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Four Laws Fueling Small Business Innovation and Growth

Four Laws Fueling Small Business Innovation and Growth

 

This week, with the announcement of a record 19 million new business starts in the past four years, it’s clear that small businesses are driving a remarkable surge of economic growth and innovation across the country. 

 

At the heart of this business boom are four landmark laws that have laid the groundwork for America's economic recovery and positioned small businesses as the backbone of this revitalization. As we celebrate the two-year anniversaries of both the Inflation Reduction Act and the CHIPS and Science Act, it’s worth reflecting on how these laws, alongside the American Rescue Plan and Bipartisan Infrastructure Law, are empowering Main Street businesses to innovate, expand, and thrive like never before. Here's a closer look at how these laws – that together make up the "Investing in America" agenda – are transforming the small business landscape:

 

The American Rescue Plan (2021)

 

This law provided critical support for small businesses during the pandemic, offering financial aid and resources to navigate economic challenges. The law provided direct relief to small businesses through measures like paycheck protection programs and targeted grants, but also indirectly supported them by stimulating consumer spending and economic recovery. With record numbers of new small business applications, this law has jumpstarted entrepreneurship and innovation across the country.

 

The Bipartisan Infrastructure Law (2021)

 

The Bipartisan Infrastructure Law is the first infrastructure package in decades, designed to fix roads and bridges, and by doing so, laying the foundation for small business success. By upgrading infrastructure and securing supply chains, this law creates a conducive environment for small businesses to operate efficiently and competitively. It also provides billions of dollars in funding for broadband infrastructure, creating new opportunities for small businesses nationwide and creates clean energy hydrogen hubs. Whether it's a local construction company securing contracts for bridge repairs or a logistics firm streamlining operations, small businesses are integral to the implementation and success of these infrastructure projects.

The CHIPS and Science Act (2022)

 

The law aims to bolster semiconductor manufacturing and technological innovation, benefiting small businesses reliant on these components for their products and services while creating a competitive edge in global markets and creating 800,000 good-paying jobs. The CHIPS and Science Act also created the Regional Innovation and Technology Hubs (Tech Hubs) program, designed to help small businesses across the country by helping develop and grow innovative industries. When small businesses succeed, they inject vitality into local economies, creating a ripple effect that benefits everyone.

The Inflation Reduction Act (2022)

 

Addressing inflation and reducing costs, this law aids small businesses by stabilizing prices, enhancing affordability for both consumers and enterprises, and investing in the energy economy – creating direct small business jobs and cheaper energy for small businesses across the country. The law includes provisions to mitigate rising costs for small businesses, such as tax incentives for investment and measures to stabilize supply chains, helping alleviate financial pressures and sustain their operations amidst economic challenges.

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About Small Business for America’s Future

Small Business for America’s Future is a national coalition of small business owners and leaders working to provide small businesses a voice at every level of government. We’re committed to ensuring policymakers prioritize the nation’s 30 million small businesses to create an economy that works for them, their workers and their communities.

 

Visit www.smallbusinessforamericasfuture.org.

 

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