Delaware’s Division of Small Business has announced a Market Pressure Relief Fund to help state contractors.
The pandemic continues to affect the economy - including contractors trying to secure supplies for their work.
According to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics’ Producer Price Index data released two weeks ago, non-residential construction input prices rose by 2.3% in June, up from 0.8% in May.
So Delaware’s Division of Small Business director Jordan Schulties says the state is stepping in to help.
“We designed the Market Pressure Relief Fund to help our State contractors who are facing increased material costs due to the pandemic. The pandemic has really caused - you know - a lot of supply chain issues across a lot of industries. And we heard from these folks that we’re doing business with that it’s creating significant financial challenges for them.”
Schulties says the fund offers adjustment reimbursements for non-transportation construction materials purchased between January 1, 2021 and July 31, 2021.
General contractors with a state contract can apply through Sept 30, 2021. Applications and information on the fund can be found here.