COVID-19 Resources and the PPP

06/09/2020

The National Ready Mixed Concrete Association (NRMCA) has assembled a great collection of links to various web sites with information on dealing with the impacts of COVID-19 from the Department of Labor to the Small Business Administration (SBA). Another great source of information for running a safe construction sitecomes from OSHA with its recommendations and descriptions of mandatory safety and health standards.

The Paycheck Protection Program (PPP) has been a godsend for some and perhaps a headache for others. Guidance from the SBA about loan forgiveness is a bit dense to read but the info is there if you need it. NRMCA cautions its members (and everyone else) to talk to their tax consultant or attorney “to ensure they are complying with, and utilizing fully, the resources available through these loan programs.”

NRMCA, and other industry groups through the Highway Materials Group, has also been lobbying congress on the forgiveness eligibility requirements and the tax implications.  “While the PPP has enabled many NRMCA members to retain their employees and keep their doors open during this crisis, retroactive forgiveness eligibility requirements have become a great cause of concern for NRMCA members. These concerns deal with certifications of necessity and tax deductibility of expenses. NRMCA raised the issue with multiple Members of Congress and congressional offices, following up with a letter to the Hill outlining our concerns and requesting that Congress provide certainty for small businesses that received and utilized PPP loans in the spirit in which they were intended.”

If your company is involved in this program, it’s worth making sure you are complying and getting the most support possible to bring the industry back strong.