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Latest Updates
December 21, 2020
Measure’s Modest Amount of Funding for Infrastructure Projects and Clarification that PPP Loans May Not be Taxed Will Help Offset Some of the Challenges Facing the Construction Industry
The Associated General Contractors of America’s chief executive officer, Stephen E. Sandherr, issued the… Read More
December 9, 2020
No Resolution in Sight
As of October 15, House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin continue talks on finding a compromise on additional COVID-relief legislation but appear to be at yet another impasse. Meanwhile, Senate Majority Leader Mitch McConnell (R-Ky.) and Senate… Read More
December 9, 2020
PPP Loan Deductibility Remains Top AGC Objective
On October 21, legislation to provide an additional half trillion in COVID-relief failed to advance in the Senate. The Senate also considered a narrower bill to extend, modify, and provide additional funding for the Paycheck Protection Program (PPP… Read More
December 9, 2020
Would Impact PPP Loans of $2M or More
On Oct. 26, U.S. Small Business Administration (SBA) announced(link is external) that Paycheck Protection Program (PPP) lenders would send a questionnaire to PPP borrowers who received a principal loan amount of $2 million or more and have to return… Read More
December 8, 2020
Small Business Administration and Office of Management and Budget Secretly Crafted Questionnaire that Asks about Everything Other Than the Economic Uncertainty that Congress Intended to Drive Program
The Associated General Contractors of America filed suit today to compel Small Business… Read More
December 3, 2020
Tell the President & Congress NOW
CLICK HERE(link is external) to tell President Trump and Congress to enact legislation this year to protect construction jobs by blocking a surprise federal tax increase of up to 37 percent on Paycheck Protection Program (PPP) loan forgiveness. If… Read More
December 3, 2020
On December 3, AGC, along with 564 trade associations, called on Congress to pass legislation reversing IRS policy that turns promised, tax-free PPP loan forgiveness into a taxable event. The effect of this is to tax a business’s PPP loan forgiveness up to 37 percent. AGC is very engaged… Read More
December 1, 2020
December 10, 2020 - 12:30pm to 1:30pm
Member Price:
$0
Non-Member Price:
$49
Description:
As contractors applied for loan forgiveness, many questions and uncertainties still remain. Please join Marcum LLP as they provide updates to help… Read More
November 19, 2020
Applies to PPP loans of $2 Million or More
Since the last report, AGC has learned that the Small Business Administration (SBA) Paycheck Protection program (PPP) loan necessity questionnaire is approved and SBA-mandated for borrowers with PPP loans for $2 million or more. As such, applicable… Read More
November 19, 2020
AGC Will Continue to Fight for Deductibility
In the latest setback in the administration of the Paycheck Protection Program (PPP), the Internal Revenue Service (IRS) announced on November 18, via Revenue Ruling 2020-27, that expenses funded through a Paycheck Protection Program (PPP) loan are… Read More
November 12, 2020
What You Need to Know & What AGC is Doing
As previously reported, the U.S. Small Business Administration (SBA) is planning to require all recipients of loans of $2 million or more to complete a questionnaire to demonstrate the need for their loan. This form, based on versions leaked to… Read More
August 13, 2020
On August 8, President Trump issued a presidential memorandum that would defer—not forgive—the withholding, deposit and payment of certain payroll taxes paid from Sept. 1 through Dec. 31, 2020. Specifically, the presidential memorandum: (1) applies to employees who “generally” make less than $4,000… Read More
August 6, 2020
This week, AGC helped lead a coalition effort with the International Franchise Association (IFA) calling on Congress to expand the availability of “second draw” Paycheck Protection Program (PPP) loans for small businesses. A provision in the Senate GOP COVID relief proposal would allow small… Read More
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… 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… 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… 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… 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… 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… 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