Below you'll find a list of all posts from 2021
By Kim Slowey for ConstructionDive.com Tax season is upon us, and for contractors that borrowed money under the federal government’s Paycheck Protection Program last year in order to help their businesses survive the economic hardships presented by the COVID-19 pandemic, there are a few issues worth noting. The biggest impact to their 2020 corporate tax returns filed this year will …
National Association of Surety Bond Producers (NASBP) and Surety & Fidelity Association of America (SFAA) have been advocating for use of performance and payment bonds when states and/or localities receive federal grant funds for construction of rural broadband infrastructure projects such as those that are part of President Biden’s infrastructure plan. On March 25, NASBP and SFAA held their first-ever …
By Rolf Boone for TheOlympian.com Lacey City Council on Thursday voted to award a $7.7 million construction contract for a second phase of work on sewer and water hookups at Capitol City Golf Club Estates. But before they did, they huddled in executive session to weigh legal concerns. Read what happened next>>>
By Roxanna Gonzalez of Dorsey & Whitney LLP for JDSupra.com A former employee of Great Dane Petroleum Contractors, Inc. a full-service Pollutant Control and General Contractor based in Florida, alleged in a recently-filed lawsuit that the company misused nearly $3 million in Paycheck Protection Program (“PPP”) funds. See Rucker v. Great Dane Petroleum Contractors, Inc., No. 21-cv-207 (M.D. Fla. Mar. …
By Kim Slowey for ConstructionDive.com In a 220-211 vote, the House of Representatives passed the $1.9 trillion COVID-19 relief bill, officially known as the American Rescue Plan Act of 2021, and presented the legislation to President Joe Biden on Wednesday. The package contains plenty of provisions that will benefit the country in general, such as $1,400 stimulus checks to qualifying …
By Dan Ennis for BankingDive.com The Federal Reserve Board is extending through June 30 the Paycheck Protection Program (PPP) Liquidity Facility, the central bank said in a press release Monday. The program was infused with $284 billion before it relaunched Jan. 11. Roughly $128 billion was still unclaimed as of Feb. 28, according to Small Business Administration data. The Fed and Treasury …
By Tom Stemm, of Ryvit for ForConstructionPros.com Digital transformation has been a key area of investment for businesses over the past decade and is expected to only continue. Even with the pandemic wreaking havoc on business spending worldwide, overall digital transformation spending was still forecasted to increase by 10% in 2020. The construction industry has lagged behind other industries in this respect, …
By Kathleen Morley and Zachary Sanders, Cohen Seglias Pallas Greenhall & Furman PC for JDSupra.com Despite the exhaustion and chaos that the COVID-19 pandemic brought to the construction industry in 2020, turning the page to 2021 offers several reasons for cautious optimism, including two approved coronavirus vaccines (with a possible third soon to follow) and a $900 billion relief package …
By Jeff Drew for Journal of Accountancy The U.S. Small Business Administration (SBA) announced changes Wednesday designed to reduce delays in the Paycheck Protection Program (PPP) approval process. Millions of small businesses have applied for PPP forgivable loans since it reopened Jan. 11 with $284 billion in fresh funding. A significant percentage of those applications has been held up by process and …
By Jamie Collum and Andrew Cartwright for Daily Commercial News Succession is one of the most significant challenges facing construction businesses today. Successful contractors spend years building up their companies through their own blood, sweat and tears. When it comes time to step back, they want to know that the impressive legacy and reputation they have built will be perpetuated …
