Construction Official Says New Highway Funding, Employee Retention Credits and Pension Relief Will Help, But Lack of Safe Harbor Measure, Extension of Unemployment Bonus Will Undermine Recovery
The chief executive officer of the Associated General Contractors of America, Stephen E. Sandherr, issued the following statement in reaction to release today of House Democrats’ Proposed Coronavirus Recovery Measure:
On May 12, 2020, the Associated General Contractors and other construction contractor groups called on Congress to address the growing multiemployer pension crisis in a letter. While Congress debates the next round of COVID-19 related stimulus legislation to address the unprecedented public health emergency the multiemployer pension crisis has been growing.
Treasury Department’s Recent Changes to Paycheck Protection Program Loan Guidance Are Making It Even Harder for Firms to Maintain Jobs Amid Declining Private-Sector Demand for Construction
On April 2, the Small Business Administration (SBA) issued an “interim final rule” to the effect that business must have 500 or fewer employees and fall below the SBA’s small business size standards in order to qualify for the Paycheck Protection Program. Congress, however, declared that the program shall be open to all business that have 500 or fewer employees or fall below those standards.
Construction Officials Urge Agency to Make Clear that Firms that Employ 500 or Fewer People to Qualify for Paycheck Protection Program Loans, Regardless of Revenue
On March 25, the Senate passed, 96-0, H.R. 748, the Coronavirus Aid, Relief, and Economic Security (CARES) Act. It is expected to be taken up by the House of Representatives soon. The CARES Act, a $2 trillion economic relief package, is the third in a series of coronavirus related measures Congress has taken up in recent weeks to address the pandemic sweeping the country.
