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
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
Study Finds That Participants Will Receive Higher Benefits with a Composite Plan than a Multi-Employer Retirement Plan, and That More Employers are Likely to Participate in the New Model Once Authorized
On May 12, 2020, the Associated General Contractors and other construction contractor groups called on Congress to address the growing multiemployer pension crisis in a letter. While Congress debates the next round of COVID-19 related stimulus legislation to address the unprecedented public health emergency the multiemployer pension crisis has been growing. Construction industry plans account for over half of all multiemployer defined benefit plans and cover nearly four million multiemployer defined benefit participants.
Treasury Department’s Recent Changes to Paycheck Protection Program Loan Guidance Are Making It Even Harder for Firms to Maintain Jobs Amid Declining Private-Sector Demand for Construction
On April 2, the Small Business Administration (SBA) issued an “interim final rule” to the effect that business must have 500 or fewer employees and fall below the SBA’s small business size standards in order to qualify for the Paycheck Protection Program. Congress, however, declared that the program shall be open to all business that have 500 or fewer employees or fall below those standards. Over the weekend, AGC of America alerted the Trump Administration to the problem, and late last night the U.S. Department of Treasury released new guidance about the Paycheck Protection Program loans that includes the following:
Construction Officials Urge Agency to Make Clear that Firms that Employ 500 or Fewer People to Qualify for Paycheck Protection Program Loans, Regardless of Revenue
Construction Officials Say New Federal Guidance Should Signal to State and Local Officials the Need to Allow Construction Activity to Continue, or Resume, During Coronavirus-Related Work Stoppages