(WASHINGTON) -- In an East Room ceremony at the White House on Monday, President Obama signed into law a bill that will provide tax cuts and credit for small business owners. As previously reported, Speaker of the House Nancy Pelosi, D-Calif., lauded the president for his leadership and help in passing the legislation, which is expected to aid in job creation and economic growth. The new law, which President Obama calls "a great victory for America's Entrepreneurs," will allow the 1,400 people on a waiting list for SBA loans to move forward in their business endeavors. "These are people who are ready to hire and expand, who've been approved by their banks, but who've been waiting for this legislation to pass. Well, when I sign this bill, their wait will be over," the president said at the bill signing ceremony. The president added that he had fought for months as it was not easy getting the bill through Congress. As reported previously by ABC News Radio, House and Senate Republicans denounced the lending fund as a “mini-TARP,” with lawmakers attempting to capitalize in the upcoming congressional midterm elections on public resentment over the unpopular $700 billion bailout financial system in 2008.
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