President Bush is ready to sign the $168 billion economic stimulus package and small businesses could benefit.

The new law will give companies a 50 percent bonus deduction on new equipment that would have been depreciated over many years. It also increases from $128,000 to $250,000 the limit in 2008 on expenses that are deductible from a small business’s annual income.

The centerpiece of the plan for consumers is the government rebate checks ranging from $300 to $1,200. When most of the 130 million households see their checks around May or shortly thereafter, small firms like retailers and restaurants are hoping to see a rebate spending spree.