In our ongoing efforts to track the impacts of the coronavirus pandemic on the industry, we are asking all of you to please take a few minutes to complete the seventh edition of our member survey HERE. Your answers help us determine how best to continue supporting the industry and what type of federal support for which we need to advocate. Please complete the survey HERE by noon EDT on Thursday, May 21.
The Small Business Administration and Department of Treasury released the Paycheck Protection Program loan forgiveness application late on Friday night. The application includes step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness. However, the SBA has not yet released regulations and guidance on loan forgiveness that will ultimately impact how borrowers complete the application in a more educated manner. To view the application, click HERE.
Also on Friday, AGC of America called on the SBA to formally revise its Paycheck Protection Program in regulation—as opposed to daily snippets of guidance—waive the affiliation rules for loan eligibility, provide clear guidance and reasonable safe harbors regarding loan certifications, and removing the forgiveness requirement that 75% of loans go to payroll costs, among other things. To read the comments, click HERE.
Prior to the House passing its more than $3 trillion coronavirus relief bill on Friday, AGC of America shared with legislators its comprehensive analysis on construction industry priorities missing from and included in the bill. There, the association noted that the legislation failed to include liability protections for good actor construction firms, sufficient investment in infrastructure, and better targeted career and technical education funding for construction trades. On the positive side, the bill includes flexibilities and enhancements to the Paycheck Protection Program and Employee Retention Tax Credit, policies—including the authorization of composite plans—to protect the viability of multiemployer pension plans, and contractual financial protections for direct federal contractors. To read the letter AGC sent to Congress, click HERE.
The Transportation Construction Coalition, which AGC co-chairs, will be offering a virtual Washington briefing this Thursday, May 21 at 12:15 to 2 pm EDT with key congressional leaders, including Chairman John Barrasso, Ranking Member Tom Carper and Chairman Peter DeFazio. The briefing will address the status of current pandemic relief and recovery efforts and infrastructure legislation in Congress, as well as the status of reauthorization of the Fixing America’s Surface Transportation (FAST) Act, which expires Sept. 30. Click HERE to register for the free event.
Don’t forget to send us pictures of your crews practicing coronavirus safety measures, especially pictures of crews wearing face masks. You can send those to Brian Turmail at firstname.lastname@example.org and Sophia Valentino at email@example.com.