How the Infrastructure Bill is Likely to Impact Small Businesses
At this point it seems almost impossible to forecast the exact impact that the infrastructure Bill will have on small businesses, however there are a few things we do know about the proposal currently making its way to the senate.
The size of roughly $1 trillion dollars, although large on paper, will be spent over a long time period since most projects being funded will take longer than others.
Most of the spending will take place thorough spending in roads, bridges and major projects which will likely be spent by local governments and individual states, highlighting the importance of small businesses to invest in being able to obtain local contracts and register as Minority Business Enterprise which in Maryland can be done by registering with the Office of Minority Business Enterprise (OMBE).
Spending in Broadband Infrastructure is very likely to move forward very fast given the dire need for it. Equipment upgrades, new antenna installations and new software are very likely to come from existing providers in the space which means only companies already in that space will benefit from the spending.
New Business formation will likely follow after spending becomes clear. Currently planning for capital investments is a highly speculative endeavor, details most likely will not become available until funds are ready to deploy. Take lead pipes removal as an example, small contractors will need to be utilized in some capacity, however it is uncertain if this will take place through federal contracts, private contracts, or through local governments.
The main challenge at this point resides in building the inventory and equipment to meet future demand and start training workers to be ready for the skills needed when the demand for it appears. This is a strategy and decision that each individual business owner must make.