Quick receipt of Paycheck Protection Program loans may be helping contractors retain or add staff, despite mounting project cancellations.
A survey that AGC conducted online April 20-23 drew 849 respondents. Of the 741 who answered a question about PPP loans, 74% reported applying for a loan: 44% had received funds, 15% had been approved but had not received funds, 8% were awaiting an answer, and 7% had applied but had been told no more funds were available.
The share of respondents who reported they had added workers jumped to 13% from 4% of respondents in AGC’s April 6-9 survey, and the share that reported they had furloughed or terminated workers declined to 35% from 40%.
These favorable indications occurred even though the share who reported winning additional work held steady at 18% of respondents, the share reporting that an owner had halted an ongoing project had risen from 41% of respondents to 50%, and the share reporting that an owner had canceled an upcoming project had climbed from 19% of respondents to 28%.
The share reporting project delays or disruptions edged up from 65% of respondents to 67% and the share reporting suppliers had notified them that deliveries would be late or canceled rose from 42% of respondents to 49%.