AGC blocked a surprise federal tax increase of up to 37 percent on Paycheck Protection Program (PPP) loan forgiveness, benefiting tens of thousands of construction firms.

On December 3, AGC, along with 564 trade associations, called on Congress to pass legislation reversing IRS policy that turns promised, tax-free PPP loan forgiveness into a taxable event.

On Oct. 26, U.S. Small Business Administration (SBA) announced that Paycheck Protection Program (PPP) lenders would send a questionnaire to PPP borrowers who received a principal loan amount of $2 million or more and have to return a completed questionnaire in ten days.