According to the SBA, construction businesses are among the top recipients of PPP funding. Published by Construction Executive, Weaver’s Sonia Desai’s latest byline describes key program changes and rules that construction companies should be aware of for the latest round of PPP.
- Another $284.5 billion in federal funding from the Paycheck Protection Program (PPP) is now available to construction businesses that have had to cut employees and experienced other losses due to the effects of the pandemic. For this funding round, loans are available for businesses that have received funding previously as well as first-time applicants.
Administered by the U. S. Small Business Administration (SBA), the PPP was first enacted as part of the federal CARES Act in March, 2020, and later modified in the Paycheck Protection Program Flexibility Act of 2020. Many aspects of the process, including the loan forgiveness application process, are generally the same.