Author: Jennifer Ortakales Dawkins
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President Joe Biden and a bipartisan group of senators agreed on Wednesday to a revised infrastructure plan.
So far, the small-business provisions in the new $550 billion bill appear remarkably different from Biden’s original $2 trillion proposal. For example, there’s no mention of the previous plan to include $300 billion for small businesses and manufacturing, with initiatives to bring more manufacturing stateside, along with updated tax incentives and expanded research and development, showed the White House fact sheet released on Wednesday. But more information is expected to be announced.
The bill is set to go to the House for approval before Biden signs it into law.
While there is still much we don’t know about the bill and how it could address small-business concerns, we’ll continue to update this post as more information is released.
What we know about small-business support in the infrastructure plan so far
It includes a $65 billion investment in high-speed internet for all Americans. More than 30 million Americans don’t have access to broadband internet where they live, the Federal Communications Commission said.
This provision could create opportunity for entrepreneurs. For instance, e-commerce is booming as a low-cost entry into entrepreneurship, and cities such as Chattanooga, Tennessee, prove that democratizing quality internet access generates more jobs and business creation. Additionally, access to high-speed internet would level the playing field for those historically without access.
For more information on how Biden’s $2 trillion infrastructure plan addressed small businesses, read our coverage of his bill, proposed in April, here.
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