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ACEC News / Coronavirus

May 6, 2020

ACEC Wins Extension to Crucial PPP Deadline

ACEC and its coalition partners have won a one-week extension to a crucial Paycheck Protection Program (PPP) deadline, from May 7 to May 14.

Recipients of PPP funding–in particular, publicly-owned companies and businesses owned by private equity firms–were recently informed that they should assess whether they needed these funds before May 7 and potentially return the funds if the firm had access to other sources of capital.

ACEC joined with others in the built environment on a letter to President Trump urging an extension because there was not enough time for small businesses to review the limited information Treasury and the Small Business Administration had made available.

The unveiling of a safe harbor to return the funds without full guidance on PPP loan forgiveness has, the letter states, “frustrated employers to strongly consider returning PPP loan funds, threatening the continued employment of many. Similarly, federal agencies have issued varying rules related to PPP loan funds. Some of these agencies have issued guidance only to turn around and issue supplemental guidance that differs significantly.”

The letter concludes, “Businesses should not be burdened or distracted with ambiguous regulations during this crisis which threaten criminal penalties should a business in good faith misinterpret its PPP eligibility.”  

In response to the concerns, the Treasury Department granted an extension in the safe harbor to May 14 for firms to determine their eligibility or return PPP funds. 

The latest guidance, including the deadline extension, can be found here.  See our letter here.


All comments to blog posts will be moderated by ACEC staff.

Date

May 6, 2020

Category

ACEC NEWS / CORONAVIRUS

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