Legal Alert: Contractors - Get Ready for a Money Tsunami
It appears that President Obama's stimulus package is on the fast track to being signed into law. Based on the Senate passing its stimulus bill yesterday and the House of Representatives passing its version two weeks ago, those associated with the construction industry should expect to see a significant increase in work opportunities. There are differences between the bills, but there are more similarities than differences. In fact, this afternoon it was announced that a consensus bill has been reached, but the details are still sparse. Critically, both bills and presumably the consensus bill will set forth strict schedules on how and when the funds must be spent. Therefore, in order to take advantage of the expected opportunities, companies should be ready and qualified to prepare bids and begin working on the public projects to be funded. This article provides a brief summary, based on the draft bills and the anticipated consensus bill, of the estimated amounts of funding and types of projects that should result from the new law and what you can do to be ready.