IEC ED Niel Dawson Update – June 19th
The latest changes on Governor Kemps Executive Order, PPP, additional finance options, webinars and much more…
ATLANTA APPRENTICESHIP DEADLINE IS TODAY! REGISTER YOUR APPRENTICE NOW.
WELCOME NEW ATLANTA CONTRACTOR MEMBERS!
Powers Electrical Solutions, Inc. –www.powerselectricga.com
Paul Powers – info@powerselectric.com
Powder Springs, Georgia
Latest Governor Kemp Executive Order issued June 11th
Effective June 16th – June 30th
Effective June 16th – June 30th
- Residents older than 65 no longer required to shelter in place.
- Gathering with more than 50 people must maintain 6 feet between each person.
- Restaurants no longer have a minimum number of patrons or how many can sit together. Read more.
PPP Revised Loan Forgiveness and Borower Application
PPP EZ Loan Forgiveness Application is simplified. See Forgiveness Application Instructions for Borrowers. Click Here.
Paycheck Protection Program Borrower Application Form was Revised June 12th, 2020 Click Here
Small-dollar loan recipients could get their own separate form.
IEC Contractors your have 7 business days, or until June 30th to apply for the PPP loan program. Apply Now
BEYOND PPP: FEDERAL LOANS, TAX CREDITS FOR CONTRACTORS
Other Federal Loans
The Main Street Lending Program was established by the Federal Reserve in response to the COVID-19 outbreak and makes loans to small- and medium-sized businesses — through authorized lenders — that were in “sound financial condition” before the pandemic.
- Main Street New Loan Facility (MSNLF) — these loans are available to companies with 15,000 or fewer employees and $5 billion or less in revenue. The company must pay the loan, generally capped at the lesser of $35 million or four times the borrower’s adjusted 2019 EBITDA (earnings before interest, taxes, depreciation and amortization) within five years. The minimum loan size is $250,000.
- Main Street Priority Loan Facility (MSPLF) — these loans have similar requirements as the MSNLF except the maximum loan is limited to the lesser of $50 million or six times the borrower’s EBITDA. The minimum loan size is $250,000.
- Main Street Expanded Loan Facility (MSELF) — these loans have many of the same requirements as the other two facilities, but the loan size is limited to the lesser of $300 million or six times the borrower’s EBITDA. The minimum loan size is $10 million.
- Debt Relief – For those construction firms that already have certain loans backed by the SBA — 7(a) general lending program, 504 loans for major fixed assets and microloans — the administration has decided to pay six months of all borrowers’ payments. This includes principal, interest and other loan-related fees.
MEMBER BENEFITS
- Get a 2% Home Depot Rebate on all purchases on top of your current discount levels! All you need to do is sign-up and starting saving! Additionally, 1/2% of all purchases go back to our National Foundation that gives out grants to IEC Chapters! A win-win!
- HERTZ 25 Car rental discount! Use IEC’s CDP# 2197997 Make a reservation or call 800-654-2200
IEC WEBINARS…KEEP THE KNOWLEDGE COMING
NFPA – Changes in Wiring Methods, June 23, 2-3 p.m. EDT
NFPA – Alternative Energy Such as Solar, Battery Storage and Other Technologies, June 30, 2-3 p.m. EDT
Does Your Strategy Pass the Stress Test? July 8, 3-4 p.m. EDT
INDUSTRY NEWS
Jobsite Safety and Technology During the Coronavirus Pandemic – What You Need to Know
Coronavirus has given jobsite safety a new meaning — and new ways to use technology data to maintain safety. Amid the pandemic, the best systems create transparency allowing executives, contractors and subs to work together to create safer workplaces. Read More.
Coronavirus has given jobsite safety a new meaning — and new ways to use technology data to maintain safety. Amid the pandemic, the best systems create transparency allowing executives, contractors and subs to work together to create safer workplaces. Read More.
WORKFORCE NEEDS
julie.gunter@iecatlantaga.org or use this form. Don’t forget to check our list of available workers in our Dropbox – it’s updated every Wednesday! Contact Delast.Muhammad@iecatlantaga.org for login credentials.
Got a job in another state and need to network with another IEC member for workforce needs? We’ve got you covered there as well. Just email niel.dawson@iecatlantaga.org with your request.
Thank you for your continued support of the IEC Atlanta/Georgia Chapters! Stay safe and have a great weekend!
Niel and the entire IEC Staff
