Construction Industry Receives Most SBA Loans Related to CARES Act
In a big win for NRMCA and our allied associations, the construction industry has become the largest recipient of Small Business Administration (SBA) loans authorized by the CARES Act. The SBA loan programs began accepting applications on April 3. Leading up to this date, NRMCA Government Affairs staff repeatedly urged its members to begin having conversations with their lenders and prepare to apply quickly for loans. NRMCA hosted two webinars and staff sent multiple updates to provide members the necessary resources to secure SBA funding.
The Paycheck Protection Program loans are intended to allow companies to keep employees on payroll through the COVID-19 pandemic and can provide businesses with up to $10 million in funding. Amounts spent on payroll, rent and mortgage obligations can be forgiven at the end of the loan, provided companies do not reduce payroll. Thanks to the effective and preemptive communication from NRMCA, many NRMCA members have reported receiving funds from SBA in a timely manner and the construction industry has received more loans than any other sector in the country. Special thanks to NRMCA Government Affairs Chairman Nathan McKean for helping to educate NRMCA members and provide insight into the application process.
For more information, contact Andrew Tyrrell at firstname.lastname@example.org.