The CARES Act provides a lot of relief that can be utilized by those in the construction industry. It specifically makes SBA loans widely available for small construction businesses - including sole proprietorships. Plus, the individual benefits - including the one-time check - and deferred taxes should help things some, too. So, just because you don't have a larger company doesn't mean you won't be able to benefit from this stimulus package.
Importantly, this includes the availability of a $10,000 emergency cash advance which can provide some immediate help. Plus, if spent in line with the guidelines, then the advance can be forgiven. This article from Forbes does a deep dive into the emergency grants: Getting Cash For Your Small Business Through The CARES Act.
For a deep dive into how this stimulus package will affect construction businesses across the US, here's a great article: What’s in the $2 Trillion Coronavirus Stimulus Bill For Construction Businesses & Their Workers? Additionally, for staying up to date with coronavirus and the ability to work, this tracker will be useful: Can I do Construction Work In my State?
The information presented here is not legal advice and should not be construed as such. Rather, this content is provided for informational purposes. Do not act on this information as if it is advice. Further, this post does not create any attorney-client relationship. If you do need legal advice, seek the helSee More...See More...
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Anonymous Contractor
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Apr 2, 2020
Thank you Matthew, your response is greatly appreciated and has helped me cut through all the wasted time and hours searching for a reasonable answer.
Thanks again.
Ron