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Bill intended to lure manufacturers from China could impact small businesses

Biden
Posted at 1:24 PM, Aug 09, 2022
and last updated 2022-08-09 14:24:43-04

President Joe Biden signed a bill today into law that could help small businesses called the CHIPs Act.

Experts say supply chain issues have really impacted small businesses. They don't always have the money to make large, up-front purchases.

“I think that these sorts of investments that we’ll see under the CHIP Act will help alleviate some of those things for small and medium-sized players who work in and around these industries,” said business policy expert Rhett Buttle. “Because it will allow additional investment in the community, but it will also allow them to free up capital to be able to make some of those strategic decisions that will allow their small businesses to grow and be more sustainable.”

He said smaller businesses that rely on microchips are just some that will benefit.

“I think a lot of us when we think about manufacturing we think about the big folks who are doing the work, but the reality is is small and medium-sized manufacturers power our country and it's all across the country and there's a lot of important jobs that are created,” said Buttle.

He said there are small businesses that contribute to the microchip supply chain that will see gains once more manufacturing is brought back to the U.S.

When those facilities open, places like nearby mom-and-pop restaurants will see more customers too.