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.
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