What's In The Infrastructure Bill And How Will It Affect You?

Friday, the House of Representatives passed the bipartisan Infrastructure bill 228-206, which passed the Senate back in August. President Biden is expected to sign the bill in the very near future. The Infrastructure Bill, which is roughly $1.2 trillion, will have an effect on many areas of American society. Here's a breakdown of the bill and how it will affect you.

What's Included in the Infrastructure Bill

The Infrastructure Investment and Jobs Act (IIJA) is available online at the Congressional website. The bill contains $1.2 trillion in funding, but only $550 billion comes from new spending. The remaining amount will be drawn from existing funds normally allocated to these programs. Here is a breakdown of the new spending.

Transportation

Of the $550 billion in new funding, over $250 billion is dedicated to improving transportation.

$110 billion is allocated for roads, bridges, and other projects. Along with construction and repairs, this also funds transportation research at universities, "congestion relief" for cities with more than 1 million residents, and funding for highways in Puerto Rico.
$66 billion is allocated for upgrading and maintaining America's passenger rail and freight rail systems. This is for traditional (not high-speed) rail.
$39 billion for public transit. With these funds, new bus routes will be created and it and make public transits more affordable for senior and disabled Americans.
$25 billion is for airport improvements. Airports across the nation will receive funding to make improvements and expansions. $5 billion will be used for new equipment for air traffic control towers.
$17 billion is dedicated to ports and other waterways. The Army Corps of Engineers will receive a substantial portion of this money for port infrastructure. The Coats Guard will receive a portion for ferry terminals as well.
$15 billion is for electric vehicles. $7.5 billion of this will be used o build electric vehicle charging ports nationwide. The other $7.5 billion will be used to replace diesel-fueled school busses, specifically in low-income, rural, and tribal communities. Current busses will be replaced with zero or low emission busses.
$11 billion is allocated for safety, specifically for highway, pedestrian, and pipeline safety.

Utilities

Over $200 billion of the new funding is for non-transportation-related infrastructure expenses.

$65 billion is dedicated to the power grid. This funding will be used to update power lines and cables, as well as make the power grid safer from hackers. It will also supply funding for clean energy research, like hydrogen-based energy, carbon capture, and advanced nuclear reactors.
$65 billion will be used for broadband internet. $14 billion will be used to reduce the price of internet for low-income families. $51 billion will be used to expand broadband internet into rural areas of the country, where millions do have access to broadband internet (considered 25mbps download speed or higher).
$55 billion is allocated to water infrastructure. This money will be used on replacing lead pipes, which can create a host of medical problems, as well as for PFAS (per- and polyfluoroalkyl) chemical cleanups, and water technology. All of this is geared towards providing clean drinking water in tribal communities, households, schools, and, daycare centers.
$8 billion will be used for western water infrastructure. To combat ongoing drought, this money will be used to invest in water storage, treatment, and reuse facilities.

Environment

$47 billion will be allocated for climate resiliency. This will help protect current and new infrastructure against cyberattacks, droughts, wildfires, floods, and other natural disasters. The emphasis is on preventing damage to current and new infrastructure.
$21 billion is dedicated to reclaiming abandoned mines, cap oil and gas wells that are not in use, and cleaning up Superfund and Brownfield sites (areas that contain or may contain hazardous waste).

The Infrastructure Bill Will Affect Everyone

On a positive note, when signed into law, this bill will make sweeping changes across America. Cleaner water, access to the internet, air travel enhancements, and roadway improvements are among the benefits of this program. Millions of Americans, if not every American, will be impacted by these improvements.

On a negative note, the bill may cost more than anticipated. Lawmakers claim that this bill will pay for itself, but it actually may not. The Congressional Budget Office (CBO) states that between now and 2031, "the legislation would add $256 billion to projected deficits." If the CBO is correct, the infrastructure bill will increase the national debt.

Infrastructure Bill Officially Ends Targeted EIDL Advance

One of the many funding sources lawmakers used for this bill is the SBA's Targeted EIDL Advance. In the text of the bill, it states, "Of the unobligated balances from amounts made available under the heading 'Small Business Administration—Targeted EIDL Advance'...$17,578,000,000 are permanently rescinded."

When the President signs the Infrastructure Investment and Jobs Act (IIJA) into law, which is expected to be soon, small businesses will no longer be able to receive the $10K Targeted EIDL advance or the $5K Supplemental Advance. The EIDL loan is still available, but the application deadline is December 31, 2021.

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