Contractors: COVID-19 Resources Available During This Time of Uncertainty
We hope you and your crews are staying safe during these unprecedented times. Like us, you are probably adjusting to a new “normal” while still tending to the needs and concerns of your business. Please know that we are here to support you.
The construction industry entered 2020 with full momentum and high expectations for the upcoming year. However, the evolving COVID-19 global health emergency has left the future uncertain. Although the construction industry is currently listed as essential, what companies do now and in the coming weeks to mitigate risk and limit damages is crucial to navigating these unprecedented times.
Construction companies should be aware of the many important directives pertaining to COVID-19 that are dispatched daily – sometimes hourly – from federal, state, and local authorities. Although contractors may currently be working, employers should take steps to investigate all available assistance opportunities to help if circumstances change and their business is negatively impacted by the COVID-19 pandemic.
KSM is keeping a close eye on government decisions as they are formalized and sharing updates in real time. You may find the following information immediately helpful:
- The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides loan programs and dedicates nearly $350 billion to loan guarantees and subsidies to prevent layoffs and business closures affected by the pandemic.
- Small Business Administration and Economic Injury Disaster loan programs offer low-interest federal disaster loans for working capital to qualified businesses suffering substantial economic injury as a result of the COVID-19 pandemic.
- The Paycheck Protection Program provides loans that can be partially or fully forgiven if certain criteria are met.
- Learn best practices for managing cash flow in times of uncertainty to track and restrain spending during this crisis.
Know we are thinking of you during this uncertain time and we wish you and your crews all the best. Please reach out to a KSM advisor with any questions or complete this form to let us know how we can help.
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