AGC blocked a surprise federal tax increase of up to 37 percent on Paycheck Protection Program (PPP) loan forgiveness, benefiting tens of thousands of construction firms. The association was able to secure a provision in the year-end COVID-relief and government funding bill enacted Dec. 27, 2020 that overturned the IRS position barring deductions for PPP
This week, AGC helped lead a coalition effort with the International Franchise Association (IFA) calling on Congress to expand the availability of “second draw” Paycheck Protection Program (PPP) loans for small businesses. A provision in the Senate GOP COVID relief proposal would allow small businesses to apply for a second PPP loan, but with stricter
On June 3, the Senate passed the AGC-backed Paycheck Protection Program (PPP) Flexibility Act of 2020 (H.R. 7010) after AGC members sent tens of thousands of messages seeking improvements to the PPP. The measure makes significant improvements to the Paycheck Protection Program that AGC has been pushing for and its passage marks another legislative victory
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
Billions in new SBA PPP Program Funding Included On April 23, the House 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. The Senate passed this measure overwhelmingly on Tuesday, April 21. AGC has been pushing for the new funding due to
