In a nutshell: President Joe Biden has announced that his administration has allocated more than $42 billion to expand high-speed internet access across the country as part of the Broadband Equity Access and Deployment (BEAD) program. This allocation is a part of the $1.2 trillion bipartisan infrastructure law that was signed by the President in late 2021. The funding will be distributed among all 50 states, Washington, D.C., and U.S. territories, based on need.

The announcement kicked off the Biden administration's three-week "Investing in America" campaign, in which the President, Vice President Kamala Harris, various Cabinet members, and other senior officials will explain to the people how the allocated funds will be used to improve infrastructure in the country. Alongside high-speed internet, the bill will also fund various projects such as bridges, roads, water systems, and energy systems. Supporters of the law say that the money will help ensure safe travel and the efficient transport of goods across the country.

In a statement announcing the allocation of the federal funds, the White House said that the $42.45 billion funding will improve broadband access for the millions of people who live in underserved areas. It is expected to help all residents and small businesses across these regions to access reliable and affordable high-speed internet by the end of this decade.

Describing broadband as a necessity for Americans "to do their jobs, to participate equally in school, access health care, and to stay connected with family and friends," Biden compared the broadband funding to the investments made by President Franklin Delano Roosevelt to bring electricity to rural America as part of the Rural Electrification Act.

The funding ranges from $27 million to $3.3 billion, with each state receiving at least $107 million. In all, 19 states received allocations of over $1 billion, with the biggest beneficiaries being Alabama, California, Georgia, Louisiana, Michigan, Missouri, North Carolina, Texas, Virginia and Washington. According to the White House, the funding will not only allow millions of people to access high-speed internet, it will also support manufacturing jobs and bring in private sector investment across the nation.

In addition to BEAD, the infrastructure bill includes $14.2 billion for the Affordable Connectivity Program (ACP), which provides poorer households up to $30/month off their internet bill, as well as a one-time $100 grant to qualifying households to buy a desktop, laptop, or tablet computer. It also includes billions of dollars in funding for the Digital Equity Act and other programs to help bridge the digital divide.