FROM THE KIRK CAMPAIGN
Northbrook, Ill. – The Kirk for Senate campaign today released a statement regarding last week’s decision by Moody’s Investors Service to downgrade Illinois’ credit rating to a negative outlook.
“From Springfield to Washington, we need to elect fiscal conservatives who will cut spending, get our debt under control and turn our economy around,” Kirk spokesperson Kirsten Kukowski said. “Last week’s credit warning by Moody’s Investors Service should be a major wake-up call to the citizens of Illinois that we need to change direction in November. As our state’s treasurer, Alexi Giannoulias is akin to the first mate on the Titanic. The last thing he deserves now is a promotion.”
Last week, Moody’s downgraded Illinois bonds from A1 with a stable outlook to A1 with a negative outlook. In June, Moody’s lowered the state’s rating to A1 from Aa3 with a negative outlook.
Monday, September 27, 2010
Background on the Small Business Bill President Obama Will Sign today
The White House
Office of the Press Secretary
FOR IMMEDIATE RELEASE
September 27, 2010
BACKGROUND ON THE SMALL BUSINESS BILL SIGNING TODAY
Today, President Obama will sign the Small Business Jobs Act, a bill that will give our nation’s small businesses support and incentives to help them grow and hire. The bill includes a series of small business proposals that the President put forth earlier this year, and small businesses will start benefiting from the bill on day one.
The President will be joined at the signing today by a group of small business owners who will benefit from the new legislation, some of whom the President has previously met with as he fought to pass this bill (their bios are below). He will also be joined by Small Business Administrator Karen Mills, Treasury Secretary Tim Geithner, and Members of Congress. The signing is today at 1:45 pm ET in the East Room at the White House. The signing is open press.
The Small Business Jobs Bill Will Provide Immediate Support for Small Businesses:
The bill immediately extends successful SBA Recovery Act provisions, meaning that within a few days, it will restart the SBA’s Recovery lending, beginning with the more than1,300 small businesses that have been waiting to get the credit they need – with thousands more benefitting in the coming weeks.
And the bill includes eight new small business tax cuts – all effective as of Monday, and applying to small businesses’ taxes for this year – providing an immediate incentive for businesses to make new investments and expand.
For example:
· if you are a small business and you buy new equipment, you can immediately write off the first $500,000 of your investments;
· if you are one of over one million eligible small businesses, key long-term investments in your company will be subject to zero capital gains taxes;
· if you are an entrepreneur and take a chance on a new idea, you can deduct the first $10,000 of your start-up costs;
· and if you are self employed you can deduct 100 percent of the cost of health insurance for you and your family from your self-employment taxes.
MORE DETAILS:
Eight Small Business Tax Cuts – Effective Today, Providing Immediate Incentives to Invest: The President had already signed into law eight small business tax cuts, and on Monday, he is signing into law another eight new tax cuts that go into effect immediately.
1. Zero Taxes on Capital Gains from Key Small Business Investments: Under the Recovery Act, 75 percent of capital gains on key small business investments this year were excluded from taxes. The Small Business Jobs Act temporarily puts in place for the rest of 2010 a provision called for by the President – elimination of all capital gains taxes on these investments if held for five years. Over one million small businesses are eligible to receive investments this year that, if held for five years or longer, could be completely excluded from any capital gains taxation.
2. Extension and Expansion of Small Businesses’ Ability to Immediately Expense Capital Investments: The bill increases for 2010 and 2011 the amount of investments that businesses would be eligible to immediately write off to $500,000, while raising the level of investments at which the write-off phases out to $2 million. Prior to the passage of the bill, the expensing limit would have been $250,000 this year, and only $25,000 next year. This provision means that 4.5 million small businesses and individuals will be able to make new business investments today and know that they will earn a larger break on their taxes for this year.
3. Extension of 50% Bonus Depreciation: The bill extends – as the President proposed in his budget – a Recovery Act provision for 50 percent “bonus depreciation” through 2010, providing 2 million businesses, large and small, with the ability to make new investments today and know they can receive a tax cut for this year by accelerating the rate at which they deduct capital expenditures.
4. A New Deduction of Health Insurance Costs for Self-Employed: The bill allows 2 million self-employed to know that on their taxes for this year, they can get a deduction for the cost of health insurance for themselves and their family members in calculating their self-employment taxes. This provision is estimated to provide over $1.9 billion in tax cuts for these entrepreneurs.
5. Tax Relief and Simplification for Cell Phone Deductions: The bill changes rules so that the use of cell phones can be deducted without burdensome extra documentation – making it easier for virtually every small business in America to receive deductions that they are entitled to, beginning on their taxes for this year.
6. An Increase in the Deduction for Entrepreneurs’ Start-Up Expenses: The bill temporarily increases the amount of start-up expenditures entrepreneurs can deduct from their taxes for this year from $5,000 to $10,000 (with a phase-out threshold of $60,000 in expenditures), offering an immediate incentive for someone with a new business idea to invest in starting up a new small business today.
7. A Five-Year Carryback Of General Business Credits: The bill would allow certain small businesses to “carry back” their general business credits to offset five years of taxes – providing them with a break on their taxes for this year – while also allowing these credits to offset the Alternative Minimum Tax, reducing taxes for these small businesses.
8. Limitations on Penalties for Errors in Tax Reporting That Disproportionately Affect Small Business: The bill would change, beginning this year, the penalty for failing to report certain tax transactions from a fixed dollar amount – which was criticized for imposing a disproportionately large penalty on small businesses in certain circumstances – to a percentage of the tax benefits from the transaction.
Extension of Successful SBA Recovery Loan Provisions— Immediately Supporting Loans to Over 1,300 Small Businesses : With funds provided in the bill, SBA will begin funding new Recovery loans within a few days of the President’s signature, starting with the more than 1,300 businesses – with loans totaling more than $680 million – that are waiting in the Recovery Loan Queue.
· In Total, Extension of Provisions Which Have the Capacity to Support $14 Billion in Loans to Small Businesses: Extending these Recovery loan enhancements – which increase guarantees for SBA’s largest loan program (the 7(a) program) to 90% and reduce fees for the 7(a) and 504 program – has the capacity to support $14 billion in lending to small businesses. Already, SBA Recovery loan provisions have supported $30 billion in lending to over 70,000 small businesses.
· Within Coming Weeks, the Bill Will Allow SBA to Support Larger Loans As Well: The bill also increases the maximum loan size for SBA loan programs, which in the coming weeks will allow more small businesses to access more credit to enable them to expand and create new jobs. The bill:
o Permanently raises the maximum loan size for the SBA’s two largest loan programs, increasing maximum 7(a) and 504 loan size from $2 million to $5 million and the maximum 504 manufacturing related loan size from $4 million to $5.5 million.
o Permanently raises the maximum loan size for SBA microloans, increasing it from $35,000 to $50,000 and strengthening a critical tool for entrepreneurs and business owners in underserved markets to access start-up capital.
o Temporarily raises the maximum loan size for SBA Express loans from $350,000 to $1 million, providing greater access to working capital loans that small businesses use to purchase new inventory and take on their next order – allowing them to create new jobs.
· Treasury Is Working to Quickly Implement the Small Business Lending Fund and State Small Business Credit Initiative: In addition to these SBA provisions, Treasury is working to quickly implement two new programs designed to support private-sector lending to credit-worthy small businesses, and expects to release further details in the coming weeks concerning applications for these programs.
o The Small Business Lending Fund would make available $30 billion in capital to small banks with incentives to increase small business lending, potentially supporting several multiples of that amount in new credit.
o The State Small Business Credit Initiative will support at least $15 billion in new lending by strengthening state small business programs – many of them facing budget cuts – that leverage private-sector lenders to extend additional credit.
Bios of the Small Business Owners Scheduled to Attend the Signing Today:
Terry Dunlap, Jr., Owner, Tactical Network Solutions (Columbia, MD)
In 2007, Terry Dunlap founded Tactical Network Solutions, which provides offensive network warfare support to the military and the intelligence community, located in Columbia, Maryland. Terry is currently on the waitlist for an SBA Recovery loan – once the funds are made available he plans to hire three to five new employees in order to better meet current and potential defense contract needs.
Carla Eng, Abstract Displays, Inc. (Cincinnati, OH)
In 2000, with the help of an SBA loan, Carla Eng started Abstract Displays, Inc., which specializes in trade show and event marketing, located in Cincinnati, Ohio. Carla is optimistic about the future of the economy and is determined to grow and assist clients with growth in their marketplace.
Joe Fugere, Tutta Bella Neapolitan Pizzeria (Seattle, WA)
Joe Fugere is the founder of Tutta Bella Neapolitan Pizzerias located in Seattle, Washington. The first Tutta Bella opened in 2004 and has since grown to four locations, employing 180 employees. Joe funded his first restaurant personally and later opened two additional locations funded by loans from a large commercial bank. In mid-2009 Tutta Bella’s fourth location opened as the result of a loan from a community bank and currently employs 50 people. Recently, a SBA loan under the Recovery Act has helped him improve the company’s cash flow.
Ruth Gresser, Pizzeria Paradiso (Washington, DC)
Owner and Chef Ruth Gresser has helped open four restaurants in Washington, DC: Pizzeria Paradiso Dupont Circle, Pizzeria Paradiso Georgetown, Blue Plate, and Obelisk. Ruth used a SBA 504 loan to purchase the retail store front in Dupont Circle and is currently in the process of expanding with a new location in Old Town Alexandria that will open next month.
Cherrelle Hurt, As We Grow Child Care & Learning Center (Richmond, VA)
Cherrelle Hurt is the owner of As We Grow Learning Center, a day care center which also offers child care business consulting, located in Richmond, Virginia. She currently employs five people, three were hired between May and August and qualified for the Federal New Hire Act, and is looking to hire an additional three by the end of October. The additional employees will allow Cherrelle to double the size of her operation. Cherrelle currently has a Richmond Economic Development Corporation loan pending that will allow her to expand her business and hire additional employees.
Noel and Glen Mouritzen, Greystones Maritime International, Inc. (Vienna, VA)
Noel and Glen are in the process of transitioning to a new company, Greystones Aviation Worldwide, which will perform warranty repair work on fuel systems for helicopters, located in Vienna, Virginia. They are currently on the waitlist for an SBA Recovery loan – once the funds are made available Noel and Glen plan to set up their repair station and hire four to five workers.
Stephen Neal, K. Neal International Trucks (Hyattsville, MD)
Stephen Neal is President and CEO of K. Neal International Trucks, Inc., a full service commercial truck dealership, employing more than 90 employees at four locations in the Washington, DC metropolitan area. In the second quarter of this year, Stephen hired four people and has hired another five in the last 40 days.
Brad Ohlemacher, EMC Precision Machining (Elyria, OH)
EMC Precision Machining is now in the fourth generation of Ohlemacher family ownership – Brad Ohlemacher serves as the company’s President. Over the years, the company has provided components for the defense, automotive, and appliance industries, and currently employs over 40 employees.
Larry Poltavtsev, Target Labs, Inc. (Vienna, VA)
Larry Poltavtsev is the CEO of Target Labs, Inc., which offers technology solutions, located in Vienna, Virginia. Target Labs, a green, 100% wind powered company, has experienced recent steady growth and employs over 50 people. Twelve employees have been added since July as a result of an SBA backed loan. Larry is currently hiring for five positions and hopes to add 15 more before the end of the year, however, in order to further expand Larry will need additional access to capital.
Tony Scovazzo, AJS Consulting Engineers (Alexandria, VA)
In 1989, Tony Scovazzo formed AJS Consulting Engineers to provide quality, energy efficient HVAC engineering services to architects and building owners. Tony is currently on the waitlist for an SBA Recovery loan – once the funds are made available he plans to use the SBA loan to purchase a larger facility and hire three new workers.
Eleni Sica, Crossroads Wine and Spirits (Grand Junction, CO)
In 2004, Eleni Sica opened Crossroads Wine and Spirits located in Grand Junction, Colorado. In 2009, Eleni was able to expand and build a new facility with the assistance of a SBA 504 loan. The new location is a freestanding 8,500 square-foot building that now also includes a specialty food store on site.
Guy Brami, Gelberg Signs (Washington, DC)
Gelberg Signs, a commercial, full–service sign company located in Washington, DC, was founded in 1941 and is owned and operated by the Brami family. Gelberg Signs has received two SBA loans – one in 2004 and recently in June a 7(a) loan with a Recovery Act supported 90% guarantee, and waived fees that saved the company over $23,500. Both of these loans supported expansions and new investments in equipment and technology – allowing Gelberg Signs to secure new projects, which in turn resulted in new hires. Gelberg Signs has hired 16 people since the start of year, of which six qualified for the Federal New Hire Act, and are currently hiring for two positions.
Herb Caudill, Caudill Web (Washington, DC)
In 2004, Herb Caudill founded Caudill Web, a company that builds websites for international development projects and government agencies, located in Washington, DC. The company has grown steadily and has three employees. Caudill Web is currently having trouble keeping pace with demand but has not been able to hire additional programmers and designers due to the difficulty of obtaining credit. Caudill Web is currently on the waitlist for a SBA loan – once the funds are made available Herb will have access to the line of credit necessary to bring on one or two new employees.
Prachee Devadas, Synergy Enterprises, Inc. (Silver Spring, MD)
In 2003, Prachee Devadas founded Synergy Enterprises, Inc. (SEI), which provides information technology and management consulting services, located in Silver Spring, Maryland. Since inception the company has grown from one to over 120 employees – adding 20 employees in the second quarter of this year alone as a direct result of Recovery Act contracts. Since June, SEI has successfully secured nine new government and commercial contracts, which will result in SEI hiring at least another 12 employees in the next month or so.
###
Office of the Press Secretary
FOR IMMEDIATE RELEASE
September 27, 2010
BACKGROUND ON THE SMALL BUSINESS BILL SIGNING TODAY
Today, President Obama will sign the Small Business Jobs Act, a bill that will give our nation’s small businesses support and incentives to help them grow and hire. The bill includes a series of small business proposals that the President put forth earlier this year, and small businesses will start benefiting from the bill on day one.
The President will be joined at the signing today by a group of small business owners who will benefit from the new legislation, some of whom the President has previously met with as he fought to pass this bill (their bios are below). He will also be joined by Small Business Administrator Karen Mills, Treasury Secretary Tim Geithner, and Members of Congress. The signing is today at 1:45 pm ET in the East Room at the White House. The signing is open press.
The Small Business Jobs Bill Will Provide Immediate Support for Small Businesses:
The bill immediately extends successful SBA Recovery Act provisions, meaning that within a few days, it will restart the SBA’s Recovery lending, beginning with the more than1,300 small businesses that have been waiting to get the credit they need – with thousands more benefitting in the coming weeks.
And the bill includes eight new small business tax cuts – all effective as of Monday, and applying to small businesses’ taxes for this year – providing an immediate incentive for businesses to make new investments and expand.
For example:
· if you are a small business and you buy new equipment, you can immediately write off the first $500,000 of your investments;
· if you are one of over one million eligible small businesses, key long-term investments in your company will be subject to zero capital gains taxes;
· if you are an entrepreneur and take a chance on a new idea, you can deduct the first $10,000 of your start-up costs;
· and if you are self employed you can deduct 100 percent of the cost of health insurance for you and your family from your self-employment taxes.
MORE DETAILS:
Eight Small Business Tax Cuts – Effective Today, Providing Immediate Incentives to Invest: The President had already signed into law eight small business tax cuts, and on Monday, he is signing into law another eight new tax cuts that go into effect immediately.
1. Zero Taxes on Capital Gains from Key Small Business Investments: Under the Recovery Act, 75 percent of capital gains on key small business investments this year were excluded from taxes. The Small Business Jobs Act temporarily puts in place for the rest of 2010 a provision called for by the President – elimination of all capital gains taxes on these investments if held for five years. Over one million small businesses are eligible to receive investments this year that, if held for five years or longer, could be completely excluded from any capital gains taxation.
2. Extension and Expansion of Small Businesses’ Ability to Immediately Expense Capital Investments: The bill increases for 2010 and 2011 the amount of investments that businesses would be eligible to immediately write off to $500,000, while raising the level of investments at which the write-off phases out to $2 million. Prior to the passage of the bill, the expensing limit would have been $250,000 this year, and only $25,000 next year. This provision means that 4.5 million small businesses and individuals will be able to make new business investments today and know that they will earn a larger break on their taxes for this year.
3. Extension of 50% Bonus Depreciation: The bill extends – as the President proposed in his budget – a Recovery Act provision for 50 percent “bonus depreciation” through 2010, providing 2 million businesses, large and small, with the ability to make new investments today and know they can receive a tax cut for this year by accelerating the rate at which they deduct capital expenditures.
4. A New Deduction of Health Insurance Costs for Self-Employed: The bill allows 2 million self-employed to know that on their taxes for this year, they can get a deduction for the cost of health insurance for themselves and their family members in calculating their self-employment taxes. This provision is estimated to provide over $1.9 billion in tax cuts for these entrepreneurs.
5. Tax Relief and Simplification for Cell Phone Deductions: The bill changes rules so that the use of cell phones can be deducted without burdensome extra documentation – making it easier for virtually every small business in America to receive deductions that they are entitled to, beginning on their taxes for this year.
6. An Increase in the Deduction for Entrepreneurs’ Start-Up Expenses: The bill temporarily increases the amount of start-up expenditures entrepreneurs can deduct from their taxes for this year from $5,000 to $10,000 (with a phase-out threshold of $60,000 in expenditures), offering an immediate incentive for someone with a new business idea to invest in starting up a new small business today.
7. A Five-Year Carryback Of General Business Credits: The bill would allow certain small businesses to “carry back” their general business credits to offset five years of taxes – providing them with a break on their taxes for this year – while also allowing these credits to offset the Alternative Minimum Tax, reducing taxes for these small businesses.
8. Limitations on Penalties for Errors in Tax Reporting That Disproportionately Affect Small Business: The bill would change, beginning this year, the penalty for failing to report certain tax transactions from a fixed dollar amount – which was criticized for imposing a disproportionately large penalty on small businesses in certain circumstances – to a percentage of the tax benefits from the transaction.
Extension of Successful SBA Recovery Loan Provisions— Immediately Supporting Loans to Over 1,300 Small Businesses : With funds provided in the bill, SBA will begin funding new Recovery loans within a few days of the President’s signature, starting with the more than 1,300 businesses – with loans totaling more than $680 million – that are waiting in the Recovery Loan Queue.
· In Total, Extension of Provisions Which Have the Capacity to Support $14 Billion in Loans to Small Businesses: Extending these Recovery loan enhancements – which increase guarantees for SBA’s largest loan program (the 7(a) program) to 90% and reduce fees for the 7(a) and 504 program – has the capacity to support $14 billion in lending to small businesses. Already, SBA Recovery loan provisions have supported $30 billion in lending to over 70,000 small businesses.
· Within Coming Weeks, the Bill Will Allow SBA to Support Larger Loans As Well: The bill also increases the maximum loan size for SBA loan programs, which in the coming weeks will allow more small businesses to access more credit to enable them to expand and create new jobs. The bill:
o Permanently raises the maximum loan size for the SBA’s two largest loan programs, increasing maximum 7(a) and 504 loan size from $2 million to $5 million and the maximum 504 manufacturing related loan size from $4 million to $5.5 million.
o Permanently raises the maximum loan size for SBA microloans, increasing it from $35,000 to $50,000 and strengthening a critical tool for entrepreneurs and business owners in underserved markets to access start-up capital.
o Temporarily raises the maximum loan size for SBA Express loans from $350,000 to $1 million, providing greater access to working capital loans that small businesses use to purchase new inventory and take on their next order – allowing them to create new jobs.
· Treasury Is Working to Quickly Implement the Small Business Lending Fund and State Small Business Credit Initiative: In addition to these SBA provisions, Treasury is working to quickly implement two new programs designed to support private-sector lending to credit-worthy small businesses, and expects to release further details in the coming weeks concerning applications for these programs.
o The Small Business Lending Fund would make available $30 billion in capital to small banks with incentives to increase small business lending, potentially supporting several multiples of that amount in new credit.
o The State Small Business Credit Initiative will support at least $15 billion in new lending by strengthening state small business programs – many of them facing budget cuts – that leverage private-sector lenders to extend additional credit.
Bios of the Small Business Owners Scheduled to Attend the Signing Today:
Terry Dunlap, Jr., Owner, Tactical Network Solutions (Columbia, MD)
In 2007, Terry Dunlap founded Tactical Network Solutions, which provides offensive network warfare support to the military and the intelligence community, located in Columbia, Maryland. Terry is currently on the waitlist for an SBA Recovery loan – once the funds are made available he plans to hire three to five new employees in order to better meet current and potential defense contract needs.
Carla Eng, Abstract Displays, Inc. (Cincinnati, OH)
In 2000, with the help of an SBA loan, Carla Eng started Abstract Displays, Inc., which specializes in trade show and event marketing, located in Cincinnati, Ohio. Carla is optimistic about the future of the economy and is determined to grow and assist clients with growth in their marketplace.
Joe Fugere, Tutta Bella Neapolitan Pizzeria (Seattle, WA)
Joe Fugere is the founder of Tutta Bella Neapolitan Pizzerias located in Seattle, Washington. The first Tutta Bella opened in 2004 and has since grown to four locations, employing 180 employees. Joe funded his first restaurant personally and later opened two additional locations funded by loans from a large commercial bank. In mid-2009 Tutta Bella’s fourth location opened as the result of a loan from a community bank and currently employs 50 people. Recently, a SBA loan under the Recovery Act has helped him improve the company’s cash flow.
Ruth Gresser, Pizzeria Paradiso (Washington, DC)
Owner and Chef Ruth Gresser has helped open four restaurants in Washington, DC: Pizzeria Paradiso Dupont Circle, Pizzeria Paradiso Georgetown, Blue Plate, and Obelisk. Ruth used a SBA 504 loan to purchase the retail store front in Dupont Circle and is currently in the process of expanding with a new location in Old Town Alexandria that will open next month.
Cherrelle Hurt, As We Grow Child Care & Learning Center (Richmond, VA)
Cherrelle Hurt is the owner of As We Grow Learning Center, a day care center which also offers child care business consulting, located in Richmond, Virginia. She currently employs five people, three were hired between May and August and qualified for the Federal New Hire Act, and is looking to hire an additional three by the end of October. The additional employees will allow Cherrelle to double the size of her operation. Cherrelle currently has a Richmond Economic Development Corporation loan pending that will allow her to expand her business and hire additional employees.
Noel and Glen Mouritzen, Greystones Maritime International, Inc. (Vienna, VA)
Noel and Glen are in the process of transitioning to a new company, Greystones Aviation Worldwide, which will perform warranty repair work on fuel systems for helicopters, located in Vienna, Virginia. They are currently on the waitlist for an SBA Recovery loan – once the funds are made available Noel and Glen plan to set up their repair station and hire four to five workers.
Stephen Neal, K. Neal International Trucks (Hyattsville, MD)
Stephen Neal is President and CEO of K. Neal International Trucks, Inc., a full service commercial truck dealership, employing more than 90 employees at four locations in the Washington, DC metropolitan area. In the second quarter of this year, Stephen hired four people and has hired another five in the last 40 days.
Brad Ohlemacher, EMC Precision Machining (Elyria, OH)
EMC Precision Machining is now in the fourth generation of Ohlemacher family ownership – Brad Ohlemacher serves as the company’s President. Over the years, the company has provided components for the defense, automotive, and appliance industries, and currently employs over 40 employees.
Larry Poltavtsev, Target Labs, Inc. (Vienna, VA)
Larry Poltavtsev is the CEO of Target Labs, Inc., which offers technology solutions, located in Vienna, Virginia. Target Labs, a green, 100% wind powered company, has experienced recent steady growth and employs over 50 people. Twelve employees have been added since July as a result of an SBA backed loan. Larry is currently hiring for five positions and hopes to add 15 more before the end of the year, however, in order to further expand Larry will need additional access to capital.
Tony Scovazzo, AJS Consulting Engineers (Alexandria, VA)
In 1989, Tony Scovazzo formed AJS Consulting Engineers to provide quality, energy efficient HVAC engineering services to architects and building owners. Tony is currently on the waitlist for an SBA Recovery loan – once the funds are made available he plans to use the SBA loan to purchase a larger facility and hire three new workers.
Eleni Sica, Crossroads Wine and Spirits (Grand Junction, CO)
In 2004, Eleni Sica opened Crossroads Wine and Spirits located in Grand Junction, Colorado. In 2009, Eleni was able to expand and build a new facility with the assistance of a SBA 504 loan. The new location is a freestanding 8,500 square-foot building that now also includes a specialty food store on site.
Guy Brami, Gelberg Signs (Washington, DC)
Gelberg Signs, a commercial, full–service sign company located in Washington, DC, was founded in 1941 and is owned and operated by the Brami family. Gelberg Signs has received two SBA loans – one in 2004 and recently in June a 7(a) loan with a Recovery Act supported 90% guarantee, and waived fees that saved the company over $23,500. Both of these loans supported expansions and new investments in equipment and technology – allowing Gelberg Signs to secure new projects, which in turn resulted in new hires. Gelberg Signs has hired 16 people since the start of year, of which six qualified for the Federal New Hire Act, and are currently hiring for two positions.
Herb Caudill, Caudill Web (Washington, DC)
In 2004, Herb Caudill founded Caudill Web, a company that builds websites for international development projects and government agencies, located in Washington, DC. The company has grown steadily and has three employees. Caudill Web is currently having trouble keeping pace with demand but has not been able to hire additional programmers and designers due to the difficulty of obtaining credit. Caudill Web is currently on the waitlist for a SBA loan – once the funds are made available Herb will have access to the line of credit necessary to bring on one or two new employees.
Prachee Devadas, Synergy Enterprises, Inc. (Silver Spring, MD)
In 2003, Prachee Devadas founded Synergy Enterprises, Inc. (SEI), which provides information technology and management consulting services, located in Silver Spring, Maryland. Since inception the company has grown from one to over 120 employees – adding 20 employees in the second quarter of this year alone as a direct result of Recovery Act contracts. Since June, SEI has successfully secured nine new government and commercial contracts, which will result in SEI hiring at least another 12 employees in the next month or so.
###
IL GOP Launches website "Madiganville" Depicting House Speaker as Political Puppet Master
FROM THE ILLINOIS GOP
Speaker Portrayed as “Pulling the Strings”
(CHICAGO) – Illinois Republican Party Chairman Pat Brady today announced the Party has unveiled a new web site entitled “Madiganville,” a site that will track the long political history and negative impact of Illinois House Speaker Michael Madigan.
“We want to make sure voters are aware of the death grip Madigan has on Springfield,” said Chairman Brady. “As a result of Madigan’s entrenched power we think the more appropriate name for the state is 'Madiganville.'”
Chairman Brady said the election is as much about Madigan as it is about the dismal performance of Governor Pat Quinn. “Voters have come to accept corruption and lack of progress as normal,” Chairman Brady maintained. “That’s got to change, and this is the year.”
There is also a characture of Madigan as a puppeteer controlling the strings of Quinn, Senate President John Cullerton and Cook County Democratic Party Chairman Joe Berrios.
“It should be clear that while we’re having some fun, the issue is deadly serious,” Chairman Brady continued. “With momentum building for our legislative candidates this year, Republicans have a great chance of winning a majority in the House.”
The “Madiganville” site will include frequent “News from Madiganville” updates and links to useful information about the Speaker’s lengthy tenure in the House. Madigan was first elected to the House in 1970. He has served as Speaker for 25 of the last 27 years.
The website can be found at Madiganville.com.
# # #
Speaker Portrayed as “Pulling the Strings”
(CHICAGO) – Illinois Republican Party Chairman Pat Brady today announced the Party has unveiled a new web site entitled “Madiganville,” a site that will track the long political history and negative impact of Illinois House Speaker Michael Madigan.
“We want to make sure voters are aware of the death grip Madigan has on Springfield,” said Chairman Brady. “As a result of Madigan’s entrenched power we think the more appropriate name for the state is 'Madiganville.'”
Chairman Brady said the election is as much about Madigan as it is about the dismal performance of Governor Pat Quinn. “Voters have come to accept corruption and lack of progress as normal,” Chairman Brady maintained. “That’s got to change, and this is the year.”
There is also a characture of Madigan as a puppeteer controlling the strings of Quinn, Senate President John Cullerton and Cook County Democratic Party Chairman Joe Berrios.
“It should be clear that while we’re having some fun, the issue is deadly serious,” Chairman Brady continued. “With momentum building for our legislative candidates this year, Republicans have a great chance of winning a majority in the House.”
The “Madiganville” site will include frequent “News from Madiganville” updates and links to useful information about the Speaker’s lengthy tenure in the House. Madigan was first elected to the House in 1970. He has served as Speaker for 25 of the last 27 years.
The website can be found at Madiganville.com.
# # #
Thursday, August 26, 2010
Nation's Governors: Rasmussen Poll Shows Meg Whitman with 8 Pt Lead Over Jerry Brown in CA Gov's Race
The tie is broken for now, with Republican Meg Whitman, coming off last weekend’s state GOP Convention, moving out to her best showing yet in the race to be the next governor of California.
The latest Rasmussen Reports telephone survey of Likely Voters in California finds Whitman earning 48% support, while Democrat Jerry Brown picks up 40% of the vote. Six percent (6%) prefer some other candidate in the race, and six percent (6%) are undecided.
These new numbers move California from a Toss-Up to Leans GOP in the Rasmussen Reports Election 2010 Gubernatorial Scorecard.
Early this month, Brown was slightly ahead 43% to 41% in a contest that has been neck and neck since last September. Brown, currently the state’s attorney general, bounced briefly ahead immediately following the state Democratic Convention in April, but the race tightened again in June after Whitman's Republican primary win.
The latest Rasmussen Reports telephone survey of Likely Voters in California finds Whitman earning 48% support, while Democrat Jerry Brown picks up 40% of the vote. Six percent (6%) prefer some other candidate in the race, and six percent (6%) are undecided.
These new numbers move California from a Toss-Up to Leans GOP in the Rasmussen Reports Election 2010 Gubernatorial Scorecard.
Early this month, Brown was slightly ahead 43% to 41% in a contest that has been neck and neck since last September. Brown, currently the state’s attorney general, bounced briefly ahead immediately following the state Democratic Convention in April, but the race tightened again in June after Whitman's Republican primary win.
Tuesday, August 24, 2010
CRAINS REPORTS: IL Teachers' Retirement System Sells Assets to Pay Current Benefits
(Crain's) — Illinois Teachers' Retirement System, Springfield, plans to sell $3 billion in investments, or about 10% of its $33.1 billion in assets, in the current fiscal year to pay pension benefits, according to Dave Urbanek, public information officer.
The system is the fifth Illinois statewide defined benefit plan to sell off investments this fiscal year to pay benefits.
Illinois State Universities Retirement System, Champaign, expects to sell $1.2 billion in investments from its $12.2 billion defined benefit fund this fiscal year to raise liquidity to pay benefits to participants.
The Illinois State Board of Investment, Chicago, could sell $840 million investments from its $9.9 billion fund to pay benefits of the Illinois State Employees' Retirement System, Illinois Judges' Retirement System and Illinois General Assembly Retirement System. ISBI oversees the investments of the three systems.
The liquidity stress from the investment sales at the five plans could force each of them to restructure their strategic asset allocations, terminate investment managers and search for new managers.
Illinois Teachers sold $290 million in investments so far this month and $200 million last month because of a lack of state contributions.
“Without the monthly state contribution, TRS estimates sales of roughly $3 billion for the entire fiscal year, or approximately $250 million every month,” Mr. Urbanek said in a statement in response to an inquiry.
So far, TRS has accomplished the investment liquidation through “appropriate rebalancing,” Mr. Urbanek said in the statement. “As the year progresses, this approach will no longer be sufficient to cover the total amount of benefit payments and more targeted asset sales will need to be considered.
“TRS staff continues to study the impacts of the current liquidity situation on the total portfolio and recommendations will be made as necessary to adjust targets. These changes could include revisions to the system's target asset allocation and termination of investment manager relationships as 10% or more of the portfolio is liquidated to pay benefits this fiscal year,” he said.
Mr. Urbanek said the investment sales could force changes in the system's current asset allocation impacting whether it could meet its current 8.5% target rate of return.
“In the current market environment, there are significant market opportunities to institutional investors with available capital. In the absence of the required contribution from the state, TRS and the other Illinois pension systems will no longer be able to participate in these opportunities,” he said.
R.V. Kuhns, the system's investment consultant, is evaluating possible allocation changes for liquidity needs as they arise, Mr. Urbanek added. He said it was “impossible” to know details of possible searches or terminations at this time.
Since the start of the fiscal year on July 1 through Aug. 20, the system has received only $8.1 million in contributions from the state. For the current fiscal year, ending June 30, 2011, the system requested $2.35 billion in contributions from the state, Mr. Urbanek said.
In the last fiscal year, the system sold $1.3 billion in assets to pay pension benefits; it received $170.4 million in employer contributions and $899 million in member contributions, while requesting $2.08 billion in employer contributions alone.
TRS' current asset allocation is U.S. equities, 30.5%; international equities, 20.3%; fixed income, 17.5%; real estate, 9.6%; real return, 9.3%; private equity, 8.3%; absolute return, 3.6%; and short-term investments, 0.9%.
The system is the fifth Illinois statewide defined benefit plan to sell off investments this fiscal year to pay benefits.
Illinois State Universities Retirement System, Champaign, expects to sell $1.2 billion in investments from its $12.2 billion defined benefit fund this fiscal year to raise liquidity to pay benefits to participants.
The Illinois State Board of Investment, Chicago, could sell $840 million investments from its $9.9 billion fund to pay benefits of the Illinois State Employees' Retirement System, Illinois Judges' Retirement System and Illinois General Assembly Retirement System. ISBI oversees the investments of the three systems.
The liquidity stress from the investment sales at the five plans could force each of them to restructure their strategic asset allocations, terminate investment managers and search for new managers.
Illinois Teachers sold $290 million in investments so far this month and $200 million last month because of a lack of state contributions.
“Without the monthly state contribution, TRS estimates sales of roughly $3 billion for the entire fiscal year, or approximately $250 million every month,” Mr. Urbanek said in a statement in response to an inquiry.
So far, TRS has accomplished the investment liquidation through “appropriate rebalancing,” Mr. Urbanek said in the statement. “As the year progresses, this approach will no longer be sufficient to cover the total amount of benefit payments and more targeted asset sales will need to be considered.
“TRS staff continues to study the impacts of the current liquidity situation on the total portfolio and recommendations will be made as necessary to adjust targets. These changes could include revisions to the system's target asset allocation and termination of investment manager relationships as 10% or more of the portfolio is liquidated to pay benefits this fiscal year,” he said.
Mr. Urbanek said the investment sales could force changes in the system's current asset allocation impacting whether it could meet its current 8.5% target rate of return.
“In the current market environment, there are significant market opportunities to institutional investors with available capital. In the absence of the required contribution from the state, TRS and the other Illinois pension systems will no longer be able to participate in these opportunities,” he said.
R.V. Kuhns, the system's investment consultant, is evaluating possible allocation changes for liquidity needs as they arise, Mr. Urbanek added. He said it was “impossible” to know details of possible searches or terminations at this time.
Since the start of the fiscal year on July 1 through Aug. 20, the system has received only $8.1 million in contributions from the state. For the current fiscal year, ending June 30, 2011, the system requested $2.35 billion in contributions from the state, Mr. Urbanek said.
In the last fiscal year, the system sold $1.3 billion in assets to pay pension benefits; it received $170.4 million in employer contributions and $899 million in member contributions, while requesting $2.08 billion in employer contributions alone.
TRS' current asset allocation is U.S. equities, 30.5%; international equities, 20.3%; fixed income, 17.5%; real estate, 9.6%; real return, 9.3%; private equity, 8.3%; absolute return, 3.6%; and short-term investments, 0.9%.
Gov Quinn Picks Michelle Saddler as His New Chief of Staff
FROM THE GOV'S OFFICE
Governor Pat Quinn today named Michelle R.B. Saddler as his Chief of Staff. Saddler previously served as the Secretary of the Illinois Department of Human Services (DHS). Prior to serving as Secretary of DHS, Saddler was the Director of Policy for the Quinn Administration and has held a number of key management and policy positions in the public and private sectors.
“Michelle Saddler is one of the most knowledgeable and dedicated members of my cabinet, and I look forward to having her serve as my Chief of Staff,” said Governor Quinn. “There is no one better-suited to continue my mission of creating jobs, supporting Illinois’ economic recovery and protecting our most vulnerable residents.”
Saddler was appointed by Governor Quinn to be Secretary of DHS on Oct. 11, 2009. The agency, one of the state’s largest, provides integrated services to individuals, families and communities for developmental disabilities, mental health, rehabilitation services and alcoholism and substance abuse, among others.
While at DHS, Saddler was charged with implementing a number of Governor Quinn’s top initiatives, including the Put Illinois to Work program. The program was one of the largest and most successful in the nation and has put more than 26,000 people to work in subsidized temporary jobs. Additionally, under Saddler’s leadership, the agency drew down an additional $250 million in federal funds for human services.
Before being named policy chief for the Quinn Administration, Saddler served in a number of policy and management positions in both the public and private sectors. Her past positions include Vice President for International Adoptions for the Lifelink Corporation and Executive Director of the Illinois Metropolitan Investment Fund. She also served as Director of Investments with then-Illinois State Treasurer Quinn and is a Co-Chair of the Board of Directors of Protestants for the Common Good.
Saddler earned her bachelor’s degree from Princeton University’s Woodrow Wilson School of Public and International Affairs and has a master’s in management from Northwestern University’s J.L. Kellogg Graduate School of Management, where received the F.C. Austin Scholarship – the school’s highest merit award. (Additional background information is attached.)
“I look forward to continuing to serve and care for the people of Illinois as Governor Quinn’s Chief of Staff,” said Saddler. “I will work to continue the important partnerships with our legislators, employees, providers and advocacy groups.”
Current DHS Assistant Secretary Grace Hou will serve as the agency’s Acting Secretary. Prior to her work at DHS, Hou was Executive Director of the Chinese Mutual Aid Association, a non-profit social service agency that serves Chinese immigrants and refugees.
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Governor Pat Quinn today named Michelle R.B. Saddler as his Chief of Staff. Saddler previously served as the Secretary of the Illinois Department of Human Services (DHS). Prior to serving as Secretary of DHS, Saddler was the Director of Policy for the Quinn Administration and has held a number of key management and policy positions in the public and private sectors.
“Michelle Saddler is one of the most knowledgeable and dedicated members of my cabinet, and I look forward to having her serve as my Chief of Staff,” said Governor Quinn. “There is no one better-suited to continue my mission of creating jobs, supporting Illinois’ economic recovery and protecting our most vulnerable residents.”
Saddler was appointed by Governor Quinn to be Secretary of DHS on Oct. 11, 2009. The agency, one of the state’s largest, provides integrated services to individuals, families and communities for developmental disabilities, mental health, rehabilitation services and alcoholism and substance abuse, among others.
While at DHS, Saddler was charged with implementing a number of Governor Quinn’s top initiatives, including the Put Illinois to Work program. The program was one of the largest and most successful in the nation and has put more than 26,000 people to work in subsidized temporary jobs. Additionally, under Saddler’s leadership, the agency drew down an additional $250 million in federal funds for human services.
Before being named policy chief for the Quinn Administration, Saddler served in a number of policy and management positions in both the public and private sectors. Her past positions include Vice President for International Adoptions for the Lifelink Corporation and Executive Director of the Illinois Metropolitan Investment Fund. She also served as Director of Investments with then-Illinois State Treasurer Quinn and is a Co-Chair of the Board of Directors of Protestants for the Common Good.
Saddler earned her bachelor’s degree from Princeton University’s Woodrow Wilson School of Public and International Affairs and has a master’s in management from Northwestern University’s J.L. Kellogg Graduate School of Management, where received the F.C. Austin Scholarship – the school’s highest merit award. (Additional background information is attached.)
“I look forward to continuing to serve and care for the people of Illinois as Governor Quinn’s Chief of Staff,” said Saddler. “I will work to continue the important partnerships with our legislators, employees, providers and advocacy groups.”
Current DHS Assistant Secretary Grace Hou will serve as the agency’s Acting Secretary. Prior to her work at DHS, Hou was Executive Director of the Chinese Mutual Aid Association, a non-profit social service agency that serves Chinese immigrants and refugees.
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Friday, August 20, 2010
Pictures of This Week's Political Rallies at the State Fair
GOVERNOR'S DAY
Atty-General Lisa Madigan Chides her father, Speaker Mike Madigan, for his feeding ice cream to her children for breakfast. This was one of the lighter moments, as Illinois Democrats tried to lift their spirits in the wake of Rod Blagojevich's conviction the day before, and polls showing Republicans ahead in a number of key races.
GOP DAY
Republicans were far more upbeat this year, where they believe they have a strong opportunity to pick up Barack Obama's US Senate seat, and to win back the Governor's office, and several other statewide offices. Steve Kim, is one of those with a very difficult race -- running against Sec of State Jesse White. But he told the crowd of his pride in being the first Asian-American to be nominated for a statewide office.
BELOW: A Massive Confetti spray fell upon the GOP rank 'n file, and visually captured their mood as the Republicans launch their fall campaigns.
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