PPP Update: Loan forgiveness, audits and more
May 21, 2020
The Small Business Administration’s Paycheck Protection Program offers much-needed emergency financing for companies affected by the COVID-related economic downturn. However, the program has introduced numerous questions among business owners, many of whom are now concerned about available financing, future audits, loan forgiveness and more.
There is particular concern among construction industry companies. “Construction, more than any other sector, was able to get the PPP,” according to Ken Simonson, chief economist for the AGC of America, who spoke during a ConstructConnect forecast webinar in early May. “Now there are a lot of questions of whether firms are exposing themselves to audits.”