In February 2020, economic indicators seemed stable with positive business and consumer sentiment. But then the world was hit with a global pandemic that completely changed the way this country and the entire globe does business.
Contractors have had to deal with stop-work orders or even terminations of a project because the area where the work was being performed was too risky or expensive to operate in. Additionally, when the pandemic first hit and strict travel restrictions were put in place, supplies and services became more scarce and expensive, which negatively impacted a contractor’s ability to maintain an existing schedule or stay within budget.
This continues to be an issue and many government contracts continue to be delayed because of concerns regarding health and safety. These delays can directly result in cash flow challenges for companies that are looking to keep employees in place while they anxiously await new contracts to take effect.
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