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  • About
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  • Membership
    • Explore Our Plan Room
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  • CIEF
    • CIEF Board of Trustees
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    • CREATE Mentoring Program
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    • NEXT Young Professionals
    • Scholarships
    • Grants
    • Donate
  • Employee Safety
    • Safety Classes
    • Safety EXPO Series Presenters
    • Safety Advisory Council
    • Mental Health Tailgate Talk
    • Super Bowl of Safety
  • Advocacy
    • Contribute to the PAC
    • Construction Legal Committee
    • Women in Construction
    • New Laws for 2021
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  • Resources
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Coronavirus (COVID-19) Updates from SRBX & CIEF

Congress provides $320B in additional funding to SBA’s Paycheck Protection Program

4/22/2020

 
The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

Interest in PPP was very high and all funds were lent out by April 15, 2020. The addition of $320B is expected to pass the House of Representatives on 4/23, with President Trump expected to sign into law shortly thereafter. The specific availability date of funds with authorized lenders is not yet known.

Interested small businesses should visit the SBA PPP website or speak with their banking institution for more information on program requirements.

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