April 7, 2020
Good evening AGC Members,
Late Monday night, after pressure from AGC of America the U.S. Department of Treasury released new guidance about the Paycheck Protection Program loans. That guidance provides that a construction company can qualify for the new loan program if the company has 500 or fewer employees, even it if does not meet the small business size standard (which is an average annual revenue standard for most construction companies). At AGC’s request, one of Washington’s leading law firms, Crowell & Moring, has provided the association with an analysis of the latest guidance. Click HERE to read. In addition to the 500 or fewer employee threshold, a construction company should also consider the impact of the SBA’s affiliation rules on its eligibility.
On Wednesday, AGC will be hosting a webinar on how to maintain cash flow during the COVID-19 crisis. This webinar will provide an overview of how construction firms can take advantage of recent federal programs created to support businesses during the COVID-19 crisis, including the new Small Business Administration (SBA) Paycheck Protection Program (PPP) and revisions to the Economic Injury Disaster Loan program, as well as some tax relief and tax deferral programs created in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Click HERE to register for the webinar.
We continue to encourage members to join us in a nationwide coronavirus safety stand down at job sites on Thursday, April 9th. Click HERE to view a special message from AGC of America CEO Stephen E. Sandherr on why you should participate. If you are interested in joining the nationwide effort, fill out this form (click HERE) to let us know what you plan to do. AGC of America’s safety team has crafted guidelines to help you organize the stand downs in a socially distanced way and provide content to share with your teams. Please click HERE to download the stand down resources kit.
Thank you to those who have already completed this week’s Coronavirus Impact survey. We will be collecting responses until noon eastern time Thursday, April 9. Please click HERE to participate in this week’s survey.
AGC will continue to monitor the situation and update the information online accordingly. Please visit us online: https://www.agc.org/coronavirus.