Author: Bob Press (TAP Financial Partners)

The infrastructure bill is focused on building the economy, providing support and resources to rural communities, and helping businesses recruit and retain talent from all parts of the country. Key takeaways for small business owners include:

• $5 billion will be invested in programs from the U.S. Small Business Administration (SBA) that offer long-term solutions for small business owners.

Of that, nearly $1.5 billion is allotted for the SBA’s new direct loan program, $950 million is set aside to renew the SBA’s 7(a) loan fee waivers, and $850 million is dedicated to helping underserved startups and small businesses get grants. There is also $224.8 million reserved for the SBA’s Community Advantage Loan program, which is committed to getting underserved companies the capital they need to grow.

• In response to ongoing supply chain bottlenecks, the bill allots $17 billion to upgrade port infrastructure and $25 billion toward repairing airports and overcoming maintenance backlogs. An additional $110 billion is dedicated to fixing roads and bridges. All of these infrastructure improvements will make it easier and faster for products to get where they need to be, whether they travel by sea, air, or land.
• Currently, 30 million Americans are living in rural areas without access to reliable internet. The infrastructure bill includes $65 million to expand broadband coverage in rural areas. Additionally, the bill plans to lower overall internet costs to make it accessible for families of all income levels.

The broadband expansion will help companies with a remote workforce find and hire talented people who live in less populated areas. Expanded broadband coverage also means there will be more customers able to access company websites. This can be a significant boon for eCommerce businesses and any company that relies on the internet for sales, marketing, and outreach.

Bottom Line

The passage of the infrastructure bill is a win in many ways for individuals, families, and small businesses. Companies in all industries should see gains in the near future as investments start to be made in roads, ports, airports, and communities.

At TAP Financial Partners, we’re committed to helping small businesses succeed by offering support and resources at every stage of the business development process. To learn more, contact us.