This is the reason why I think web design firms have to position themselves as solution providers and not just web guys/gals. A client doesn't need a website, they need sales. The website is just part of that solution but it's not the solution and unlike web design, service like email marketing automation, SEO, and PPC requires an experienced professional.
Your site would need to have a text only option, with all functionality accessible through a keyboard for visitors with mobility issues. Once you make these and other changes to meet ADA guidelines, your site would need to be tested by a website development company familiar with ADA compliance issues to be sure that visitors who use assistive technology such as screen readers are able to access your web content fully.
Yes, in time non-ADA compliant websites will be penalized in the search engines. It's already on their radar. But for now they are still negatively affected, just in an indirect way. Live traffic behavior (user experience) is now factored into Google's algorithm and is a ranking signal. Negative user interactions absolutely have negative affects on rankings.
Upon discovering issues faced by disabled government employees and the public, revisions to section 508 were made. The issues that were uncovered involved websites, documents, and software programs. As of January 2018, the updated 508 standards require all federal agencies and contractors to create web content accessible to all. The updated standards also include Website 508 compliance.
Case law has been the most helpful in illuminating the implications of the ADA for websites.There have been lawsuits involving companies like Expedia, Hotels.com, Southwest Airlines, and Target as defendants and primarily featuring accessibility organizations as plaintiffs. These cases had mixed results, but each helped clarify the ADA's jurisdiction on the web. 
The Department of Justice may file lawsuits in federal court to enforce the ADA Compliance, and courts may order compensatory damages and back pay to remedy discrimination if the Department prevails. Under title III, the Department of Justice may also obtain civil penalties of up to $55,000 for the first violation and $110,000 for any subsequent violation of ADA Compliance.
Aside from attempting to compliant for compliance’s sake, having an ADA accessible website can improve the overall user experience and site traffic. An ADA compliant site can increase your target audience (by making it easy for those with disabilities to navigate around), improve your SEO efforts (by helping search engines to more easily crawl your pages and content), and help your overall reputation.
This is the reason why I think web design firms have to position themselves as solution providers and not just web guys/gals. A client doesn't need a website, they need sales. The website is just part of that solution but it's not the solution and unlike web design, service like email marketing automation, SEO, and PPC requires an experienced professional.

Web designers often design in such a way that does not allow the user to adjust font size or color. While they may be protecting their brand, they are also inhibiting some users. Many visually impaired need to use high contrast color settings or very large fonts to read a website. Don't design your website in a way that makes it impossible for them to do this. 
I was educated at the Illinois Institute of Art in Chicago and have over decade of graphic design experience developing t-shirts, posters, flyers, illustrations, web graphics, and many more. All of my work delivers on creating high quality images filled with detail and color. My belief in establishing a good relationship as well as excellent communication with each of my clients helps me produce the professional work they are looking for. My ambitious nature and need to create fuels my drive to always deliver the best for my clients.
HTML tags – specific instructions understood by a web browser or screen reader. One type of HTML tag, called an “alt” tag (short for “alternative text”), is used to provide brief text descriptions of images that screen readers can understand and speak. Another type of HTML tag, called a “longdesc” tag (short for “long description”), is used to provide long text descriptions that can be spoken by screen readers.
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