After 11:59 pm on Tuesday, June 30, the Small Business Administration (SBA) will no longer accept applications for Paycheck Protection Program (PPP) loans. As of June 20, there was approximately $128 billion remaining in funding for the program; any contractors interested in applying must have their applications in by the end of the day on Tuesday.
After testifying before the Senate Small Business Committee that information about Paycheck Protection Program (PPP) loans would remain “confidential,” Secretary of the Treasury Steven Mnuchin announced on Friday, June 19, that loan information for recipients of PPP loans in excess of $150,000 would be publicly disclosed. To address concerns from businesses about disclosing payroll data, the Small Business Administration (SBA) and Treasury said loan information—including business names, addresses, NAICS codes, zip codes, business types, demographic data, non-profit information, and jobs supported—would be released in a range, rather than specific loan amounts.
The Moving Forward Act’s Proposed $1.5 Trillion in New Investments Will Improve Range of Public Infrastructure, Creating Needed Demand for Construction While Making the Economy More Efficient
Leaders from Federal Agencies Make Major Announcements
On June 17, the U.S. Small Business Administration and the Department of the Treasury released a revised Paycheck Protection Program (PPP) loan forgiveness application, implementing the fixes from the ԹϺ-backed Paycheck Protection Program Flexibility Act enacted June 5. The agencies also released a streamlined “EZ version” of loan forgiveness application that may be used in limited circumstances. The EZ application requires fewer calculations and less documentation for eligible borrowers. Details regarding the applicability of these provisions are available in the instructions to the new EZ application form. Both applications give borrowers the option of using the original 8-week covered period (if their loan was made before June 5, 2020) or an extended 24-week covered period. These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan. ԹϺ continues to press for improvements to the PPP and will provide further updates as they develop.
Whether your workplace has remained open throughout the COVID-19 pandemic, is just reopening now, or will do so sometime later this year, employers should be prepared for the possibility that some employees may refuse to work due to COVID-related safety concerns.
A federal district court on May 30 invalidated portions of a rule issued by the present National Labor Relations Board to modify the prior Administration’s regulation (often referred to as the “quickie” or “ambush” election rule) on union representation-case procedures. The Board swiftly responded by announcing that it would implement the remaining portions of the ԹϺ-supported rule as of May 31.
Association Survey and Data Collected by Procore Measure Impacts of the Pandemic, Showing Signs of a Construction Recovery, but Labor Shortages and Project Cancellations Show Industry Needs Federal Help
Viral Tests for Active Cases Still Allowed
ԹϺ and other contractor associations seeking multiemployer pension reform jointly released a new study on June 1 finding that composite retirement plans would have fared better during the coronavirus pandemic and related market declines than traditional defined-benefit multi-employer plans, allowing participants to receive higher benefits and attracting more employer participants. The study makes it clear that employees and employers stand to benefit once Congress authorizes the use of composite plans.