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 Republicans will take up their own relief legislation the week of Oct. 19, which will be similar, if not identical, to legislation voted on in the Senate on September 10 that failed along party lines. If this package fails again, then the Senate is expected to take up legislation similar to S. 4773, the “Continuing the Paycheck Protection Program Act” introduced by Sens. Susan Collins (R-Maine) and Marco Rubio (R-Fla.), which would allow for second draw PPP loans, and create a simplified loan forgiveness process for PPP loans under $150,000. It appears unlikely that either forms of slimmed-down legislation will receive bipartisan support necessary for passage. However, AGC remains committed to securing additional COVID-relief to help provide certainty for the construction industry and its markets.
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