Tag: loan


Construction Liens, $1.2B Loan Default Are Nightmares for NJ Mega Mall Owner

April 23, 2021

Via: ENR

The American Dream Mall has turned into a financial nightmare for its owners and the contractor and subcontractors who helped build the massive, newly minted New Jersey shopping center and entertainment destination. Canadian conglomerate Triple Five Worldwide, which opened the […]

Construction Processes, Financial, Legal

Firms denied PPP forgiveness can take tax credit, IRS says

January 29, 2021

Via: Construction Dive

Under PPP, loan recipients can apply for forgiveness if they use at least 60% of the proceeds for wages and the remaining funds for other eligible expenses, including rent or mortgage, utilities, among other operating costs. Given the short time […]

Construction Processes, Financial, Legal

PPP necessity form: What contractors need to know

November 24, 2020

Via: Construction Dive

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 […]

Construction Processes, Financial, Legal

SBA to release names, loan amounts of all PPP borrowers

November 10, 2020

Via: Construction Dive

Thursday’s order comes in connection to a lawsuit five media organizations filed in May over a lack of transparency in the loan programs. The Washington Post, The New York Times, Bloomberg, Dow Jones and ProPublica requested the data under the […]

Construction Processes, Legal

Roofer Charged With PPP Fraud Says Boat Buy With Loan Is Legal

October 14, 2020

Via: ENR

In the short history of pandemic rescue loan program fraud, the charges against Casey Crowther stand out. On Sept. 2, officers from the Lee County, Fla., sheriff’s department arrested Crowther, the owner of Target Roofing & Sheet Metal, a $32-million-a-year […]


COVID-19 presents new challenges for minority-owned construction firms

June 30, 2020

Via: Construction Dive

In the best of economic times, minority-owned construction firms struggle to access the capital they need to operate and grow their businesses. Many minority-owned businesses, for example, pay higher loan interest rates than their nonminority-owned counterparts, according to a report […]