Trump administration clarifies that paycheck protection loan program applies to all small construction firms
New guidance from the Treasury Department appears to allow any U.S. firms with 500 or fewer employees to qualify for the Small Business Administration's Paycheck Protection Program regardless of revenue, according to the Associated General Contractors of America. The initiative was created as part of the $2 trillion Coronavirus rescue bill enacted late last month.
President Donald Trump's administration released the new guidance yesterday after the AGC raised concerns that many small construction firms appeared to be excluded from the program. While Congress had earlier declared that the program be open to all businesses with 500 or fewer employees, the administration's “interim final rule” issued on April 2 stated that businesses must have 500 or fewer employees and fall below the agency’s small business size standards in order to qualify. The AGC claims the rule would have excluded many construction firms that have fewer than 500 employees but earn more than the SBA rules allow. Click here to read the entire article.
Construction contractors all over the world are struggling with the economic effects of work stoppages resulting from the Coronavirus pandemic. To help mitigate the crisis in the US, government has expanded unemployment benefits and has made special loans available to small businesses. Click here to read the entire article.