The PPP initiative, which has seen two rounds of funding totaling $659 billion and is being administered by the Small Business Administration (SBA) through traditional lenders, was intended to provide short-term financing to small businesses that would otherwise have to lay off employees as a result of stay-at-home orders and mandatory shutdowns. While this sounds like a stop-gap solution for many businesses, the program’s eligibility and spending requirements have confused some employers to the point that they are considering returning the proceeds and laying off employees rather than risk the steep penalties for running afoul of the PPP’s rules. In fact, the Associated General Contractors of America reported last week that 18% of the contractors it surveyed are thinking about returning their PPP loans.
https://www.constructiondive.com/news/what-contractors-need-to-know-about-the-paycheck-protection-program/577631/