Impact of CARES Act on roofing
On March 27, two days after Senate approval the House passed the “CARES Act“–a $2 trillion disaster aid package in response to the COVID-19 crisis. The President signed the bill into law later that day. Provisions include assistance to hospitals and state and local governments, rebate checks to individuals and families, loan forgiveness to help small businesses meet payroll and other expenses, expanded unemployment benefits, and funds for airlines and other impacted industries.
Because of the importance to the roofing industry of businesses of under 500 employees, we are particularly interested in the small business provisions of the bill. ERA will continue to monitor and report on developments on this legislation, any additional proposals enacted dealing with the crisis, as well as resources from federal agencies in the coming weeks to help manufacturers, roofing contractors, and roof consultants access these new programs. In the meantime, see below the summarized provisions most relevant to small businesses and employees to help cash-strapped companies and families of your customers plan how to stay financially solvent during this national emergency.
In addition, the National Association of Manufacturers has issued guidelines on dealing with employee/virus issues in the manufacturing facility.
Congressional information on the CARES Act:
- 1-page summary of small business provisions
- Detailed summary of small business provisions
- Full CARES Act text