can participate:
- Use the hashtag #WHChat on Twitter to ask your questions on the America Invents Act
- Watch and ask your questions through the White House Live Facebook App
- Tune in live on WhiteHouse.gov/live
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Open for Questions: The American Jobs Act

Posted by Kasie Coccaro on September 13, 2011 at 12:45 PM EDT

On Thursday, September 15^th at 2:00PM EDT, the White House will host a special “Open for Questions” event.

Last week, President Obama unveiled the American Jobs Act before a Joint Session of Congress and yesterday the President sent the American Jobs Act to Congress. This plan puts more people back to work and puts more money in the pockets of working Americans. On Thursday, September 15^th at 2:00PM EDT Obama Administration officials will answer questions submitted through Facebook, Twitter, and the White House website during a live event that you won’t want to miss.

Participating Obama Administration include:
- Brian Deese, Deputy Director of the National Economic Council
- Jon Carson, Deputy Assistant to the President & Director of the Office of Public Engagement
Right now, you can submit questions through:
- Ask questions in advance on the White House facebook wal l
- Ask us through a form on WhiteHouse.gov
On September 15th at 2:00 p.m. EDT, you can watch and engage live:
- Ask the panel questions on Twitter with the hashtag #WHChat
- Ask question through the White House Live facebook app
- Watch the event on WhiteHouse.gov /live
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Open for Questions: Youth and the American Jobs Act

Posted by Ronnie Cho on September 12, 2011 at 7:48 PM EDT

Hi everyone. I’d like to invite you to a very special edition of “Open for Questions” on Wednesday, September 14th, at 4:00PM EDT. Please join me and senior White House officials as we field questions on how the American Jobs Act will impact young Americans. I'll moderate this conversation with:
- Michael Pyle, Special Assistant to the President, National Economic Council
- Roberto Rodriguez, Special Assistant to the President for Education Policy
We’ve already received a number of questions about the American Jobs Act, like:
- How will the President’s plan support young entrepreneurs?
- Will the plan help prevent police, firefighters and teacher layoffs?
- What programs will the American Jobs Act support on youth employment?
On Wednesday, we'll answer these questions, and many more. So, send us your questions and please be sure to tune in for the live video chat. Here's how you can participate:

Right now, you can:
- Ask questions in advance on the White House facebook wal l
- Ask us through a form on WhiteHouse.gov
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Final Regulatory Reform Plans Will Save Money, Reduce Waste

Posted by Cass Sunstein on August 23, 2011 at 9:00 AM EDT

In January of this year, the President emphasized that our regulatory system “must measure, and seek to improve, the actual results of regulatory requirements.” With this point in mind, he ordered an unprecedentedly ambitious government-wide review of existing federal regulations. He directed agencies and departments to produce plans to eliminate red tape and to streamline current requirements.

Today, we are announcing that agencies are releasing their final regulatory reform plans, including hundreds of initiatives that will reduce costs, simplify the system, and eliminate redundancy and inconsistency.

As the plans demonstrate, a great deal has been achieved in a short time. Significant burden-reducing rules have been finalized or publicly proposed from the Department of Labor, the Environmental Protection Agency, and the Department of Transportation. These rules are expected to save more than $4 billion over the next five years.

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President Obama Signs Small Business Jobs Act - Learn What's In It

Posted by Jesse Lee on September 27, 2010 at 2:37 PM EDT

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“I’m thrilled to be here on what is an exciting day,” said the President as he prepared to sign the Small Business Jobs Act this afternoon. With small business owners who will receive tax breaks and better access to credit in the audience, the President explained to everybody why he has fought so long for it:

Now this is important because small businesses produce most of the new jobs in this country. They are the anchors of our Main Streets. They are part of the promise of America – the idea that if you’ve got a dream and you’re willing to work hard, you can succeed. That’s what leads a worker to leave a job to become her own boss. That’s what propels a basement inventor to sell a new product – or an amateur chef to open a restaurant. It’s this promise that has drawn millions to our shores and made our economy the envy of the world.

The bill includes a series of small business proposals that the President put forth earlier this year, and small businesses will start benefiting from the bill on day one. Among the many important provisions in the bill, twelve of the top benefits to small businesses are:
- Extension of Successful SBA Recovery Loan Provisions —Immediately Supporting Loans to Over 1,400 Small Businesses: With funds provided in the bill, SBA will begin funding new Recovery loans within a few days of the President’s signature, starting with the more than 1,400 businesses – with loans totaling more than $730 million – that are waiting in the Recovery Loan Queue. In total, the extension of these provisions provides the capacity to support $14 billion in loans to small businesses. The SBA Recovery loan provisions have already supported $30 billion in lending to over 70,000 small business.
- A More Than Doubling of the Maximum Loan Size for The Largest SBA Programs:The bill also increases the maximum loan size for SBA loan programs, which in the coming weeks will allow more small businesses to access more credit to allow them to expand and create new jobs. The bill will permanently raise the maximum size for SBA’s two largest loan programs, increasing the maximum 7(a) and 504 loans from $2 million to $5 million, and the maximum 504 manufacturing related loan from $4 million to $5.5 million. In addition, it will temporarily increase the maximum loan size for SBA Express loans from $350,000 to $1 million, providing greater access to working capital loans that small businesses use to purchase new inventory and take on their next order – allowing them to create new jobs.
- A New $30 Billion Small Business Lending Fund:The bill would establish a new $30 billion Small Business Lending Fund which – by providing capital to small banks with incentives to increase small business lending – could support several multiples of that amount in new credit.
- An Initiative to Strengthen Innovative State Small Business Programs – Supporting Over $15 Billion in Lending:The bill will support at least $15 billion in small business lending through a new State Small Business Credit Initiative, strengthening state small business programs that leverage private-sector lenders to extend additional credit – many of which have been forced to cut back due to budget cuts.
- Eight New Small Business Tax Cuts – Effective Today, Providing Immediate Incentives to Invest: The President had already signed into law eight small business tax cuts, and on Monday, he is signing into law another eight new tax cuts that go into effect immediately.
  - Zero Taxes on Capital Gains from Key Small Business Investments:Under the Recovery Act, 75 percent of capital gains on key small business investments this year were excluded from taxes. The Small Business Jobs Act temporarily puts in place for the rest of 2010 a provision called for by the President – elimination of all capital gains taxes on these investments if held for five years. Over one million small businesses are eligible to receive investments this year that, if held for five years or longer, could be completely excluded from any capital gains taxation.
  - Extension and Expansion of Small Businesses’ Ability to Immediately Expense Capital Investments: The bill increases for 2010 and 2011 the amount of investments that businesses would be eligible to immediately write off to $500,000, while raising the level of investments at which the write-off phases out to $2 million. Prior to the passage of the bill, the expensing limit would have been $250,000 this year, and only $25,000 next year. This provision means that 4.5 million small businesses and individuals will be able to make new business investments today and know that they will earn a larger break on their taxes for this year.
  - Extension of 50% Bonus Depreciation: The bill extends – as the President proposed in his budget – a Recovery Act provision for 50 percent “bonus depreciation” through 2010, providing 2 million businesses, large and small, with the ability to make new investments today and know they can receive a tax cut for this year by accelerating the rate at which they deduct capital expenditures.
  - A New Deduction of Health Insurance Costs for Self-Employed:The bill allows 2 million self-employed to know that on their taxes for this year, they can get a deduction for the cost of health insurance for themselves and their family members in calculating their self-employment taxes. This provision is estimated to provide over $1.9 billion in tax cuts for these entrepreneurs.
  - Tax Relief and Simplification for Cell Phone Deductions:The bill changes rules so that the use of cell phones can be deducted without burdensome extra documentation – making it easier for virtually every small business in America to receive deductions that they are entitled to, beginning on their taxes for this year.
  - An Increase in the Deduction for Entrepreneurs’ Start-Up Expenses:The bill temporarily increases the amount of start-up expenditures entrepreneurs can deduct from their taxes for this year from $5,000 to $10,000 (with a phase-out threshold of $60,000 in expenditures), offering an immediate incentive for someone with a new business idea to invest in starting up a new small business today.
  - A Five-Year Carryback Of General Business Credits:The bill would allow certain small businesses to “carry back” their general business credits to offset five years of taxes – providing them with a break on their taxes for this year – while also allowing these credits to offset the Alternative Minimum Tax, reducing taxes for these small businesses.
  - Limitations on Penalties for Errors in Tax Reporting That Disproportionately Affect Small Business:The bill would change, beginning this year, the penalty for failing to report certain tax transactions from a fixed dollar amount – which was criticized for imposing a disproportionately large penalty on small businesses in certain circumstances – to a percentage of the tax benefits from the transaction.
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