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National accounting firm Withum shares information about the Small Business Administration's (SBA) new Interim Final Rule and updated FAQs.…
MCAA’s initiative with the MCA of Maryland, the MCA of Metropolitan Washington, the MCA of New York, and the New England Mechanical Contractors Association (NEMCA) is moving ahead with contacts in the House and Senate expanding to seek an add-on proposal in either the next COVID relief measure or possibly on the infrastructure proposal that is expected soon. The proposal is relatively simple – Congress should set up a separate COVID Cost Recovery Fund on direct Federal construction contracts to pay impaired productivity and other COVID direct costs to be administered apart from the affected projects’ budgets. The rationale is that it is inequitable for the government as proprietor of the project to take the full benefit of the fixed-price award pre-COVID and then drive a hard bargain denying full equitable cost impact recovery post pandemic, while at the same time using taxpayer resources to bail out other industries outside of any contractual relationship.…
The Democrats in the 117th Congress are pressing the Butch Lewis Emergency Pension Plan Relief Act of 2021 in two phases. The first phase, the American Rescue Plan of 2021, is moving through the reconciliation process in the House and Senate (not subject to filibuster in the Senate). It would provide funding to enable the Pension Benefit Guaranty Corporation (PBGC) to pay full benefits for plans in critical status (with a funded ratio below 40% and an active to inactive participant ratio of less than 2:3). Funding would also be provided to help critical and declining plans, and those plans that have already cut benefits (or have applications pending) under the 2014 Multiemployer Pension Reform Act (MPRA) benefit suspension procedure. …
National accounting firm Withum shares some thoughts on recent developments related to the PPP, PPP2, Loan Forgiveness, and Employee Retention Tax Credits.…
