Hundreds of the country’s development-associated companies have benefited from federal Paycheck Protection System loans to enable them weather the financial downturn triggered by the coronavirus crisis.
Details introduced very last 7 days by the the federal authorities showed that it issued $521 billion in loans, with an ordinary loan sizing of $107,000. Targeted at trying to keep employees employed, the authorities reported the software has helped to assistance about fifty one million positions.
Construction Dive questioned audience about their expertise with PPP loans. Practically ninety six% of respondents reported they experienced utilized for a loan and of people, ninety two% obtained a loan. The sum of the loans diverse a excellent deal (see chart down below).
A bulk of audience (55%) reported their expertise with applying for and acquiring the loan was easy or really easy even though 36% ended up neutral and nine% reported it was challenging.