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Tag: Aid

$3.75 Million CAGC Foundation Grant to Aid Contractors In North Carolina

CHARLOTTE, N.C., Oct. 14, 2020 /PRNewswire/ — Carolinas AGC is excited to announce the opening of the CAGC Foundation Grant to help contractors with coronavirus mitigation efforts in the construction workplace. The grant was one of many allocations to state and local government agencies and nonprofits named in HB 1105 that appropriated the remaining CARES funding for pandemic relief. CAGC’s lobbying team garnered the major legislative victory during a recent legislative session and developed grant guidance and an application for qualified businesses and organizations that have a business office in North Carolina. The grant application period is open through Wednesday, October 28th at 5:00pm, and grants will be made on a first-come, first-serve basis to eligible subgrantees. Funding must be spent by December 30, 2020.

The legislation stipulates that $3 million of the grant funds are to be awarded to construction businesses and non-profits that

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Will Lower Mortgage Rates Aid NVR to Post Higher Q3 Earnings?

NVR, Inc.’s NVR third-quarter 2020 earnings and revenues are expected to have registered an improvement on a year-over-year basis.

In the last reported quarter, the company’s earnings and revenues missed the Zacks Consensus Estimate by 5.3% and 3.5%, respectively. On a year-over-year basis, earnings and revenues decreased 19.9% and 10%, respectively, as the COVID-19 outbreak had a significant impact on all facets of its busines.

Nonetheless, the company has a strong earnings surprise history, having surpassed analysts’ expectations in 12 of the trailing 14 quarters.

Trend in Estimate Revision

For the quarter to be reported, the Zacks Consensus Estimate for earnings per share has increased 1.3% to $62.01 over the past seven days. The estimated figure indicates an increase of 10.5% from the year-ago quarter. The consensus mark for revenues is pegged at $2 billion, suggesting a 7% increase from the year-ago reported figure of $1.87 billion.

NVR, Inc.

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Aviation contractors axed jobs as U.S. delayed aid, House panel finds

CHICAGO (Reuters) – U.S. aviation contractors laid off thousands of workers due to delays in payroll aid from the U.S. Treasury that was meant to protect jobs, an investigation by a U.S. House of Representatives subcommittee found.

Under the Coronavirus Aid, Relief and Economic Security Act (CARES Act), companies in the aviation sector were granted funds to cover six months of their payroll as the COVID-19 pandemic prompted a precipitous decline in air travel.

The legislation banned any job cuts through September, and requires the U.S. Department of the Treasury to begin distributing funds to eligible companies within 10 days of the law’s approval on March 27.

But an investigation by the House Select Subcommittee on the Coronavirus Crisis found that top contractors did not receive the money until months later, resulting in more than 16,500 layoffs and furloughs at 15 companies, more than 15% of the aviation contractor workforce.

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Georgia steers virus aid to care homes as rapid tests arrive

ATLANTA (AP) — Georgia Gov. Brian Kemp announced Friday that $113 million in federal coronavirus relief funds will be made available to nursing homes and long-term care facilities.

The funding will be used to bolster staffing and staff testing in facilities across the state, according to news release from Kemp’s office.

Georgia received approximately $4.1 billion in federal funding as part of the CARES Act, passed by Congress in March to provide economic assistance to address the pandemic. The state had approximately $2.1 billion of that left before Friday’s announcement, Kemp spokesman Cody Hall said. Funding can be used to cover costs incurred up until Dec. 30.

Residents of nursing homes and long-term care facilities have been hit particularly hard by the pandemic.

As of Thursday, over 2,530 residents of nursing homes and long-term care facilities with 25 beds or more had died after contracting the coronavirus, according to

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Hawaii defense contractor charged with defrauding government out of $12.8m in coronavirus relief aid

A high-profile Hawaii-based defense contractor has been arrested on charges of swindling $12.8 million in funds intended to prop up small businesses during COVID-19.

Martin Kao, 47, a generous political donor, was arrested on Wednesday and charged with bank fraud and money laundering, accused of siphoning off $2 million of the fraudulent loan into his own personal bank account.

The Department of Justice accused Kao of falsifying loan applications so that he could receive more money than he was entitled to under the Paycheck Protection Program (PPP), which was created by Congress as part of the $2 trillion CARES Act meant to stave off financial ruin for individuals and small businesses during the pandemic.   

Kao submitted at least two fraudulent PPP loan applications, prosecutors allege.

They claim he falsely inflated the number of employees on the loan application, and falsely certified that the applicant and its affiliates would not receive,

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Small homes made of Maine materials could boost economy, aid climate, council says

The Maine Climate Council has suggested a strategy that draws on the potential for constructing fuel efficient, modestly priced homes with locally sourced wood to help address the state’s affordable housing shortage while boosting the economy.



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Sustainably harvested wood – particularly when transport is minimal – is more sensible when compared with steel and concrete, which have a denser carbon footprint, Stephen Shaler, associate director of the Advanced Structures and Composites Center at the University of Maine, told the Maine Monitor.

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Using locally sourced wood to build homes could expand job opportunities in construction, design and forest products, revitalize former mill towns, help trade school programs and strengthen university research and development, the climate council reported.

While Maine is known for producing traditional hardwood from spruce and pine, engineered wood like laminated strand lumber is a newer industry. Wood fiber

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Mnuchin and Powell back jobless aid, small business loans

WASHINGTON (AP) — Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell said Thursday that the government’s top priorities in any new economic relief package should be to provide affordable loans to small businesses and further support for millions of Americans still unemployed.

With the prospects for any new federal aid package appearing dim, members of the Senate Banking Committee pressed both officials to list improvements that could be quickly made in the nearly $3 trillion in support that Congress has passed to fight the pandemic-induced recession that has nearly 11 million people still jobless.

Democrats on the panel urged Mnuchin, one of the administration’s top negotiators, to work harder to persuade Republicans in Congress to raise the amount of money they would be willing to support in a new bill. And Republicans urged Democratic members to consider a lower amount that might clear both the House and Senate

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Pentagon defends use of COVID-19 funds to aid ailing defense contractors

SPENDING WAS ‘WHOLLY APPROPRIATE’: The Pentagon is flatly rejecting criticism in a Washington Post report suggesting that funds intended for supplies of medical equipment were improperly diverted to defense contractors.

At issue is $1 billion provided to the Pentagon under the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, which the Washington Post said was being used to make things such as jet engine parts, body armor, and dress uniforms instead of needed medical supplies “in a way that represented a major departure from Congress’s intent.”

“Under the Act, it is clear that funding for Defense Industrial Base uses would be appropriate as long as they addressed COVID-related impacts in the industrial base, even in that portion of the industrial base not producing medical supplies,” said Pentagon spokesman Jonathan Hoffman in a statement posted on the DOD website. “The funds in this case have been used to support

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Mnuchin and Powell back jobless aid and small business loans | WGN Radio 720

Treasury Secretary Steve Mnuchin testifies during the Senate’s Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress on Capitol Hill, Wednesday, Sept. 24, 2020, in Washington. (Toni L. Sandys/The Washington Post via AP, Pool)

WASHINGTON (AP) — Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell said Thursday that the government’s top priorities in any new economic relief package should be to provide affordable loans to small businesses and further support for millions of Americans still unemployed.

With the prospects for any new federal aid package appearing dim, members of the Senate Banking Committee pressed both officials to list improvements that could be quickly made in the nearly $3 trillion in support that Congress has passed to fight the pandemic-induced

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Trump Chides Biden For Wearing Mask; Former Pence Aid Blasted For Siding With Biden

The president has also mocked the Biden campaign’s strict adherence to public health officials’ guidance on social distancing. Presidential election news is on GOP voters against Trump, an upcoming rally in Virginia, key topics of the first debate and more.


The Hill:
Trump Mocks Biden Appearance, Mask Use Ahead Of First Debate 


President Trump mocked Democratic nominee Joe Biden’s appearance and use of a face mask on Tuesday as the first presidential debate draws nearer. “He feels good about the mask, and that’s OK. Whatever makes you feel good,” Trump said at a campaign rally in Pittsburgh. “Honestly, why the hell did he spend all that money on the plastic surgery if he’s going to cover it up with a mask?” (Moreno, 9/22)

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