Bailout Money Not Helping Small Business?

Not at all, according to the House Small Business Committee, noting last week that the $1.6 trillion in bailout money provided by the federal government had failed to provide assistance to small business, "many of which continue to struggle" in getting credit or capital.

"Entrepreneurs are facing serious challenges to secure credit on any terms, leaving many to wonder where the $1.6 trillion in bailout assistance has gone," said Congresswoman Nydia M. Velázquez (D-New York), Chair of the House Small Business Committee in a press release. "Our small businesses have historically led our country out of tough times, but now they are unable to secure capital to startup or expand, resulting in lower job creation and growth during a time when we need it."

Rep. Velázquez chided the Treasury and the Federal Reserve for snubbing small business while creating new programs under the Emergency Economic Stabilization Act of 2008.

"The Treasury and the Federal Reserve have created so many new programs, you would think that at least one would directly benefit small firms – but unfortunately this is not the case," she said. "The Treasury and Fed must stop giving small business lip service and actually provide them with the resources they need to survive in this very challenging time."

Also See:
Did Bailed Out Banks Trick Congress?
Bill Would End Bonuses for Bailed-Out Bankers
Middle-Class Says NO to Flawed "Welfare for Wall Street" Bill (Liberal Politics)