The CARES (Coronavirus Aid, Relief, and Economic Security) Act includes many potential relief opportunities for the nation’s construction industry, which has been hit hard with disrupted supply demand, delayed projects, closed sites, and labor shortages. The Paycheck Protection Program (PPP), a provision in the CARES Act, will help construction companies keep their workforce employed during the coronavirus crisis.
Contractors and construction firms need to apply as soon as possible to benefit from the PPP. Funds will be granted on a first-come-first-serve basis and the Small Business Administration (SBA) expects to quickly distribute the $349 billion available for the program.
