flexiblefullpage
billboard
interstitial1
catfish1
Currently Reading

House-passed bill making needed improvements to paycheck protection program will allow construction firms to save more jobs

Market Data

House-passed bill making needed improvements to paycheck protection program will allow construction firms to save more jobs

Construction official urges senate and White House to quickly pass and sign into law the Paycheck Protection Program Flexibility Act.


By AGC | May 29, 2020

Courtesy Pixabay

The chief executive officer of the Associated General Contractors of America, Stephen E. Sandherr, issued the following statement in reaction to the passage in the House of Representatives today of the Paycheck Protection Program Flexibility Act of 2020:

“Members of the House appreciate that one of the best ways to protect the economy from further harm is to make needed improvements to the federal Paycheck Protection Program. While the loans have helped prevent countless construction layoffs during the past several weeks, their benefits have been limited by several problems that have become apparent since the original program was crafted. These problems include the fact the loans are only supposed to cover an eight-week period, set an unrealistic formula of payroll versus other legitimate expenses and are supposed to mature in two years.

“The House-passed measure corrects many of the problems with the original Paycheck Protection Program by extending the coverage period to 24 weeks, revising the eligibility formula to 60 percent payroll costs and 40 percent non-payroll, extending the maturity period for the loans from two years to five, and allowing loan recipients to defer payroll taxes through the end of 2020. Combined, these improvements will save construction jobs and provide greater relief for many construction firms struggling to survive the COVID-19 pandemic and related economic lockdowns.

“Moving forward, we urge the Senate to quickly pass this vital economic relief measure and the Trump administration to rapidly sign it into law. Any additional delay in improving the Paycheck Protection Program will result in needless new job losses and additional financial hardships for many small, family-owned construction firms.”

Related Stories

Market Data | Sep 19, 2018

August architecture firm billings rebound as building investment spurt continues

Southern region, multifamily residential sector lead growth.

Market Data | Sep 18, 2018

Altus Group report reveals shifts in trade policy, technology, and financing are disrupting global real estate development industry

International trade uncertainty, widespread construction skills shortage creating perfect storm for escalating project costs; property development leaders split on potential impact of emerging technologies.

Sponsored | Market Data | Sep 17, 2018

Construction Contract Issues?

Market Data | Sep 17, 2018

ABC’s Construction Backlog Indicator hits a new high in second quarter of 2018

Backlog is up 12.2% from the first quarter and 14% compared to the same time last year.

Market Data | Sep 12, 2018

Construction material prices fall in August

Softwood lumber prices plummeted 9.6% in August yet are up 5% on a yearly basis (down from a 19.5% increase year-over-year in July).

Market Data | Sep 7, 2018

Safety risks in commercial construction industry exacerbated by workforce shortages

The report revealed 88% of contractors expect to feel at least a moderate impact from the workforce shortages in the next three years.

Market Data | Sep 5, 2018

Public nonresidential construction up in July

Private nonresidential spending fell 1% in July, while public nonresidential spending expanded 0.7%.

Market Data | Aug 30, 2018

Construction in ASEAN region to grow by over 6% annually over next five years

Although there are disparities in the pace of growth in construction output among the ASEAN member states, the region’s construction industry as a whole will grow by 6.1% on an annual average basis in the next five years.

Market Data | Aug 22, 2018

July architecture firm billings remain positive despite growth slowing

Architecture firms located in the South remain especially strong.

Market Data | Aug 15, 2018

National asking rents for office space rise again

The rise in rental rates marks the 21st consecutive quarterly increase.

boombox1
boombox2
native1

More In Category




halfpage1

Most Popular Content

  1. 2021 Giants 400 Report
  2. Top 150 Architecture Firms for 2019
  3. 13 projects that represent the future of affordable housing
  4. Sagrada Familia completion date pushed back due to coronavirus
  5. Top 160 Architecture Firms 2021