Economic Stimulus

On Tuesday, February 17, in Denver, President Obama signed the American Recovery and Reinvestment Act of 2009 into law. Importantly for booksellers, the bill, which had been approved by Congress on Friday, February 13, includes key provisions supporting small businesses, including a package of loan fee reductions and higher guarantees, new and enhanced SBA programs, secondary market incentives, and tax cuts.

The U.S. Small Business Administration has issued a scam alert warning small businesses not to respond to letters falsely claiming to have been sent by the SBA that ask for bank account information in order to qualify them for federal tax rebates. The fraudulent letters, which appear to be on SBA letterhead, advise recipients that they may be eligible for a tax rebate under the Economic Stimulus Act. The letter asks the small business to provide the name of its bank and account number.

Today, the U.S. House of Representatives and the Senate voted to approve the American Recovery and Reinvestment Act of 2009. Most importantly for booksellers, the final bill maintained key provisions supporting small businesses. At press time, it was expected that President Obama will sign the bill on President's Day, Monday, February 16.

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.

On Monday, February 9, as Congress worked to quickly pass the Obama Administration's stimulus package, American Booksellers Association President Gayle Shanks, co-owner of Changing Hands Bookstore in Tempe, Arizona, urged the Congressional leadership to continue its support for small businesses in crafting the American Recovery and Reinvestment Act of 2009 (H.R.1). ABA is also calling on all member booksellers to contact their legislators in Washington as soon as possible to urge support for the bill's small-business provisions.

As the Senate debates President Obama's economic stimulus plan, the American Booksellers Association is calling on booksellers to contact their legislators in Washington as soon as possible to urge support for the bill's small-business provisions.

This week, the incoming Obama administration gave a strong signal of its commitment to channeling federal economic recovery efforts to small businesses.

This week, in a letter addressed to Democratic and Republican leaders in the U.S. Senate and House of Representatives, the American Booksellers Association joined the E-Fairness Coalition in calling on Congress to include the provisions of the Sales Tax Fairness and Simplification Act (STFSA) in any economic stimulus legislation under consideration. STFSA is a bipartisan bill introduced in the House (H.R. 3396) by Rep. William Delahunt (D-MA) and in the Senate (S. 34) by Sen. Mike Enzi (R-WY).