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The size of the American Jobs Plan, President Biden’s $2.25 trillion dollar infrastructure package, is the subject of debate. Lawmakers on both sides of the aisle are questioning whether the amount is too much or not enough.
What is certain about the plan is that it will help American small businesses that need support in fully recovering from Covid-19.
Even before the pandemic, more than half of small business owners said infrastructure investments were critical to the success and growth of their business. Critically, a majority of small businesses will not see an increase in their taxes.
The vast majority of small businesses are organized for tax purposes as sole proprietors, limited liability companies and S-corporations. Only businesses organized as C-Corporations will be affected by a change in corporate taxes.
Since Covid-19, businesses have been struggling to stay afloat, much less grow. Many had to apply for Paycheck Protection Program (PPP) loans just to stay open.
However, the PPP was intended to help small businesses survive. Now, the American Jobs Plan will help them fully recover. Here are five ways this package will support small business owners and create jobs.
The Covid-19 pandemic tested our economy in ways never before imaginable and small businesses have shown their resilience throughout the entire crisis. President Biden’s plan will give them the resources needed for Main Street to fully reopen and create jobs, which in turn will bolster the U.S. economy.
This piece originally appeared in Forbes on April 14, 2021. You can view it online here.
Rhett Buttle is the founder of Public Private Strategies, Executive Director of the Small Business Roundtable, Founder of the NextGen Chamber of Commerce, a Senior Fellow at The Aspen Institute, and a contributor for Forbes.
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