WASHINGTON – U.S. Senators Todd Young (R-Ind.), Jacky Rosen (D-Nev.), Ted Budd (R-N.C.), and Jeanne Shaheen (D-N.H.) have introduced legislation to help small business owners integrate digital tools into their businesses.
The Small Business Technological Advancement Act would clarify that small businesses can utilize the Small Business Administration’s loan program to finance technology that supports daily operations, including inventory management, product delivery, and accounting systems.
“Small businesses are the lifeblood of Indiana’s economy,” said Senator Young. “Our bill will promote the adoption of digital tools so that Hoosier small businesses can better compete in today’s economy.”
The last few years have seen an accelerated digital transformation among small businesses, pushing the adoption of software for business continuity and customer engagement. The Small Business Technological Advancement Act would help small businesses continue to bridge this technological gap by amending the Small Business Act to clarify that 7(a) loan borrowers can finance business software or cloud computing services for the following:
- 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 full legislative text can be found here.
