The Paycheck Protection Program (PPP) has proven to be a popular and significant relief measure for construction firms during the COVID-19 pandemic. Tell your U.S. Senators to make substantial improvements to the program by passing the Paycheck Protection Program Flexibility Act (H.R. 7010).
Specifically, H.R. 7010 would improve the PPP by:
- Extending the amount of time that loan recipients can spend PPP funds, and qualify for loan forgiveness, from eight to 24 weeks;
- Revise the uses of loan funds eligible for forgiveness from 75% in payroll costs/25% in non-payroll costs to 60%/40%, respectively;
- Create a safe harbor for employers that made a good faith effort to hire or re-hire qualified employees;
- Extend the maturity of PPP loans from two to five years; and
- Allow PPP loan recipients to defer payroll taxes through the end of 2020.
Collectively, these legislative changes will go a long way to address several of the concerns that AGC has raised about PPP as it currently exists, improve the program, save construction jobs, and provide greater relief for the many construction firms struggling to survive the COVID-19 pandemic.
Taking action is easy. Simply complete the adjacent form to submit the pre-written message as is or customize it with personal information on how this issue impacts you and your company.