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$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 reside in North Carolina for staffing and equipment needed to screen and protect individuals in the workplace, the purchase of personal protective equipment for individual worker use while on a jobsite, rapid response testing kits, implementing computer or smartphone applications that enable workers to answer daily screening questions before reporting to the jobsite, purchase of jobsite sanitization equipment for use in disinfecting jobsites, mental health support, and other pandemic-related safety gear for construction workers. The remaining $750,000 will be awarded to media organizations or other entities that can provide multi-lingual education, training, and community outreach programs using various media to reach construction workers, including those who lack proficiency in the English language.

For more information, grant guidelines, eligibility and to complete the application, visit www.cagc.org/PPEGrant.

Carolinas AGC is the construction industry association in the Carolinas, bringing value to our thousands of members through networking, government relations, job leads, meetings with

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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. Price and EPS Surprise

NVR, Inc. Price and EPS Surprise

NVR, Inc. price-eps-surprise | NVR, Inc. Quote

Key Factors to Note

NVR’s third-quarter Homebuilding revenues (accounting for 97.7% of total revenues) are expected to have increased from the year-ago level, buoyed by strong housing market fundamentals backed by lower borrowing costs.

The improved sales trends can be attributed to solid monthly housing sales data. Markedly, pending home sales, new home sales and existing home sales rose 8.8%, 4.8% and 2.4% in August. Robust fundamentals of the U.S. housing industry have been a boon for NVR and other homebuilding stocks like D.R. Horton DHI, PulteGroup PHM, Meritage Homes Corporation MTH, as well as others. Recently, Meritage Homes announced in September that it has been experiencing unprecedented demand for homes, as is evident from 73% year-over-year growth in total orders for the July-August period. Importantly, the momentum continued in September as

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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.

“Had Treasury met the deadline set by Congress, many of these jobs would have been preserved,” the report said.

Treasury did not immediately comment.

Among the top seven contractors, Swissport waited 99 days before its payroll support agreement with Treasury was finalized, Gate Gourmet 78 days and Flying Food Fare 74 days, leading to nearly 12,000 layoffs and furloughs at those three companies alone.

The companies still received the full amount of federal aid based on their pre-pandemic workforce, even though they had laid off many of those workers, the report said.

Swissport, Gate Gourmet and Flying Food Fare did not immediately comment.

Aviation contractors were awarded $3 billion under the first CARES Act and could see those funds extended for another six months if Congress passes a second stimulus package.

The report recommends another round of aid but said layoffs should be prohibited until a company uses all of

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Georgia steers virus aid to care homes as rapid tests arrive

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 data from the state Department of Community Health, out of roughly 7,060 total virus deaths across Georgia. Over 14,400 facility residents have tested positive for the virus, along with over 7,650 staff members.

For most people, the virus causes mild or moderate symptoms. But for some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia and death.

“The $113 million in Coronavirus relief funds we are announcing today will make $78 million available to nursing homes to meet current federal testing requirements,” Kemp said in a statement. “In addition to the $36 million the state has provided to nursing homes and long term care facilities in staff augmentation since April, the state is also committing up to an additional $35 million in staffing support through the end of 2020 to ensure facilities have the personnel necessary to safely provide care to their residents.”

In mid-September,

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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, and had not received, another PPP loan.  

He was charged with two counts of bank fraud and five counts of money laundering. 

Kao will make his initial appearance in court in Honolulu on Thursday, before U.S. District Court Judge Kenneth J. Mansfield. 

Martin Kao, CEO of Navatek - now Martin Defense Group - was arrested on Wednesday

Martin Kao, CEO of Navatek – now Martin Defense Group – was arrested on Wednesday

Kao (right) is the CEO of Navatek, which specializes in contracts for the Department of Defense and Nasa, among others

Kao (right) is the CEO of Navatek, which specializes in contracts for the Department of Defense and Nasa, among others

Kao in 2017 was appointed CEO of Navatek, a defense company with contracts for the Defense Department and Nasa.

Five days before his arrest Kao announced that the company was being renamed Martin Defense Group, after him.

‘While I respect and value Navatek’s history, our re-branding as Martin Defense Group allows us to turn toward the future, and the opportunities we see to make a positive difference,’ said Kao in the September 25

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