The chief executive officer of the Associated General Contractors of America, Stephen E. Sandherr, issued the following statement in reaction to the passage of the Paycheck Protection Program Flexibility Act of 2020:

"This new law improves upon the original Paycheck Protection Program by extending the coverage period to 24 weeks, revising the ratio of percentage of expenses allowed to be forgiven up to 60 percent payroll costs and 40 percent non-payroll, extending the maturity period for the loans from two years to five, and allowing loan recipients to defer payroll taxes through the end of 2020. Its enactment will save many construction jobs and allow thousands of construction firms to remain in business.

"Having fixed several problems with a measure designed to helped firms survive, it is time for Congress and the President to put in place measures to rebuild our economy. These measures include providing liability protection for contractors and other businesses that are taking steps to protect workers from the coronavirus, new infrastructure funding and measures to stimulate broader, private-sector demand for construction and development."

For more information, visit www.agc.org.

Today's top stories

Construction Industry Optimistically Preparing for New Year Ahead

CFX Oversees $412M SR429 Expansion in Florida

Capital Express Central Project Ramps Up in Texas

VIDEO: NCDOT Plans Major Road Upgrades in Wilmington Over Next Several Years

DEVELON Set to Exhibit at ARA Show 2025

Des Moines Airport Works With Weitz/Turner On Expansion

Ring Power Lift Trucks Partners With Hiab to Bring MOFFETT Truck-Mounted Forklifts to Florida Customers

Earthborne Demo Day Draws Crowd Despite Downpour