Tag: PPP

October 24, 2022

When the COVID-19 pandemic began to shut down businesses across the U.S., significantly impacting the economy, the federal government intervened by authorizing billions in economic stimulus through the Paycheck Protection Program (PPP) and the Employee Retention Credit (ERC) program. The […]

July 13, 2021

In May 2020, the SBA mandated that businesses that received loans of more than $2 million complete a questionnaire regarding their operations and financial conditions during the pandemic. It requested information about gross revenues, capital improvement projects, dividend payments and […]

February 23, 2021

The administration said the SBA will now calculate the loan amount for applicants without employees by using gross income instead of payroll. Businesses without employees were structurally excluded from the program or were approved for as little as $1 because […]

February 16, 2021

The new SBA data provides a snapshot of the types of businesses that received loans this year and the sizes of the loans. The average loan across all industries was $78,000, and about 70% were for less than $50,000. About […]

January 29, 2021

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 […]

January 11, 2021

The processing time and mode will also be slightly altered from last year’s PPP process. The applications will go through a series of automated checks before a loan number is issued, Treasury officials said. That could slow processing time by […]

January 5, 2021

One of the most anticipated aspects of the $908 billion coronavirus relief measure signed by President Trump last week includes $284 billion for a revamped Paycheck Protection Program. The measure — attached to a $1.4 trillion bill set to fund […]

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 […]

November 20, 2020

The new guidance is in line with an IRS notice this spring that ruled out tax deductions for wages and rent paid with forgivable PPP loans in order to prevent a “double tax benefit.” The ruling, which means that contractors […]

November 10, 2020

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 […]

October 20, 2020

A scathing report published Friday by the House Select Subcommittee on the Coronavirus Crisis illustrated the gulf in Paycheck Protection Program (PPP) loan application processing times at several large banks. JPMorgan Chase processed PPP loans of more than $5 million […]

October 15, 2020

The streamlined forgiveness process will affect 3.57 million of the 5.2 million loans originated under the program, which aimed to help small businesses weather the economic hardship brought on by the coronavirus pandemic, according to the SBA. Approximately $62 billion […]

October 14, 2020

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 […]

October 1, 2020

Contractors frustrated by the long wait for Paycheck Protection Program (PPP) forgiveness guidance may soon get their questions answered. The Treasury Department expects to begin approving and paying out the forgiveness requests of PPP applicants as soon as this week, […]

September 8, 2020

Elected leaders returning to Capitol Hill this week face several issues impacting the U.S. construction industry. Liability reform, a new highway funding package and Payroll Protection Program forgiveness are all on lawmakers’ to-do list. “We have this kind of mix […]

August 31, 2020

Some elected leaders are pushing back on the IRS ruling. The Small Business Expense Protection Act introduced in the Senate in early May would reverse the IRS decision and make the expenses deductible. According to Forbes, there has been pushback […]

August 28, 2020

Brenizer also allegedly failed to disclose on the PPP application, as required, that he has several criminal charges pending against him for check forgery, identify theft and theft by swindle. Penalties for knowingly submitting false information in order to secure […]

July 16, 2020

Thousands of the country’s construction-related firms have benefited from federal Paycheck Protection Program loans to help them weather the economic downturn caused by the coronavirus crisis. Data released last week by the the federal government showed that it issued $521 […]

July 10, 2020

This week, the Small Business Administration and Treasury Department disclosed information about recipients of the Paycheck Protection Program, and thousands of construction-related firms are on the list. The data shows the federal government issued $521 billion in loans, with an […]

June 22, 2020

Construction’s volume of federal Paycheck Protection Program loans has jumped 42% since mid-April, updated Small Business Administration data show, but construction’s ranking slipped to third among industries, from first place after PPP’s first round of funding. The latest SBA ranking, […]