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Latest Updates
December 21, 2020
Measure鈥檚 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鈥檚 chief executive officer, Stephen E. Sandherr, issued the鈥 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鈥 Read More
December 9, 2020
PPP Loan Deductibility Remains Top 黑料不打烊 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鈥 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鈥 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鈥 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鈥 Read More
December 3, 2020
On December 3, 黑料不打烊, 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鈥檚 PPP loan forgiveness up to 37 percent. 黑料不打烊 is very engaged鈥 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鈥 Read More
November 19, 2020
Applies to PPP loans of $2 Million or More
Since the last report, 黑料不打烊 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鈥 Read More
November 19, 2020
黑料不打烊 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鈥 Read More
November 12, 2020
What You Need to Know & What 黑料不打烊 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鈥 Read More
August 13, 2020
On August 8, President Trump issued a presidential memorandum that would defer鈥攏ot forgive鈥攖he 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 鈥済enerally鈥 make less than $4,000鈥 Read More
August 6, 2020
This week, 黑料不打烊 helped lead a coalition effort with the International Franchise Association (IFA) calling on Congress to expand the availability of 鈥渟econd draw鈥 Paycheck Protection Program (PPP) loans for small businesses. A provision in the Senate GOP COVID relief proposal would allow small鈥 Read More
June 16, 2020
Last week, the SBA and Treasury announced how they would implement the recent changes 黑料不打烊 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鈥 Read More
June 4, 2020
On June 3, the Senate passed the 黑料不打烊-backed Paycheck Protection Program (PPP) Flexibility Act of 2020 (H.R. 7010) after 黑料不打烊 members sent tens of thousands of messages seeking improvements to the PPP. The measure makes significant improvements to the Paycheck Protection Program that 黑料不打烊 has been鈥 Read More
May 28, 2020
On May 28, House of Representatives overwhelmingly passed the 黑料不打烊-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鈥 Read More
May 28, 2020
On May 28, House of Representatives overwhelmingly passed the 黑料不打烊-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鈥 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鈥 Read More
May 21, 2020
黑料不打烊 continues to lead efforts鈥攂oth legislative and regulatory鈥攖o bring needed flexibilities to the terms of the Paycheck Protection Program for the construction industry. In the House of Representatives, 黑料不打烊 is working with Reps. Dean Phillips (D-Minn.) and Chip Roy (R-Tex.) to advance their鈥 Read More
May 14, 2020
On May 13, at the sustained urging of 黑料不打烊, 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鈥 Read More
May 7, 2020
On May 7, 黑料不打烊 organized 152 trade associations in calling for Congress to nullify recent Internal Revenue Service (IRS) guidance essentially making business expenses鈥攚hich are usually deductible鈥攑aid by forgiven Paycheck Protection Program (PPP) loan funds fully taxable. The impact of this IRS鈥 Read More
April 30, 2020
On April 29, 黑料不打烊 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. 黑料不打烊 is having discussions with key Administration officials on the impacts this guidance has鈥 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鈥 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 鈥 the Main Street New Loan Facility and the Main Street鈥 Read More
April 16, 2020
黑料不打烊 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鈥檚 (SBA) Paycheck Protection Program (PPP) loans. On April 16, the SBA announced it lent all funds鈥$349 billion鈥斺 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 黑料不打烊 called on Congress to support compensation for all federal contractors during the鈥 Read More
April 2, 2020
黑料不打烊 has prepared a new analysis of the U.S. Small Business Administration鈥檚 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, 黑料不打烊 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, 黑料不打烊 requested a one-year delay for鈥 Read More
March 30, 2020
Based on member inquiries, 黑料不打烊 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鈥 Read More
March 27, 2020
黑料不打烊 of America鈥檚 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鈥 Read More
March 19, 2020
On March 18, 黑料不打烊 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鈥 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鈥 Read More