Call it PPP federal rescue loans, Version 2.
For design and construction firms still struggling with the economic uncertainties brought on by the COVID-19 pandemic, the rules of the federal Paycheck Protection Program will be clearer in its revision.
The loans are covered by a federal year-end legislative package that provides funding for a $284.6-billion second draw.
After Congress pushed through the initial $659-billion forgivable loan program in April with limited details, many construction companies grew frustrated as the guidance trolled out over the following months, including some onerous provisions, says Jimmy Christianson, vice president of government relations at Associated General Contractors of America.
But after nearly eight months of working through the program, he says the new effort will offer a lot more clarity about the application process. Click here to read the entire article.