Here's a break down of the top news stories impacting small businesses:
Tax Breaks From New Jobs Bill
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President Obama announced a $450 billion jobs plan early in September that includes $70 billion in tax breaks for small companies that hire new employees. And the administration says it's not finished helping small businesses. A member of the president's job council says to expect more initiatives from the White House later this year.
However, not everyone was not satisfied. Some organizations representing small business criticized the new jobs plan. The U.S. Chamber of Commerce said the president’s proposals "fell short."
Health-Reform Battle Rages On
The National Federation of Independent Business is taking its case against the president’s health-care reform legislation to the Supreme Court. It's asking the high court to hear its argument that the law is detrimental to businesses and should be thrown out.
The legislation, which President Obama signed into law in 2010, requires all U.S. residents to purchase health insurance by 2014 or face a fine.
Federal Government to Pay Contractors Faster
The administration announced this month it has directed government agencies to speed up their payments to small-business contractors.
The “QuickPay” plan was unveiled on Sept. 14, and requires federal agencies to pay contractors within 15 days once they’ve received an invoice.
Currently, the federal government typically pays its small contractors within 30 days, to the tune of $100 billion a year. The administration said cutting the payment time in half will help contractors get the cash they need to invest and expand their businesses, market their products and create jobs.