PASSAGE OF PAYCHECK PROTECTION PROGRAM IMPROVEMENTS WILL SAVE MANY CONSTRUCTION JOBS AND PROTECT CONSTRUCTION EMPLOYERS

With Needed Improvements to the Vital Survival Program Complete, Construction Official Urges Congress and the President to Act Quickly on Measures to Rebuild the Economy and Restore Jobs

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

WASHINGTON – (RealEstateRama) – “This new law improves upon the original Paycheck Protection Program by extending the coverage period to 24 weeks, revising the ratio of percentage of expenses allowed to be forgiven up 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. Its enactment will save many construction jobs and allow thousands of construction firms to remain in business.

“Having fixed several problems with a measure designed to helped firms survive, it is time for Congress and the President to put in place measures to rebuild our economy. These measures include providing liability protection for contractors and other businesses that are taking steps to protect workers from the coronavirus, new infrastructure funding and measures to stimulate broader, private-sector demand for construction and development.”

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