COVID-19
Construction Business & Employee Support
> Paycheck Protection Forgivable Loans
> Employer Tax Credits for Employee Paid Sick Leave Due to COVID-10
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The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
Fully Forgiven Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees. Must Keep Employees on the Payroll—or Rehire Quickly Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. All Small Businesses Eligible Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors— are eligible. Businesses with more than 500 employees are eligible in certain industries. When to Apply Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap. How to Apply: click here for Borrower Info Sheet You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. All loans will have the same terms regardless of lender or borrower. A list of participating lenders as well as additional information and full terms can be found at www.sba.gov. The Paycheck Protection Program is implemented by the Small Business Administration with support from the Department of the Treasury. Lenders should also visit www.sba.gov or www.coronavirus.gov for more information. |
PAYCHECK PROTECTION QUICKLINKS
US Chamber of Commerce Coronavirus Small Business Emergency Loans Guide and Checklist AGC of America Analysis and Overview |
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FAMILIES FIRST CORONAVIRUS RESPONSE ACT: EMPLOYER TAX CREDITS FOR PAID SICK LEAVE DUE TO COVID-19
Effective April 1, 2020, The Family First Coronavirus Response Act (the "FFCRA") provides small and midsize employers refundable tax credits that reimburse them, dollar-for-dollar, for the cost of providing paid sick and family leave wages to their employees f or leave related to COVID-19. The FFCRA gives businesses with fewer than 500 employees funds to provide employees with paid sick and family and medical leave for reasons related to COVID-19, either for the employee's own health needs or to care for family members. click here for a quick overview Workers may receive up to 80 hours of paid sick leave for their own health needs or to care for others and up to an additional ten weeks of paid family leave to care for a child whose school or place of care is closed or child care provider is closed or unavailable due to COVID-19 precautions. The FFCRA covers the costs of this paid leave by providing small businesses with refundable tax credits. Certain self-employed individuals in similar circumstances are entitled to similar credits. For detailed information, please use links on sidebar. |
AGC East Tennessee law firm members have comprehensive resource pages for businesses:
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CLICK HERE TO DOWNLOAD YOUR JOBSITE POSTER
AGC East Tennessee has job site posters available for our members, which can be customized or reformatted for larger banner sizes. Just contact Leslie Gower at leslie@agcetn.org or (901) 233-3825 for your customized banners. Essential Services Certification Card Members can download this word document for their workers on job sites. This card references the appropriate Executive Orders that allow for construction to continue. Click here to download |
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