Below you'll find a list of all posts that have been categorized as “Uncategorized”
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 …
By Kim Slowey for ConstructionDive By getting rid of wasteful practices, hiring new talent and meeting client needs, these firms came out ahead after a very difficult year. The U.S. business community overall has suffered a great deal during the coronavirus pandemic. Restaurants and retail establishments have shut down due to customers staying home during lockdowns or because of tight …
By Gail Kalinoski for Commercial Property Executive Nonresidential construction is expected to decline by 5.7 percent this year, according to a consensus forecast from the American Institute of Architects. Sectors like hotels, office and amusement and recreation are being hit the hardest as the U.S. tries to slowly recover from the COVID-19 pandemic. Health care and public safety are the …
By Bernadette Kasnicki of Farrell Fritz, P.C. – Published January 19, 2021 Today the U.S. Department of the Treasury and the U.S. Small Business Association (“SBA”) have fully reopened the Paycheck Protection Program (“PPP”) loan portal to participating lenders to submit first- and second- draw loan applications. The Legislation The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venue Act …
By Lisa B. Andrzejewski, Dennis C. Cavanaugh, Niel P. Franzese, and Choity R. Khan of Robinson+Cole LLPPublished December 17, 2020 As 2020 comes to a much anticipated close and we approach the one-year anniversary of the start of the global COVID-19 pandemic, it is worth reflecting on the impacts the health crisis has had on the construction marketplace and surety industry and its likely lasting effects …
