The US National Demolition Association (NDA) says it has identified potentially helpful provisions for its members in the CARES Act passed by Senate last week and approved by the House of Representatives on Friday March 27.
Known in full as the Coronavirus Aid, Relief and Economic Security Act, it offers a US$2 trillion relief package to businesses across several sectors affected by the Coronavirus pandemic.
Areas identified by the NDA as relevant to members are:
- Economic Injury Disaster Loan Grants for businesses employing under 500 people
- SBA 7(a) Loan Programme, also for small and medium sized businesses
- Loans at maximum 2% interest for medium and large businesses
- Employee Retention Credit, allowing companies of any size to claim a credit on wages per employee on a quarterly basis
- Delayed Employer-Paid Payroll Tax Payments
- Net Operating Loss Modifications
- Modification of Limitation of Business Interest
- Paid Leave Clarifications
- National Institute of Health Facilities Funds, where the legislation allocated $156 million for the “construction of, demolition of, renovation of, and acquisition of equipment for, vaccine and infectious diseases research facilities”.
The NDA also said that, following the decision by the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency to include construction as essential critical infrastructure in its updated guidance, it would be contacting the National Governors Association to ask for demolition and remediation to be designated essential services.
More details at www.demolitionassociation.com