President Barack Obama signed the Small Business Jobs Act

October 4th, 2010 by Mariah

WASHINGTON, Sept. 27 (UPI) — U.S. President Barack Obama signed the Small Business Jobs Act in a ceremony in the East Room Monday afternoon.

 

The $42 billion measure passed by Congress takes effect immediately and is designed to aid small businesses and create jobs.

 

A summary of the bill from the Senate said it is expected to create 500,000 jobs, CNN reported.

 

Among other things it would authorize the creation of a $30 billion fund for small community banks to lend to businesses.

 

Earlier, Obama appeared on the NBC “Today” show to kick off a three-day summit on education hosted by the network, calling for a longer school year and the hiring of more math and science teachers.

 

The event, “Education Nation,” focuses on the state of education in America.

 

The White House said the president was to travel to Albuquerque Monday night.