President Barack Obama called again the attention of the Congress to approve the legislation for small businesses that the president said will help boost the economy of America.

Furthermore, the Small Business Jobs and Credit Act is held up in the Senate. President Obama said that it is essential to approve this jobs bill for small businesses in America, because most of the jobs are created here. He also said that small businesses have been particularly hard-hit by the economy.

In addition, the bill will permit the construction of $30-billion fund for lending. The Treasury Department will run the program that will bring ultra-cheap investment to community banks, described as those with less than $10 million in total resources.

According to a preliminary approximation from the Joint Committee on Taxation, the other important mechanisms of the bill will offer $12 billion worth of tax assistance for small businesses between 2010 and 2020.

Moreover, it will provide a slide of tax cuts for small businesses, to support both entrepreneurship and investment. The legislation will offer $1.5 billion in funding to state lending programs that cannot turn to clear state capitals for more cash.

President Obama blamed the politics that has discontinued the bill down. The president said that the minority in the Senate is blocking in the way to devote up or down vote on the bill. Suspensions mean agreements being put off and workers going without jobs.

The president also added that they need to do what is right and not what is political right now. The Republicans, Democrats and independents were needed to come together to approve the bill. In addition, President Obama also commented on the statistics of newest job, saying that July was the seventh upright month of job construction.