Construction tops industries in PPP stimulus loan funds, but still needs additional funding

Construction tops industries in PPP stimulus loan funds, but still needs additional funding

The U.S. Small Business Administration’s (SBA) Paycheck Protection Program (PPP), which allowed for a cap of $349 billion in loans to small qualifying firms in need due to the coronavirus outbreak​, ran out on April 16. As of April 13, the construction industry had received 114,838 loan approvals, totaling just under $34 billion — more than any other industry. Once secured, recipients must maintain payroll costs first, and remaining funds available can be used for most mortgage interest, rent and utility costs for the period of eight weeks after the loan is received. If they maintain existing employee and compensation levels during that period, recipients can apply for full loan forgiveness. “Obviously the fact that the program ran out of money so quickly means that there was incredible demand for it,” said Matthew Turkstra, director of congressional relations for tax, fiscal affairs and accounting at Associated General Contractors of America (AGC).

https://www.constructiondive.com/news/construction-tops-industries-in-ppp-stimulus-loan-funds-but-still-needs-ad/576281/

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