October 2021
Like other essential industries, the construction industry has faced many challenges during the COVID-19 crisis. A series of factors has led to reduced profits as contractors deal with labor shortages, higher prices for materials and low margins on projects.
In the early months of the pandemic, construction business dropped and many contractors struggled to pay their employees and keep their companies running. Government assistance programs such as the SBA Paycheck Protection Program and the employee retention tax credit help ease some financial challenges during the crisis.
