On April 23, the Congress passed a $480 billion coronavirus relief package that included $310 billion in new funding for the U.S. Small Business Administration’s (SBA) Paycheck Protection Program (PPP) loans. AGC has been pushing for the new funding due to construction firms struggling to maintain existing payrolls amid declining demand for construction services. This measure comes as welcome news as last week AGC successfully pushed for clarification of the eligibility requirements that allow construction firms that employ 500 or fewer people to qualify. While no changes were made to simplify PPP loan eligibility—such as waiving SBA’s affiliation rules—or how borrowers may or may not use the funds (and have them forgiven), AGC continues to press for such changes as additional pandemic relief legislation is already under discussion.
President Trump has said he will sign the bill into law.