Young’s bipartisan bill helps bring small businesses into digital economy

A bipartisan bill offered by U.S. Sen. Todd Young (R-IN) would authorize the Small Business Administration (SBA) to provide business loans that allow companies to finance business software or cloud computing services.

“Technological advancements have created opportunities for small businesses to tap into the digital economy and expand their customer base. However, the high upfront and ongoing costs associated with these technologies can pose financial challenges,” Sen. Young said. “Our bipartisan bill would mitigate these economic barriers, facilitating the adoption of digital tools by small businesses in Indiana and across the country.”

Sen. Young on July 18 sponsored the Small Business Technological Advancement Act, S. 2330, with lead original cosponsor U.S. Sen. Jacky Rosen (D-NV), to clarify that small businesses can utilize the SBA’s 7(a) loan program to finance technology that supports daily operations, including inventory management, product delivery, and accounting systems, according to a bill summary provided by his office.

Specifically, S. 2330 would amend the Small Business Act to clarify that 7(a) loan borrowers can finance business software or cloud computing services for facilitating daily operations; product or service delivery; processing, payment, and tracking of payroll expenses; human resources; sales and billing functions; and/or accounting or tracking of supplies, inventory, records and expenses, the summary says.

“Small businesses are the heart of Nevada’s economy, and I’ll continue doing everything I can to help them thrive,” said Sen. Rosen. “This bipartisan legislation will cut through bureaucratic red tape and give small businesses the resources to modernize their systems and better compete in this digital era.” 

The measure has been referred to the U.S. Senate Small Business and Entrepreneurship Committee for consideration.