PPP Loans Reaching Contractors

April 27, 2020
Of the 74 percent of AGC survey respondents who applied for a PPP loan, 44 percent said they had received funds.

Quick receipt of Paycheck Protection Program loans may be helping contractors retain or add staff, despite mounting project cancellations.

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%.