Many MITA members took advantage of the Federal Paycheck Protection Program (PPP) loan program early on in the pandemic. There have been several issues and concerns voiced by members and others in the industry regarding the Small Business Administration’s (SBA) handling of the program to date.
The SBA has developed a new “Loan Necessity Questionnaire” when applying for loan forgiveness. This has caused some concern in the industry and with lenders to the heavy construction industry as it was understood during the application of the loans that “current economic uncertainty” was reason enough for lenders to certify the loans in “good faith”.
MITA has been in regular contact with our national affiliate, the American Road and Transportation Builders Association, (ARTBA) over the last several months in an attempt to get clarity from the SBA on some of the industry questions and concerns. ARTBA has most recently submitted a letter to the SBA for some clarification on the PPP program and its administration. You can find that here.
If you have questions or concerns, please contact Mike Nystrom, Executive Vice President, at mikenystrom@thinkmita.org, or Lance Binoniemi, Vice President of Government Affairs, at lancebinoniemi@thinkmita.org.
