Infrastructure Bill – Fostering Small Business

For years US Government has expensed money outside United States and for long its own Infrastructure needs have remained ignored. Infrastructure development bill will rebuild the infrastructure and improve the standard of living of millions of Americans. President Biden’s Bipartisan Infrastructure Law will enable long-term investment in United States infrastructure and will enhance country competitiveness in various areas.

The bill will spurt the economic growth and will create conducive business environment for small businesses.  Approx. 40% of the US GDP comes from smaller business, which employs half of the American Workforce and accounts for nearly two-third of new job creations. substantial portion of new.

Keeping in view that Nation cannot progress with deep economic disparity, the bill has the provision for strengthening the Latin and Black American minorities which accounts for nearly 30% of the US population and own very insignificant share of small businesses. The bill will empower the Minority Business Development Agency (MBDA) by giving it more power and resources. This will help the agency to bridge the inequality gap by creating economic programs for underserved communities.

Under the law, Government will spend $65 billion in developing broadband infrastructure for connecting millions of Americans, who are currently living in areas without adequate broadband facilities.  According the White House brief, the number of American living under such condition without access to internet facilities is approx. 30 million. Enabling access to internet facilities will connect millions of people and bring them closer to business. This will help in boosting digital economy.

Biden Government plans to invest $621 billion in Us transportation ecosystem. The money will be used for building bridges, road, rail, and transit systems. The efficient and speedier transportation network will help businesses to ship goods and services across America and export around the World.  The Bill also has provisions on the nature of procurement. The Bill intends to bridge the inequalities in the contracting system. Under the law key bodies under the Department of Transportation (DOT) i.e. Federal Highway Administration, Federal Transit Administration, and National Highway Traffic Safety Administration will procure more than $37 billion of their procurement through small disadvantaged businesses. This will help the small business in winning the contract of roads and bridges.

Since Second World War, US is spending large sum of money outside United states for supporting peace, security and maintain geo-political alliances. Biden Initiatives will enable spending $trillion dollars within United States for building bridges, electric grid, high-speed internet, roads etc and will support the growth of small business, minorities development and will in help in revitalizing main street.

Bureau Galactik Views

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