The Health, Economic Assistance, Liability Protection and Schools (HEALS) Act, introduced on July 27 by Senate Republicans, would allow certain small businesses to apply for a second Paycheck Protection Program (PPP) loan. To qualify for a 鈥渟econd draw loan鈥 a business would need to meet more restrictive criteria than those for the original PPP. The business would need to meet applicable SBA size standards, have no greater than 300 employees, and demonstrate a greater than 50 percent reduction in wages. The loan size would be capped at $2 million and could not exceed $10 million when combined with a business鈥檚 original PPP loan. Additionally, the HEALS Act would modify the existing PPP loan program by allowing loan proceeds to be used for covered supplier costs, covered worker protection and operating expenses (such as cleaning expenses and PPE purchases to meet federal safety guidelines). The legislation would also include a simplified loan forgiveness process for smaller PPP loans under $150,000 and expand eligibility for PPP loans to 501(c)6 organizations.
The Health, Economic Assistance, Liability Protection and Schools (HEALS) Act, introduced on July 27 by Senate Republicans, contains 澳门六合彩开奖预测-supported changes to the Employee Retention Tax Credit (ERTC), similar to what was included in the HEROES Act which was passed out of the Democratically-controlled House of Representatives earlier this year. The changes would increase the maximum tax credit available to employers affected by COVID-19 from 50 percent of $10,000 of employee wages (or $5,000), to 65 percent of $30,000 in employee wages over three calendar quarters (or $19,500). The HEALS Act would also ease eligibility for the ERTC and allow larger employers to apply for the full credit. It would also allow employers who applied for and received Paycheck Protection Program (PPP) loans to also qualify for the ERTC, with restrictions against 鈥渄ouble dipping.鈥 Under the CARES Act, which created both programs, employers were restricted from using the ERTC or the PPP, but not both.
Fate of a Bipartisan Agreement on a Final COVID-Relief Bill Uncertain
New York City and Brockton-Bridgewater-Easton, Mass. Have Worst 12-Month Losses, While Austin and Walla Walla, Wash. Top Job Gainers; 81 Percent of Metros Add Construction Jobs from May to June
The HEALS Act Includes Essential Liability, Workforce, Financial & Unemployment Reforms, But Association Will Work to Get Needed Infrastructure Investments Included in Final Relief Measure
The COVID-19 response in the Philadelphia region has left young construction professionals working under strict safety protocols, working from home, or even temporarily out of work. In response, GBCA鈥檚 CLC moved all its activities, including community service, online.
Provides $9.5 Billion for Transportation and Building Infrastructure Improvements
澳门六合彩开奖预测 Calls for Infrastructure Investment & More for Construction Industry