For engineering and construction groups, new federal guidance for forgivable loans less than $2 million under the Paycheck Protection Program was welcome news. The guidelines, which the Treasury Dept. and Small Business Administration issued on May 13, deal with how borrowers certify compliance with PPP requirements so they won’t face federal audit or reviews.
The Associated General Contractors of America and the American Council of Engineering Companies say the majority of PPP loans to their members are smaller than $2 million. The May 13 directive says that loans of that size will meet the good-faith certification requirement that the loan was necessary.