It was interesting to learn that of the 96,000 PPP loan forgiveness applications the SBA has received since August 10th, they have yet to actually approve any. It’s no wonder that contractors have become frustrated by the long wait – but it appears they may finally be getting their long awaited answers.
According to an article on www.constructiondive.com “the construction industry received the third most loans of any U.S. sector, according to SBA data, after health care and professional, scientific and technical services businesses. Nearly 497,000 construction-related firms received a total of $65 billion, representing 12% of the total payout from the program. The overall loan size for all industries was $101,000.
The top five lenders for the program were:
- JP Morgan Chase
- Bank of America
- PNC
- Truist
- Wells Fargo
?About 84% of borrowers surveyed last month by the National Federation of Independent Business said they have used all of the PPP funds they were given. About 44% said they would apply for a second PPP loan if one were allowed.”
For the full article with all the details, click HERE to go to www.constructiondive.com
