In February, the Administration presented its infrastructure investment plan, which may provide $1.5 trillion over ten years for infrastructure improvements. Since then, Congress has worked on finalizing certain facets of the bill and putting together their ideas for how you can proceed with this legislation. Several vital components would benefit smaller businesses:
The Infrastructure Investment and Jobs Acts Promises $550 Billion in Aide.
The Infrastructure Investment and Jobs Act proposes that the federal government invest $550 billion toward an infrastructure framework that will be allocated across the country for roads and bridges, public transit and utilities, the web, etc. This can be a significant purchase of our nation’s infrastructure-which has been neglected for decades-and can create jobs while strengthening our economy.
$1.75 billion for public transit
The Act would provide $1.75 billion for riding on the bus projects nationwide. The legislation would be used to purchase existing systems or expand them, or build new systems altogether. The bill also calls for the development of a commercial infrastructure and investment program that aims to supply direct grants, loans, and loan guarantees to communities to allow them to make necessary improvements for their infrastructure without having to pay back the us government.
$65 billion for upgrading power infrastructure
Electricity is a vital service, and also the infrastructure that supplies it is aging. We need to upgrade the grid and make it more resilient to ensure that our power network could meet rising demands for electricity and support new technologies like electric vehicles and renewable energy. The Administration is proposing to take a position $65 billion in this region over 10 years, including:
- $500 million in grants for energy efficiency and renewable energy projects through existing programs;
- $4.5 billion for rural infrastructure related to broadband access;
The Administration will streamline Federal permitting via a fast-track process along with a new interagency infrastructure council.
The Administration will streamline Federal permitting through a fast-track process and a new interagency infrastructure council. The announcement follows an executive order signed by President Trump on February 24, 2023, establishing the Interagency Task Force on Agriculture and Rural Prosperity. The task force is faced with developing strategies for improving access to capital for rural businesses, identifying regulatory barriers in agriculture, conducting a study of rural transportation issues, and reviewing existing federal programs that support rural America. Yesterday’s announcement develops this work by establishing an “Interagency Infrastructure Permitting Coordination Council” to ensure permitting processes are coordinated across each federal agency accountable for infrastructure projects.
Small businesses benefitting from this infrastructure investment ought to know what's on the horizon.
If your small business is one of the 25 million which will take advantage of this infrastructure investment and jobs act, you should know what’s coming. Faster permitting and streamlined project delivery: The balance makes it much simpler for states to work with federal agencies to coordinate permits and approvals. Additionally, it simplifies environmental reviews, allowing projects to maneuver forward faster once regulators approve them. More projects for contractors: The bill authorizes water infrastructure programs like h2o treatment plants and wastewater treatment facilities, developing jobs for many smaller businesses during these fields. Additionally, this legislation provides funds for broadband deployment-the fastest-growing industry in America-and energy efficiency improvements at schools along with other buildings nationwide. The Infrastructure Investment and Jobs Act is an exciting legislation that will benefit small businesses across the nation. The brand new law could potentially create an additional $1.5 trillion in investments by 2027 while creating another 15 million jobs over the next decade. If you’re looking to expand your company or hire new employees, this is a great time to do it!