Bloomberg News | President Barack Obama signed legislation that will cut taxes and provide credit help for small businesses, calling it an essential step for job growth in a slow economy.

Obama signed the Small Business Jobs Act during a ceremony in the East Room of the White House. It is the fourth jobs measure to clear Congress this year and is likely the last before the Nov. 2 midterm congressional elections.

The bill, which won final congressional approval last week, provides billions of dollars worth of tax cuts over the next 12 months, with the bulk coming through “bonus depreciation,” which allows companies to more quickly write off the cost of purchases. It also revives stimulus provisions cutting fees and increasing limits on loan guarantees offered by the Small Business Administration.

– By Kate Andersen Brower in Washington