Study shows resiliency of composite plans report shared with congressional staff
SMACNA is pleased to be part of a construction industry coalition which commissioned a new
study
,
released Tuesday, June 2, that was designed to evaluate how composite plans would perform during an economic crisis. The author of the study, actuary Josh Shapiro of Groom Law Group, notes the sustainability of a retirement system cannot be measured during easy times. His detailed case
study evaluates how a Composite Plan would have performed during the downturn of 2008 and the more immediate coronavirus pandemic.
The report makes clear that Composite Plan design offers workers the kind of security and stability that too many traditional multi-employer defined benefit plans promise but can’t deliver and shows employees and employers stand to benefit once Congress authorizes the use of Composite Plans.
L&I mask protocol: Which mask for which task?
Face coverings and masks are important tools in preventing the spread of coronavirus. Used in conjunction with social distancing and physical barriers, they can help protect workers and the public.
This publication explains when workers should use cloth face coverings and masks to protect others from the coronavirus, and when workers are required to use respirators to protect themselves.
View publication
.
The Dotted Line: How will clients approach contracts post-pandemic?
While contractors and their legal advisers try to work out how the COVID-19 pandemic and the associated mandatory project shutdowns will affect future jobsite operations and profitability, it’s worth looking ahead to what kind of contract terms construction companies could face in the future.
Read more
.
SBA answers more questions on PPP loans and forgiveness
On Friday evening, May 22, the SBA put a kink in our Memorial Day Weekend plans by issuing additional guidance on Paycheck Protection Program (PPP) loan forgiveness, loan review procedures and related borrower and lender responsibilities. Instead of rushing to the beach to socially distance from the throngs of other beach goers, we decided to stay in front of our computers and write an article about the loan review procedures and related borrower and lender responsibilities, including our observations and related recommendations.
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.
Updated SMACNA PPP FAQ as of May 27, 2020
Attached are
updated FAQs
regarding the new guidance issued by the Treasury Department on May 22, 2020. This version adds FAQs #40-46, which deal with the loan forgiveness process including some clarifications from the SBA regarding what payroll costs are eligible for forgiveness and the mechanics of the loan forgiveness reduction penalties.
- FAQ #40: What is the process to obtain loan forgiveness? 13
- FAQ #41: When should payroll costs be paid and/or incurred in order for them to be eligible for forgiveness? 14
- FAQ #42: Is compensation paid to furloughed employees eligible for loan forgiveness? 14
- FAQ #43: Are there any limits on the amount of loan forgiveness for compensation to owner-employees and self-employed individuals? 14
- FAQ #44: When should non-payroll costs be paid and/or incurred to be eligible for loan forgiveness? 14
- FAQ #45: How do borrowers need to make and document good faith offers to rehire laid off employees? 15
- FAQ #46: If a borrower has reduced the hours of some of its employees, is its loan forgiveness amount reduced by both the reduction in FTEs and the reduction in wages resulting from the reduction in hours? 15
