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The AGC has been petitioning Treasury to provide more detailed guidance for the PPP program, which is being administered by the Small Business Administration through traditional lenders. The loans are meant to help business owners continue to pay employees rather than lay them off and cover payroll and other specific expenses for eight weeks after receiving the loan proceeds.
However, the guidance that the federal government has issued thus far regarding which firms are eligible for loans and exactly how that money can be used has been vague, according to the AGC, and has led some companies, including those in the construction industry, to either return or consider returning the money they received through the PPP to avoid potential punitive action. Click here to read the entire article. Comments are closed.
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