Time for Congress to recognize the new normal for small businesses

Posted under: SMB
Date: 2024-02-09
Time for Congress to recognize the new normal for small businesses

The Covid-19 pandemic drastically impacted American small businesses, prompting a rapid shift towards digitalization. Government assistance programs like the Paycheck Protection Program and technological tools helped many survive. E-commerce sales surged from 10% to over 15%, becoming integral to small business operations. However, outdated policies hinder digital adoption. The Small Business Technological Advancement Act, introduced by bipartisan senators, aims to clarify that SBA-backed loans can fund digital tools. The pandemic accelerated consumer adoption of e-commerce, particularly among older demographics, leading to permanent shifts in shopping habits. Federal Reserve Chairman Jerome Powell predicts a tech-driven economy post-pandemic. Digital capabilities are now essential for business operations, with technology adoption correlating with increased sales and employment. Congress must recognize and support this digital transformation by passing the proposed legislation.

Read more at: thehill.com