Construction firms received $13.7 billion in loans under the latest version of the Paycheck Protection Program, making the industry second in total loan amounts received after restaurants and hotels, which got $18 billion in funds so far. Construction was also one of the top industries to receive funds in last year’s two PPP rounds. The average loan across all industries was $78,000, and about 70% were for less than $50,000. So far, about $104 billion has been lent to more than 1.3 million businesses in the 2021 program, which has a total of $284 billion in funds. The PPP has aided companies struggling with COVID-19 challenges by providing forgivable, SBA-backed loans to help them retain their employees.
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