In an effort to stimulate the economy and kick-start job creation, the federal government passed an economic stimulus bill. This $787 billion plan allocates about half of the funding for tax benefits for individuals and businesses, and the other half of the funding for a spending plan to get and keep people employed. This plan is expected to create an estimated 4 million jobs within two years.
Contact us to find more about Stimulus Plan Hiring Packages
Understanding the Basics and Resources Available
Jason Ferrara, VP of Marketing at CareerBuilder, breaks down the Stimulus Plan to help you understand the implications on the hiring landscape. Learn what industries are projecting job gains and to what degree, where you can stay updated on Stimulus activity, and what you can do to stay proactive in this climate.
Ferrara appears on local Chicago news programs, national news programs like Nightline, and staffing industry panels to provide commentary on the hiring environment.
Funding extends to all types of industries and companies, including suppliers and anyone who works with companies that win contracts. Specifically, the Stimulus Plan affects the following areas:
- Construction (buildings, bridges, infrastructure)
- Science (research and development)
- Technology (IT, high-tech, communications)
- Energy (electrical grid and renewable energy)
- Engineering
- Education (buildings, equipment)
- Health care
- Law enforcement
Whether or not your business is directly pursuing opportunities through this plan, an enormous opportunity exists for businesses that are suppliers or vendors for these industries. It is estimated that one-sixth of the jobs created will be indirect (for example, insurance agencies are expected to grow due to the need for construction companies to insure their people and equipment).
Jobs must be created quickly
- In selecting companies to win contracts through this plan, preference will be given to those who can begin spending 50 percent of the funds within six months. In other words, business owners/executives have the best chance of winning work through this plan if they can prove they are able to ramp up right away.
- Companies that do not adhere to this are at risk of having their funding pulled back.
Most of the money will flow directly to federal or state agencies (but will not stay there). These agencies will then contract out for work by:
- Bidding on these contracts directly
- Finding projects, work and opportunities with companies that are winning contracts
View government contracts (including available bids) available through this program, and learn which companies have won opportunities.
Economic Stimulus Plan Funding Dispersement
Review the high-level projects defined by the American Reinvestment and Recovery Act. This PDF file shows funding by agency. From there, look for individual and specific projects on Grants.gov or State websites.
Search for Grant Opportunities.
Advice about conducting business with the government.
Win government contracts.
Following the money: stimulus spending plan, by sector.
How the Stimulus Plan will help your state (interactive map by "estimated jobs," "per capita," and "current unemployment").
An explanation of how the Stimulus Plan will specifically help small businesses.