Since coming into office just over a year ago, President Biden has been committed to assisting the small business community.
President Biden and the ‘Small Business Boom’
A statement issued by the White House in late January, describes how Biden has focused on providing small businesses in the US with the tools and resources they require to reopen, rehire and be better than ever as the economy opens up after the COVID-19 pandemic.
The statement notes how the Biden-Harris administration has, to date, distributed more than $400 billion in critical relief to over 6 million small businesses.
Small Business Positivity in the US
The statement points to separate studies which show the positivity surrounding the small business community in the United States. One study shows that the number of small businesses planning to create new jobs in the next three months is higher than ever. Another reveals that 71% of small business owners are optimistic about their own performance in 2022, up from 63% a year ago.
The detail of the statement is important to small business owners across the US as it confirms what the small business community is prioritizing in 2022. It also lists the different support initiatives the Biden administration has launched to help small businesses recover and thrive.
American Rescue Plan
One such step has been the Biden-Harris administration American Rescue Plan (ARP), which provided direct relief to small businesses and families, while supporting the vaccination of over 200 million Americans.
The ARP was coupled with other relief aid, as the statement notes: “Through the combination of ARP investments and existing emergency relief programs, the Biden-Harris Administration distributed more than $400 billion in critical relief to more than 6 million small businesses. The ARP also provided thousands of entrepreneurs with the personal and financial security to launch their own business.”
Low Cost Loans and Investments
Among the initiatives made available to small businesses is the expansion of access to low cost loans and investments. The expansion is part of the $10 billion State Small Business Credit Initiative (SSBCI) established through the ARP.
By the summer 2022, the first wave of programs will launch, providing millions of dollars in new lending and investment capital for small businesses across the United States.
On top of this, small businesses can still access the Small Business Administration’s (SBA) traditional 7a, 504 and microloan programs.
Making Broadband Accessible to Everyone
Broadband has become an essential tool for small businesses of almost all sectors. To help provide businesses with the broadband they require, the Biden-Harris administration has announced that President Biden’s Bipartisan Infrastructure Law will invest $65 billion in broadband infrastructure. This will help ensure that every small business has access to reliable high-speed internet, which is vital for business operations.
Small businesses are wise to keep on top of the support and initiatives delivered by Government to help them recover, grow and thrive, as the country moves on from the pandemic.