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, ۽ֱ, 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. ۽ֱ is very engaged… Read More December 1, 2020
December 10, 2020 - 12:30pm to 1:30pm
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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, ۽ֱ 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
۽ֱ 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 ۽ֱ 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 6, 2020
This week, ۽ֱ 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 July 2, 2020
On June 29, the Senate passed legislation by unanimous consent to extend the deadline for Paycheck Protection Program (PPP) loan applications by five weeks, to August 8th. On June 30, the House agreed to the Senate bill, also by unanimous consent, and President Trump is expected to sign the… Read More June 16, 2020
Last week, the SBA and Treasury announced how they would implement the recent changes ۽ֱ 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 ۽ֱ-backed Paycheck Protection Program (PPP) Flexibility Act of 2020 (H.R. 7010) after ۽ֱ members sent tens of thousands of messages seeking improvements to the PPP. The measure makes significant improvements to the Paycheck Protection Program that ۽ֱ has been… Read More May 28, 2020
On May 28, House of Representatives overwhelmingly passed the ۽ֱ-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 ۽ֱ-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
۽ֱ 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, ۽ֱ 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 ۽ֱ, 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, ۽ֱ 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 28, ۽ֱ helped facilitate a meeting with President Trump for ۽ֱ member Ali Mills from Plum Contracting, a member through the Constructors Association of Western Pennsylvania Chapter. During that visit, Ali got to tell her story about how the Paycheck Protection Program loans helped her… Read More April 30, 2020
On April 29, ۽ֱ 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. ۽ֱ is having discussions with key Administration officials on the impacts this guidance has… Read More April 23, 2020
On April 21, the Senate passed a $480 billion coronavirus relief package that included $310 billion in new funding for the U.S. Small Business Administration’s (SBA) Paycheck Protection Program (PPP) loans. The House of Representatives is expected to pass this measure overwhelmingly when they meet… Read More April 23, 2020
New guidance from the U.S. Small Business Administration (SBA) and Department of the Treasury puts Paycheck Protection Program (PPP) borrowers and potential borrowers on notice that they should be able to prove in “good faith” that “[c]urrent economic uncertainty makes this loan request necessary… 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 7, 2020
Associated General Contractors of America Secures Fix to Loan Qualifications After Alerting Administration Officials to Small Business Administration Language that Excluded Many Firms
The Associated General Contractors of America today announced that the Trump administration released new guidance… Read More April 2, 2020
۽ֱ 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.
