In the span of two months, the coronavirus crisis has demanded sweeping changes from the U.S. construction industry, and experts say many of them will remain in place even after the outbreak recedes.
In mid-March, SBCA jumped into action to track ongoing developments, create tools and gather best practices that would help component manufacturers (CMs) navigate COVID-19 and the ensuing challenges as best as possible.
During the first quarter. GDP growth posted its worst performance since the Great Recession, recording a -4.8% growth rate.
“Double check who is sending you mail these days,” says SBCA’s Accounting Manager Mike Younglove, “especially if they are asking you to change any financial information.”
SBCA and LMC have started a collaborative relationship focused on sharing one another’s expertise to further advance the interest of the component manufacturing industry.
The Paycheck Protection Program enabled businesses with fewer than 500 employees to receive low-interest loans, subject to loan forgiveness.