Earlier this month, the Department of Labor reported that only 18,000 new jobs were created in December, the fewest since August 2003 — while unemployment rose from 4.7 percent to 5 percent. Myriad additional signposts point to an economy that is slowing. Both President Bush and Federal Reserve Chairman Ben Bernanke have spoken to the imperative of passing economic stimulus, and surveys cite the economy as a top concern among Americans.

As this Congress reconvenes, we have a tremendous obligation to help those in need, especially in light of job losses and exorbitant energy prices. We also have an opportunity to serve as a catalyst for growth going forward. And given that America’s small businesses constitute 99.7 percent of all employer firms, employ nearly half of the private-sector workforce, and over the last decade have created three-quarters of net new jobs annually, last week I urged the president to help reinvigorate the economy by, among other measures, including stimulus targeted to America’s small businesses.

As ranking member of the Senate Committee on Small Business and Entrepreneurship, and a member of the Senate Committee on Finance, I have introduced several bills I believe are crucial to promoting small business investment. For example, S. 269 would allow small businesses to permanently write off up to $200,000 in annual investment — an increase from today’s $128,000 limit, instead of waiting years to recover their costs through depreciation. As this change would help small businesses contribute further to the economy now, its inclusion in any stimulus package only makes sense.

We should also lengthen the carryback period of net operating losses for businesses to five years from the current two — to provide taxpayers a longer period over which to offset current losses and help them to get money today to sustain operations and employment. A temporary extension of the R&D tax credit could ensure businesses have the resources to invest in cutting-edge technologies that boost economic growth. Additionally, bonus depreciation would help incentivize businesses to purchase equipment today by allowing a write-off for a significant portion of the cost of a purchase in the year it is obtained.

There are also a number of other pending small business issues that Congress should expedite. To provide relief to our 1.5 million retail establishments, most of which have fewer than five employees, I have introduced S. 271, to reduce from 39 to 15 years the depreciable life of improvements made to retail stores owned by the retailer. Currently, only retailers who lease their property are allowed this benefit. This remedy would provide equal treatment for all retailers.

To provide small businesses with greater access to credit, Congress should also pass the Small Business Lending Reauthorization and Improvements Act of 2007 (S. 1256), which I introduced with Small Business Committee Chairman John Kerry. This critical bill, which upgrades the Small Business Administration’s principal loan initiatives, the 7(a), 504, and Microloan programs, would reduce the cost of financing for small businesses and allow entrepreneurs to invest further in their ventures and create jobs. There is no excuse for allowing this measure, which the Small Business Committee approved unanimously in May 2007, to languish at a time when small enterprises require every available dollar to grow.

Congress must also finally address the small business health insurance crisis that is adding to the rolls of the uninsured and eroding economic productivity. Small business owners in all 50 states have targeted health insurance costs, which have skyrocketed at rates far outpacing inflation and wage gains, as their number one concern. Regrettably, these sharply rising costs are leading fewer small businesses to offer health insurance. In fact, the Kaiser Family Foundation found that only 45 percent of our smallest businesses are able to provide this benefit. Moreover, those that offer insurance often find it difficult to remain competitive as they frequently forgo necessary capital investment to provide such coverage. Congress can and must consider bipartisan small business health insurance legislation this year to enable small firms to insure their employees.

Unquestionably, each of these proposals is achievable if both sides of the aisle and both houses of Congress are truly committed to reaching across party lines to effect the economic stimulus and change the American people expect and deserve.

Snowe is ranking member of the Senate Committee on Small Business and Entrepreneurship.