The Infrastructure Investment and Jobs Act and you.
Learn more about the Infrastructure Investment and Jobs Act and how it may impact your business.
As a business owner, it’s important to know how new bills can impact your business. On November 15, 2021, President Biden signed the Infrastructure Investment and Jobs Act into law. You may wonder whether and how this new bill, known as IIJA, affects your business. Let’s explore what you need to know.
Three ways IIJA may affect business.
The passing of this bill will impact the workforce in America in more ways than one. Here’s a brief overview of changes you can expect over the new few years:
- Improved transportation. The central pillar of IIJA is to improve the internal infrastructure of America. This means better roads, bridges, ports and waterways, public transport, and airports. With easier mobility, you may have access to a larger employee base for recruiting. If your business deals with the delivery of goods, logistics may be improved and new market areas may open up that weren’t cost-effective or accessible before.
- Expanded internet access. In addition to transportation improvements, you can expect improved internet access with the new bill. Its goal is to ensure all Americans have access to reliable internet, including those in rural areas. This will permit more employees to work remotely, and also increase the available talent pool of freelancers and independent contractors.
- More jobs. The bill will immediately increase jobs for direct infrastructure workers (like engineers, power line installers, and truck drivers) and provide future jobs for the growth and maintenance of these new areas. Think tech companies, city workers, financial teams, creatives, healthcare workers, and more.
This bill will make funding available to state-level agencies. That’s good news for any business hoping to secure a government contract. To access these funds, of course, companies will need to complete the necessary paperwork as well as meet certain criteria outlined by IIJA as they apply for approvals and submit bids. Businesses that have already moved in the direction of digital workflows will be best positioned to navigate these complex processes and leverage the new funding the bill provides.
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