Hot Topic Tuesday — Proposed Infrastructure Bill to Increase Opportunities for Small Businesses
March 3, 2020
By Caity Witucki
Contributing Editor, Hot Topic Tuesday
Hot Topic Tuesday — Proposed Infrastructure Bill to Increase Opportunities for Small Businesses
Last Thursday, Honorable Jared Golden submitted a statement to the House Committee on Small Business urging them to enact policies that would update and modernize U.S. infrastructure. Golden projected that an increase in funding would create business opportunities that would directly benefit small businesses.
“Historically, America’s infrastructure network has fostered strong economies and allowed us to be both competitive and efficient. However, by many measures, we are failing to keep up with the growing demands of our modern society,” says Golden. “Failure to invest in our infrastructure has serious economic consequences, including lower GDP growth, lost business sales, and fewer American jobs—especially for small businesses.”
To support the small firms which dominate sectors of the economy such as construction, manufacturing, and engineering as well as small businesses that rely on effective infrastructure,
Golden urged the House Committee to consider enacting the “Moving Forward Framework” bill. The proposed bill would invest $760 billion in upgrading our roads, ports, bridges, airports, and electrical grids.
“We know that investments in infrastructure contribute both directly and indirectly to economic growth. Infrastructure investment reduces business costs, increases consumer spending, and lay the foundation for a clean energy economy,” Golden tells the House.
The Moving Forward Framework bill is projected to increase small business construction and manufacturing jobs by 73% and generate four times the revenue growth for small businesses in areas that would gain access to high-speed internet. It is also expected to increase job opportunities for small businesses that specialize in the manufacturing and installment of renewable energy plants such as wind, solar, bio-mass, and hydro-power.