AGC continues to lead efforts—both legislative and regulatory—to bring needed flexibilities to the terms of the Paycheck Protection Program for the construction industry.
In the House of Representatives, AGC is working with Reps. Dean Phillips (D-Minn.) and Chip Roy (R-Tex.) to advance their bipartisan legislation that would: (1) allow loan forgiveness for expenses from 8 to 24 weeks; (2) strike the restrictive 75%/25% rule on loan proceed use; (3) expand loan terms beyond two years; (4) ensure full access to payroll tax deferment for businesses that take PPP loans, and (5) extending the June 30, 2020 rehiring deadline to respond to the workforce effects of enhanced Unemployment Insurance. The Senate is considering similar reforms and Congressional action on these measures is imminent.. AGC called on the SBA to include many of these PPP loan flexibilities in its May 15 regulatory comments to the agency as it finalizes regulations. AGC will continue to provide updates on critical PPP loan developments.