A number of AED priorities included in $2 trillion COVID-19 reduction and authorities funding bundleadmin
“The supplemental funding for highway and bridge tasks is a direct results of the work AED and its members have executed to ship the message to lawmakers that inaction on infrastructure funding was unacceptable,” mentioned AED’s President & CEO Brian P. McGuire. “States have seen important declines in income because of the pandemic and cash particularly focused to state Departments of Transportation will go on to work that may maintain AED member clients busy as we begin the following development season. Whereas a major victory now, our efforts are simply starting. Congress should construct upon the bipartisanship exhibited in the course of the previous week to cross infrastructure laws early in 2021 that may spur financial development and job creation for years to come back.”
Final summer time, AED launched a grassroots initiative to induce its members to contact their U.S. Senators to make the case for the necessity for infrastructure funding. The hassle resulted in additional than 75 p.c of the affiliation’s sellers taking part.
In whole, AED’s distributor and producer members delivered almost 1,000 letters and emails, reaching all 100 U.S. Senate places of work.
Congress additionally clarified that gross earnings doesn’t embody any quantity that may in any other case come up from the forgiveness of a Paycheck Safety Program (PPP) mortgage, that deductions are allowed for in any other case deductible bills paid with the proceeds of a PPP mortgage that’s forgiven, and that the tax foundation and different attributes of the borrower’s property is not going to be diminished because of the mortgage forgiveness. Given that almost all of AED distributor members acquired between $197 million-$462 million in important mortgage help, the deductibility of PPP-related bills was a prime precedence.
Along with the state DOT funding and the deductibility of PPP bills, different helpful provisions embody:
- Water Assets Improvement Act (WRDA) laws, authorizing $16 billion in port, waterway and harbor upkeep tasks.
- A one hundred pc deduction for enterprise meal meals and beverage bills supplied by a restaurant which might be paid or incurred in 2021 and 2022.
- Lengthen and develop the Worker Retention Tax Credit score (ERTC) to cowl 70 p.c of certified wages, decreasing the required year-over-year gross receipts decline to twenty p.c and will increase the delineation for figuring out the related certified wage base to employers with 500 or fewer workers.
- Reopens the Paycheck Safety Program (PPP) for first time and second time debtors and develops a course of for corporations to obtain a second PPP mortgage (as much as $2 million) if the small enterprise has lower than 300 workers and may reveal a income discount of 25 p.c.