Economic Stimulus Package: ABA Urges Booksellers to Write Legislators Now

At press time, the U.S. House of Representatives and the Senate were in final negotiations regarding the American Recovery and Reinvestment Act of 2009. The American Booksellers Association is urging booksellers to e-mail their legislators immediately to call for the inclusion of the small business provisions in the final version of the legislation.

"As Congress completes final negotiations on this critically important legislation, it is crucial that booksellers remind their legislators of the importance of small businesses to the economic health of our country by keeping all of the small business provisions in the bill -- and to do so as soon as possible," said ABA COO Oren Teicher. "Remember, the game is not over until the final out is recorded, so it is imperative that booksellers e-mail their legislators immediately. Final passage of the bill could come as early as tomorrow morning -- so don't delay."

To help booksellers in this important endeavor, ABA has created a template letter that they can adapt to send it to their legislators in both the House and the Senate today.

As soon as there is confirmation on what is contained in the final economic stimulus bill, ABA will send a news flash to its membership.

Dear [Representative] [Senator]

As a small business owner and a constituent, I'm writing to urge you in the strongest way possible to keep the small business provisions in the final version of the American Recovery and Reinvestment Act of 2009. These were key components of both the House and Senate versions of the bill, and it would be a brutal blow to the viability of small businesses nationwide if the small business provisions were removed in eleventh-hour negotiations.

Independent businesses are the backbone of the American economy, and their survival and long-range health are key drivers of our nation's overall economic well-being. I urge you to remember the value of small businesses as you create a final version of the economic stimulus package. Every analysis shows that small businesses have a far greater economic impact on communities than larger, chain businesses; they contribute more to local charities; and they are largely responsible for our villages, towns, and cities retaining their unique characteristics.

ABA fully supports the recent comments of Sen. Mary Landrieu, chair of the Senate Committee on Small Business & Entrepreneurship, and Rep. Nydia M. Velazquez, chair of the House Small Business Committee, in asking that the American Recovery and Reinvestment Act contain the following essential provisions that will help small businesses:

• Reduced fees on government-backed small business loans, which will make new loans more affordable so small businesses can grow and succeed, creating jobs, and strengthening the economy.

• $515 million to temporarily eliminate fees associated with 7(a) loans, the most common type of SBA-backed loan. Reducing lender fees could stimulate as much as $15 billion in small business loans.

• A $100 million appropriation for the temporary waiver of fees on 504 loans, which provide long-term financing to small businesses that are expanding and need to buy equipment, facilities, or other fixed assets.

• Funding for the SBA's Microloan Program, which provides very small loans to qualifying small businesses. That includes $6 million to handle the increase in demand from micro-businesses crowded out of other financing sources as a result of the credit crisis. This will create or retain an estimated 10,000 jobs.

• $30 billion in targeted tax relief provisions, which will help small firms improve cash flow. By providing a five-year carryback of net operating losses, the bill would enable businesses to write off 90 percent of losses incurred in 2008 and 2009 against taxes assessed over the previous five years.

• An extension of small business expensing, doubling the amount enterprises can immediately write off on their taxes for capital investments and for purchases of new equipment in 2009.

Thank you for critical support of small businesses in the American Recovery and Reinvestment Act of 2009.

Sincerely,

[NAME, STORE NAME & ADDRESS]