Survey: 80% of ABC Members Received PPP Loans
In an ABC member survey conducted May 20-June 3, 80% of survey responses indicated their firm had applied for and received loans through the Paycheck Protection Program. As of May 30, 2020, data on the PPP shows the construction industry has received over 429,000 loans for more than $63 billion through the PPP, for approximately 12.5% of the loans provided through the program. The additional guidance released on the program and the recently passed and signed into law PPP Flexibility Act (Public Law No: 116-142) continue to provide clarity and certainty for small construction businesses that have used this program as a vital lifeline to keep operations going and ensure paychecks for millions of hardworking construction employees throughout this health and economic crisis. ABC was an early supporter of the PPP and will advocate for the additional resources that ABC members need to continue to drive recovery efforts for the construction industry and the economy.
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