Breaking: Senate Passes $30 Billion Small Business Bill (SPY)

The U.S. Senate has passed a long-stalled small business bill, which will provide $30 billion worth of loans and tax breaks.

The bill passed with a 61-38 tally, and was a big victory for President Barack Obama and Democrats ahead of the mid-term elections.

According to an Associated Press report, "The new fund would help community banks increase lending to small businesses hurt by the recession and the 2008 Wall Street crisis. The bill would also provide about $12 billion in tax breaks over a decade to both large and small businesses and also boost the Small Business Administration's lending programs."

The S&P has started to rally this afternoon. The SPDR S&P 500 ETF (NYSE: SPY) is down slightly, to $112.69.