COVID UPDATES
From the Desk of Julie Muller, Executive Vice President of SMACNA-WW
Two things are required to support the construction market: The need for something to be built and the ability and willingness to pay for it. A decline in the US economy slows expansion in the private sector which reduces the “need” for new construction. In the public sector the “need” for construction such as infrastructure continues through an economic decline, but reductions in taxes and fees stall the funding of public construction. Crisis-era response message to contractors written by Dr. Tom Schleifer.   Read more .

Multiemployer pension legislation
Now that Congress has passed another COVID-19 stimulus bill (referred to as phase 3.5), attention has shifted to the next phase, which could include legislation directly impacting multiemployer pension plans. This Alert provides a summary of past multiemployer pension funding relief and recent proposals. Read more .
Treasury department issues new PPP guidance on loan audits and certification
On May 13, 2020, the U.S. Treasury Department issued new guidance regarding the Paycheck Protection Program (PPP). Previously, the Treasury Department indicated that applicants and borrowers should review their applications in order to be sure that they could make the required certifications regarding the necessity of the loan in good faith.

The Treasury Department had also advised that certain loans in excess of $2 million would be audited.

PPP safe harbor deadline extended until May 18, 2020
The U.S. Treasury Department has extended the safe harbor deadline for repaying any Paycheck Protection Program loan: the new deadline is May 18, 2020.
 
Borrowers have until then to return any loan funds if they determine that they cannot certify in good faith that the loan application was necessary as a result of the “current economic uncertainty.”

Any borrowers who return the loan funds by May 18, 2020 will automatically be considered to have made the certification in good faith. We will continue to provide additional information as the Treasury Department issues further guidance.

Attached is the updated SMACNA PPP FAQ , dated 5-13-2020. SMACNA has updated the PPP FAQ to include question #29 regarding this guidance.
Examining the facts and figures of the coronavirus outbreak, epidemiologist Larry Brilliant evaluates the global response in a candid interview with head of TED Chris Anderson. Brilliant lays out a clear plan to end the pandemic -- and shows why, to achieve it, we'll have to work together across political and geographical divides. "This is not the zombie apocalypse; this is not a mass extinction event," he says. "We need to be the best version of ourselves."   Watch here .
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Julie Muller, Esq.
Executive Vice President
jmuller@smacnaww.org | 425-289-5010