Contractors need
to put a roof over
their heads, too
When COVID-19 took a sledgehammer to construction, we swung into action
IN MAY 2020, A MILLION CONSTRUCTION WORKERS LOST THEIR JOBS.1
The Situation
The residential construction industry was dropping like a hammer. In May 2020 alone, residential building dropped by 4.5%.2 Construction, the sixth largest US employment sector, was sinking.3
And to make matters worse, the construction industry had the highest rates of asymptomatic COVID-19 infection.4 Help was needed, and fast.
Our client, one of the largest home construction companies in the US, knew they had to act. Their vital trade partners, especially contractors, needed help in getting help: deciphering the 800-plus pages of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
We were already working with our client on identifying potential cash opportunities through other tax planning. And now they urgently needed us to help them understand how the CARES Act could affect their trade partners in a short amount of time.
Billions of dollars in new construction starts were dead in the water.5 And without help, contractors would be, too.
THE SOLVE
800 PAGES OF LEGISLATION. JUST A LIGHT WEEKEND READ.
The Impact
Our client understands that without trade partners, homebuilders cannot exist.
And their purposeful outreach paid off. Emails and phone calls from appreciative trade partners began pouring in right after the conference calls. With Deloitte as their trusted adviser, the homebuilder created stronger relationships, strengthened its reputation, and helped small businesses survive an unimaginable environment.
Explore more stories
Explore all stories