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Message from Beth -- January 20, 2021

01/20/2021

Message from Beth -- January 20, 2021

 

PPP Loan Pic

 

ACEC and ACEC Ohio continue to work on a fix for the PPP Loan forgiveness issue as related to the FAR:

ACEC continues to work on the unintended consequences of a credit to the overhead rate to those engineering companies taking a PPP Loan and asking for forgiveness. This is a unique situation impacting only engineering firms who work under the FAR and ACEC has raised the concern with both FHWA and the Congressional Small Business Committee.  See article: Message from Beth -- December 16, 2020 

ACEC Ohio has met with the Executive, Finance and Audit staff at the Ohio Department of Transportation to educate the agency on this issue and express our concerns. The department will follow the FHWA guidance, which at this time we don’t expect to be favorable to our concerns. This guidance has not been issued yet.

In the meantime, we are pushing for a simple legislative fix that clarifies that the FAR credits clause will not apply to forgiven PPP loans for small business contractors who have properly qualified for loan forgiveness.   ACEC Ohio has sent this letter CLICK HERE to Ohio’s Congressional members supporting this legislative fix and ACEC National has made this issue a top legislative priority and are targeting the proposed COVID relief bill as the next legislative vehicle for this fix. If you are impacted by this PPP issue, please respond to this CALL TO ACTION!

If you should have any questions, feel free to contact me.

~Beth

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