A major construction contractors’ group says that a new U.S. Small Business Administration regulation for implementing a crucial loan program created by the Coronavirus Aid, Relief and Economic Security, or CARES, Act conflicts with the text of the statute and could hamper many construction firms hit by the coronavirus' economic blow from applying for the loans.
At issue is SBA's recently issued interim final rule for carrying out the CARES Act’s Paycheck Protection Program (PPP). The law provides $349 billion in loans for small businesses or other entities, such as nonprofit organizations.