updated 06:40 pm EDT, Tue July 6, 2010
Grants and loans to be matched by $200m investment
President Barack Obama has promised an additional $800 million for loans and grants related to broadband expansion throughout the country. The funds represent a portion of the latest federal stimulus package, which totals approximately $800 billion.
Obama expects 5,000 jobs to be created as a result of the 66 new infrastructure projects financed by the stimulus money. The efforts will result in communication lines connected to private residences, hospitals, schools, libraries, community colleges, and a variety of other areas.
The stimulus package allocates a total of $7.2 billion for grants and loans directly related to broadband expansion projects in all 50 states. The latest efforts follow the FCC's National Broadband Plan, a strategy for bringing broadband access to rural areas and other institutions that currently lack connections to high-speed Internet service. [via Reuters]