"This piece of legislation is good for workers, it's good for small-business people, it's good for our economy," he said. "And yet, Republicans in the Senate have blocked this bill — a needless delay that has led small-business owners across the country to put off hiring, put off expanding and put off plans that will make our economy stronger."
The legislation provides $12 billion in tax relief for small businesses and creates a $30 billion lending pool for these organizations.
Republicans have opposed the measure largely because they believe the lending component of the bill is too much like TARP, meaning it could make the government responsible for any loans in the program that default.
Senate Majority Leader Harry Reid (D-Nev.) is expected to bring the small-business bill forward when lawmakers return later this month.
"There are certain measures that we know will advance our recovery," Obama said. "This small-business jobs bill is one of them."
The president is also looking at other measures to stimulate growth.
"I will be addressing a broader package of ideas next week," he said.
It has been reported that the White House is looking to make the research and development tax credit permanent and give employers a temporary holiday from paying payroll taxes. Lawmakers have examined both measures in the past, which got the support of some Republicans.
A big question is whether the proposal will be offset. The stimulus that was enacted last February was not offset largely because economists believed paying for its cost would create a drag on the economy.