Velazquez Touts Benefits of Infrastructure Package for Small Business
Summary
A February 20, 2020 release says House Small Business Committee Chairwoman Velázquez (D-NY) released a report on the benefits for small businesses of House Democrats' framework for a five-year $760 billion infrastructure investment. The release says the Moving Forward Framework would create more than 10 million jobs, most of them in small businesses. It says that, using CBO estimates, the $760 billion proposal would create up to $1.2 trillion in Gross Domestic Product (GDP) growth. It also lists consequences of not investing additional funds, including $7 trillion in lost business sales by 2025 and 2.5 million lost American jobs in 2025.
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“Velazquez Touts Benefits of Infrastructure Package for Small Business.”
Original at democrats-smallbusiness.house.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/committee-48f25604d86db15e/
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Velazquez Touts Benefits of Infrastructure Package for Small Business February 20, 2020 Washington, D.C.— Today, following the release of House Democrats’ framework for a five-year $760 billion infrastructure investment, House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) released a report breaking down the benefits the plan would have on the nation’s small businesses. “Whether it’s connecting to high-speed broadband networks for selling products online or being able to drive on well-paved roads to deliver goods to customers, America’s entrepreneurs rely on well-maintained infrastructure to keep their businesses going,” said Chairwoman Velázquez. “House Democrats’ framework will help improve and modernize our infrastructure to keep pace with the needs of small businesses and also give small firms a substantial role in this effort. We all have a responsibility to ensure that there is an adequate level of federal investment in our roads, bridges, and broadband networks, and I call on President Trump to work with Democrats in Congress to achieve this goal." The report covers the impact that increased infrastructure investment would have on small businesses in key industries like manufacturing, construction, clean energy, and transportation. Below are several key points from the report: The Moving Forward Framework would create more than 10 million jobs. Most of these jobs would be in small businesses, including the construction and transportation industries. A majority of small businesses rate high-speed internet, local roads and bridges, cell phone networks, and highways as vital to the success of their companies. Using CBO estimates, the Democrat’s proposal for a $760 billion-dollar investment would create up to $1.2 trillion in Gross Domestic Product (GDP) growth. Failure to invest additional funds into infrastructure will result in a number on economic consequences, including $3.9 trillion in losses to the U.S. GDP by 2025, $7 trillion in lost business sales by 2025, and 2.5 million lost American jobs in 2025. The full report is available here.
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