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Janel Knight Trulear
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(617) 875-6581

Small business group applauds economic success of CHIPS and Science Act, as Main Street enthusiasm soars

Statement by Small Business for America’s Future Co-chair Walt Rowen, President of Susquehanna Glass Company on economic impact of CHIPS and Science Act on small business on law’s second anniversary

Washington D.C. Aug. 8, 2024–“Two years in, the CHIPS and Science Act continues to rejuvenate the semiconductor industry and create opportunities for small businesses to innovate and grow. 

“The law is fueling small business opportunities by dedicating over $50 million to help Main Street develop new ideas or technologies like advanced semiconductor components or smart manufacturing tools. With the right resources, small businesses can thrive and this funding gives them a boost to be successful in the high cost industry. 

“It also requires larger CHIPS funding applicants to provide a plan for affordable child care options for workers. This provision will help small businesses by improving employee retention and productivity, allowing them to attract and keep skilled workers, creating a more stable and efficient workforce.

“We’ve heard exciting stories from small business owners ready to help contribute to growing the industry through construction, transportation and other services. The law's impact is far-reaching, also increasing the supply of critical parts for equipment used by small businesses and boosting e-commerce sales, thanks to lessons learned from the pandemic.

“It’s not surprising that an overwhelming 76% of small business owners believe that investments like CHIPS and Science Act will 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.

“Small business enthusiasm is soaring with a record 18 million new small business applications filed since 2021. As we celebrate this milestone, it's clear that continued investments like the CHIPS and Science Act are crucial to sustaining this momentum. By prioritizing small businesses and providing them with the resources they need to thrive, we can ensure a robust and resilient economy for years to come.”

To request an interview with Small Business for America’s Future Co-chair Walt Rowen 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.