Billions in new SBA PPP Program Funding Included
On April 23, the House passed a $480 billion coronavirus relief package that included $310 billion in new funding for the U.S. Small Business Administration’s (SBA) Paycheck Protection Program (PPP) loans. The Senate passed this measure overwhelmingly on Tuesday, April 21. AGC has been pushing for the new funding due to construction firms struggling to maintain existing payrolls amid declining demand for construction services. This measure comes as welcome news as last week AGC successfully pushed for clarification of the eligibility requirements that allow construction firms that employ 500 or fewer people to qualify. While no changes were made to simplify PPP loan eligibility—such as waiving SBA’s affiliation rules—or how borrowers may or may not use the funds (and have them forgiven), AGC continues to press for such changes as additional pandemic relief legislation is already under discussion.
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