If you were thinking of opening up a small business, now is a great time to do so. Today, the U.S. Senate passed a bill that would offer $30 Billion worth of government backed loans for small businesses. The package also includes a number of different tax breaks, benefits and incentives for small businesses. The hope behind the passing of this bill is to spur job creation in the economy. As we continue to suffer through this recession, unemployment continues to rise.

The bill will now go to the House of Representatives, where it will likely pass and finally be signed by President Obama. Analysts look at this bill as a victory for the Democratic party and vital in their effort to rebound the economy.

This comes at an opportune time for public officials, who are probably panicking about the current poverty rate climbing to a 51-year high. This could be attributed to the sky high unemployment rate and the fact that jobs are still scarce around most parts of the country. Only time will tell if this bill proves successful, but one thing is for certain. I’d rather us bail out small businesses than corporate tycoons.