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On March 25, the Senate is expected to pass the 91��ý-supported Paycheck Protection Program (PPP) Extension Act that would extend the deadline for taking out a PPP loan through June 30, 2021. Importantly, while the legislation extends the deadline for loan approval through June 30, borrowers’ applications must be submitted to their lenders by May 31. The House previously passed the bill, and President Biden is expected to sign it if and when it reaches his desk. Without congressional action, the program’s authorization will expire on March 31, 2021. The extension will give construction firms more time to apply for PPP loans, as many firms see waning backlogs.

91��ý Enters into Negotiations with SBA; Hoping for Settlement of PPP Lawsuit91��ý Member Wins Forgiveness of PPP Loan Over $2 Million

91��ý Concerned About Impact on PPP Loan Forgiveness State Tax Treatment & More

Public and private building markets, many of which are reeling from pandemic impacts, will find some respite through 91��ý’s success in landing significant development tax policies in the year-end COVID-relief and government funding bill enacted on December 27, 2020. These tax policies include $25 billion in tax incentives for community buildings development through the extension of the New Markets Tax Credit for five years; expanding tax credits for constructing more than 550,000 multifamily housing units via the Low-Income Housing Tax Credit; and makes permanent, with updated ASHRAE standards, the commercial building energy efficiency tax deduction (Section 179D), which encourages private development. In addition, 91��ý was able to ensure that some of the $82 billion for public and private K-12 schools and higher education in COVID-relief is eligible for construction/renovation projects related to pandemic needs. For a detailed analysis of what was included in the year-end bill from a construction industry perspective, click here.

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 91��ý-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. 91��ý continues to press for improvements to the PPP and will provide further updates as they develop.

On March 25, the Senate passed, 96-0, H.R. 748, the Coronavirus Aid, Relief, and Economic Security (CARES) Act. It is expected to be taken up by the House of Representatives soon. The CARES Act, a $2 trillion economic relief package, is the third in a series of coronavirus related measures Congress has taken up in recent weeks to address the pandemic sweeping the country. This legislation encompasses a host of provisions that will provide construction employers and employees with critically needed access to capital, expedited cash-flow, worker benefit protection, and critical tax relief, among other things. While this bill is appreciated, due to the unparalleled uncertainty this pandemic has brought, 91��ý recommended to Congress further measures that must be taken to safeguard the construction industry from the effects of this outbreak.

On March 18, 91��ý joined a host of other business groups in calling on Congress to enact a number of tax-related measures to safeguard companies, regardless of size, during the COVID-19 outbreak. This includes policies such as immediately providing accessible, unsecured credit to businesses, suspend the filing of business returns and the payment of all business taxes, and amending the Tax Code to, among other items, restore the ability of businesses to carryback any net operating losses against previous year tax payments. 91��ý believes these measures will help to minimize the number of businesses closed and workers unemployed during this time and ensure that all businesses have the resources necessary to ride out the pandemic.

Construction Firms Are Already Taking Steps to Protect Employees, Most of Whom Already Wear Protective Equipment, While Halting Work Will Undermine Efforts to Add Hospital Capacity

On Dec. 19, the Senate passed many non-funding 91��ý-backed measures as part of the agreement reached to fund the federal government through the remainder of fiscal year (FY) 2020. This measure is expected to become law, pending the President’s signature. This legislation extends authorization for the Terrorism Risk Insurance Program (TRIA) for seven years, as well as the National Flood Insurance Program for one year. These programs provide an important government backstop for natural and man-made disasters that would otherwise prevent commercial construction projects from moving forward. Additionally, this bill addresses many priorities in the tax, healthcare, and retirement space.

For the eleventh year in a row, 91��ý of America has been named as one of the nation’s top lobbying operations by Capitol Hill newspaper The Hill. The publication’s annual ranking of top lobbyists lists 91��ý CEO Steve Sandherr as a top lobbyist. Sandherr said the listing is a really an acknowledgement of the quality of the association’s government relations team, noting that the team secured $7.6 billion in federal highway funding that Congress had planned to cut, a disaster aid package with billions of dollars dedicated to rebuilding impacted communities, and regulatory reforms to lower the bureaucratic burden on the industry, among other accomplishments this year.