If revenues are the measuring point for the impact of COVID-19, the construction industry has been spared the drastic financial impacts that other industries have seen, but they have still been faced with multiple disruptions.
The Department of Labor (DOL) has provided relief for plan sponsors who have been late remitting employee contributions to their service providers because of the pandemic, but plan sponsors still have an obligation to accurately document what caused the delay.
The Meridian City Council has designated $1 million from the City’s CARES Act funding to provide grants to assist small businesses impacted by COVID-19.
In another win for small businesses, they now have an extended period of time to spend PPP funds and still qualify for forgiveness of the loans.
Although the answer depends on each employer’s facts and circumstances, it seems that many employers may still be eligible for the employee retention credit (ERC) as state and local governments re-open their economies in stages.
The PPP loan forgiveness form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers.
Thanks to the CARES Act, you may now skip your Required Minimum Distribution for 2020, and pull out emergency cash, without withdrawal penalties if qualified.
While it is impossible to cover every resource available, there are a few I would like to point out that have been the most beneficial for our construction clients, and can help make a positive impact on your company moving forward.
This program is targeted to those Idaho small businesses that did not receive the Paycheck Protection Program.
Ascertaining lost revenue and income stemming from these extraordinary circumstances is key to minimizing the financial consequences of this pandemic.