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Janel Knight Trulear
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(617) 875-6581

Small business group reflects on economic success, future opportunities of Inflation Reduction Act, CHIPS and Science Act a year after policies signed into law

Statement from Small Business for America’s Future Senior Advisor Rhett Buttle on the impact of Inflation Reduction Act, CHIPS and Science Act on small business

Aug. 7, 2023–Our economy is showing strong signs of improvement with a solid job market and inflation beginning to cool. More experts are predicting a soft landing for our economy thanks in part to landmark legislation like the Inflation Reduction Act and CHIPS and Science Act.

A year ago, mom and pop shops were still gaining their footing after the pandemic while juggling inflationary pressures and labor constraints. It was clear they needed support, and these policies delivered. That’s why small business owners backed such policies in surveys by Small Business for America’s Future. An overwhelming 76% of small business owners believed that these substantial investments would boost the economy and 72% are confident that the investments in infrastructure and manufacturing will directly aid their businesses, offering them opportunities for expansion and consolidation.

The CHIPS and Science Act breathed new life into the semiconductor industry with major incentives for semiconductor facilities, research and workforce development. Small businesses will be able to benefit from the ripple effects of rebuilding this industry and create more new jobs. 

High prescription drug costs, a top concern of small business owners, were also addressed in the Inflation Reduction Act. It gives Medicare the authority to negotiate lower drug prices, a transformative step toward increased affordability that will have far-reaching impacts on the entire healthcare system. It is projected to save $456 billion over a decade, freeing up vital resources for business growth and expansion.

The Inflation Reduction Act's groundbreaking investment in clean energy will open up new opportunities for our expanding clean energy workforce and the small businesses that play a vital role in supporting it. The policy also offers tax credits to small businesses, enabling them to transition and contribute to building a sustainable economy while saving money in the process.

These policies are setting us up for a bright future. We need more legislation like it to help small business owners continue to rebound after the pandemic. 

To request an interview with Small Business for America’s Future Senior Advisor Rhett Buttle contact Janel Knight Trulear at (617) 875-6581 or janel@emccommunications.com.  

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About Small Business for America’s Future
Small Business for America’s Future is a national coalition of small business owners and leaders working to provide small businesses a voice at every level of government. We’re committed to ensuring policymakers prioritize the nation’s 30 million small businesses to create an economy that works for them, their workers and their communities. Visit www.smallbusinessforamericasfuture.org. Follow us on Twitter and Facebook. #SmallBizAF.