On March 25, the U.S. Senate passed the largest economic aid package in our nation’s history. On a 96 to 0 vote, the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act passed the Senate and is expected to be approved by the House and signed into law.
The Associated General Contractors of America’s (AGC) government relations team worked day and night for weeks fighting to ensure the best possible outcome for the construction industry in this package. Although not everything we fought for made it into the final legislation, there are significant construction industry priorities that we successfully secured, including, but not limited to:
- Establishing loan programs that will help many construction businesses pay employees and overhead costs, while continuing operations, if possible;
- Advanced-refundable tax credit for employers implementing new federal paid leave mandates in the Families First Coronavirus Response Act;
- Delaying the payment of employer payroll taxes through January 1, 2021, which will provide relief for businesses’ cash flow during this crisis;