News & Press: Member Update

ACEC Texas Member Update: COVID-19 (April 3, 2020)

Friday, April 3, 2020  
Posted by: Michael Hancock
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ACEC Texas: COVID-19









Top COVID-19 News & Updates

April 3, 2020






















ACEC National Releases Third Wave of Survey Results

ACEC National released new survey results from their Business Impact Survey yesterday. This marks the third week ACEC National has polled member firms to gather and share information on how COVID-19 is affecting business. The new report includes an executive summary which highlights significant results, but also shows the differences in the results based on firm size. ACEC National has provided a few key bullets points extracted from the results:

  • 9 out of 10 firms feel the economy at all levels is worse today than it was 30 days ago.
  • 54% feel their firm’s finances and cash flow (58%) are worse today.
  • 8 out of 10 firms feel the economy at all levels will be even worse 30 days from now.
  • 68% feel their firm’s finances and cash flow (72%) will be even worse 30 days from now
  • Nearly 50% of firms feel the economy will improve 6 months from now, and about 1 out of 4 believe it will continue to get worse.
  • 51% indicated that the federal stimulus package passed last week will have a positive impact on their firm, with nearly one-third (32%) not sure at this time.

To view the complete survey results from the third week, please click on the following: ACEC National Business Impact Results – Wave 3.


New ACEC National Podcast on COVID-19

ACEC National has made available their most recent Engineering Influence from ACEC Podcast, titled, “Coronavirus Special: Government Affairs Update for April 2, 2020.” Listen to Senior Vice President for Advocacy Steve Hall, and Katharine Mottley, Vice President for Tax and Regulatory Affairs, as they discuss new guidance for small businesses stemming from the enactment of the CARES Act.

To listen to the Podcast, please click on the following: ACEC National Podcast

 

REMINDER: CARES Act – Paycheck Protection Program Begins Today!

ACEC Texas sent a MEMO yesterday to our member firms on behalf of our former Chair and current ACEC National Vice-Chair, Gary Raba, D.Eng., P.E., regarding the CARES Act and the Paycheck Protection Program (PPP). It is important that you and your firm know what federal assistance is available to help your business maintain your workforce and operations as we continue to respond to COVID-19.

Today marks the first day the U.S. Small Business Administration (SBA) will begin accepting applications for businesses seeking assistance provided by the CARES Act. To view further details, please click on the following link: MEMO – CARES Act.

 









State Tax & Revenue News















Comptroller Hegar: State Sales Tax Revenue Totaled $2.7 Billion in March

Texas Comptroller Glenn Hegar on Thursday reported that state sales tax revenue totaled $2.69 billion in March 2020, 2.9% more than in March 2019. Important note that the majority of March sales tax revenue is based on sales made in February and remitted to the agency in March.

“The modest growth in state sales tax revenue was led by collections from the retail trade sector, while collections from oil- and gas-related sectors declined from a year ago,” Hegar said. “While some businesses may have begun to experience slowing traffic in late February, formal social distancing measures in response to the coronavirus pandemic were not adopted until well into March, and the impact of those measures would not be reflected in this month’s sales tax collections based on February sales.”

Hegar cautioned that future sales tax revenue will be “drastically affected because much of the economy has been shut down to combat the coronavirus pandemic and because of the negative impact of a global oil price war.”

To view the complete press release from Hegar, please click on the following link:
Press Release on State Sales Tax Revenue – Texas Comptroller


Comptroller’s Office Extends Franchise Tax Deadline

In efforts to continue to provide Texas businesses with relief as we respond to COVID-19, Comptroller Hegar also announced this week that their office will be extending the deadline for 2020 franchise tax reports to July 15th. This deadline models the new July 15th deadline to file your federal tax return with the Internal Revenue Service (IRS). The deadline applies to all franchise taxpayers, and it is automatic which means taxpayers do not need to file any additional forms.

Further details on the new deadline can be found on the following link: Texas Comptroller Extends Franchise Tax Deadline.



























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