Coronavirus - Tax Impacts

Latest Updates

June 16, 2020
Last week, the SBA and Treasury announced how they would implement the recent changes AGC pressed for in the Paycheck Protection Program Flexibility Act (PPPFA), among other things. By the end of the week, the agencies released a new interim final rule (IFR) to implement the PPPFA. The IFR provided... Read More
June 4, 2020
On June 3, the Senate passed the AGC-backed Paycheck Protection Program (PPP) Flexibility Act of 2020 (H.R. 7010) after AGC members sent tens of thousands of messages seeking improvements to the PPP. The measure makes significant improvements to the Paycheck Protection Program that AGC has been... Read More
May 28, 2020
On May 28, House of Representatives overwhelmingly passed the AGC-backed Paycheck Protection Program Flexibility Act (H.R. 7010), which would make substantial improvements to the Paycheck Protection loan Program (PPP). Since the program was created in the CARES Act, many construction firms have... Read More
May 28, 2020
On May 28, House of Representatives overwhelmingly passed the AGC-backed Paycheck Protection Program Flexibility Act (H.R. 7010), which would make substantial improvements to the Paycheck Protection loan Program (PPP). Since the program was created in the CARES Act, many construction firms have... Read More
May 21, 2020
On May 15, the U.S. Small Business Administration (SBA) and Department of the Treasury released the Paycheck Protection Program loan forgiveness application late. The application includes step-by-step instructions on how to perform the mechanical calculations required by the CARES Act to confirm... Read More
May 21, 2020
AGC continues to lead efforts—both legislative and regulatory—to bring needed flexibilities to the terms of the Paycheck Protection Program for the construction industry. In the House of Representatives, AGC is working with Reps. Dean Phillips (D-Minn.) and Chip Roy (R-Tex.) to advance their... Read More
May 14, 2020
On May 13, at the sustained urging of AGC, the U.S. Department of the Treasury and U.S. Small Business Administration issued guidance to address their threats of auditing PPP loan borrowers for a failure to show good faith need for their loans. The new guidance provides a critical safe harbor... Read More
May 7, 2020
On May 7, AGC organized 152 trade associations in calling for Congress to nullify recent Internal Revenue Service (IRS) guidance essentially making business expenses—which are usually deductible—paid by forgiven Paycheck Protection Program (PPP) loan funds fully taxable. The impact of this IRS... Read More
April 30, 2020
On April 29, AGC called on the Secretary of the Treasury to provide more clarity regarding its recent guidance warning firms of future audits and potential legal risks for companies that apply for loans. AGC is having discussions with key Administration officials on the impacts this guidance has... Read More
April 22, 2020
Construction Officials Urge Congress to Quickly Pass New Coronavirus Relief Measure and Start Work on Broader Recovery Measures, Including New Infrastructure Funding and Pension Relief   The chief executive officer of the Associated General Contractors of America, Stephen E. Sandherr, issued the... Read More
April 16, 2020
On April 9, the Federal Reserve announced additional actions that include a new mid-sized lending program coming out of the Economic Stabilization Fund, as provided for in the CARES Act. The Fed created two new lending programs for businesses – the Main Street New Loan Facility and the Main Street... Read More
April 16, 2020
AGC is asking all members to call on the Trump Administration and Congress to provide more funds to and simplify construction firm eligibility for the U.S. Small Business Administration’s (SBA) Paycheck Protection Program (PPP) loans. On April 16, the SBA announced it lent all funds—$349 billion—... Read More
April 9, 2020
On April 8, the Department of Defense (DOD) issued a Class Deviation allowing for contracting officers to reimburse defense contractors for certain paid leave requirements related to the COVID-19 outbreak. While AGC called on Congress to support compensation for all federal contractors during the... Read More
April 2, 2020
AGC has prepared a new analysis of the U.S. Small Business Administration’s Paycheck Protection Program, a new loan program enacted in the most-recent coronavirus relief measure under which construction businesses with 500 or fewer employees may be eligible. Click here for the full analysis.
April 2, 2020
On April 1, AGC CEO Steve Sandherr requested that the Financial Accounting Standards Board (FASB) enact a one-year delay of the implementation of the leases standard for private companies due to the economic uncertainty caused by the coronavirus. Last year, AGC requested a one-year delay for the... Read More
March 30, 2020
Based on member inquiries, AGC updated our CARES Act analysis as it applies to small business eligibility for the new Small Business Administration (SBA) loan program. Those changes are noted below. A business is eligible for such a loan if it employs 500 employees or fewer, or if the business is... Read More
March 27, 2020
AGC of America’s government relations team has combed through the details of the coronavirus relief bill set for passage in the House. They provided this initial analysis of what is in the bill and how it will impact the construction industry. We will, of course, share even more details as we... Read More
March 19, 2020
On March 18, AGC joined a host of other business groups in calling on Congress to enact a number of tax-related measures to safeguard companies, regardless of size, during the COVID-19 outbreak. This includes policies such as immediately providing accessible, unsecured credit to businesses, suspend... Read More
March 17, 2020
Construction Firms Are Already Taking Steps to Protect Employees, Most of Whom Already Wear Protective Equipment, While Halting Work Will Undermine Efforts to Add Hospital Capacity The chief executive officer of the Associated General Contractors of America, Stephen E. Sandherr, issued the... Read More
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