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PPP necessity form: What contractors need to know

November 24, 2020

Construction firms that received a Paycheck Protection Program loan of more than $2 million got news late last month that they will be required to fill out a form verifying their need for the loan.

The Small Business Association is mandating that these borrowers complete a loan necessity questionnaire regarding their operations and financial conditions during the pandemic. It requests information about gross revenues, capital improvement projects, dividend payments and compensation, including whether any employees earn more than $250,000.

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