Big Remodelers Retained 83,046 Jobs with PPP Funds
authors QR staff | July 7, 2020
Paycheck Protection Program loan data released July 6, 2020 by the Small Business Administration and the Treasury Department shows the how deeply the program penetrated the remodeling industry. More than 3,000 remodeling firms (with the NAICS code 236118) accepted more than $150,000 in PPP funds to retain 83,046 jobs. This does not include firms using other NAICS codes or the many thousands of firms that accepted less than $150,000 in PPP funds. It is expected that additional NAICS codes for specialty contractors will reveal even greater numbers of jobs saved by the industry through forgivable loans.
The data, which was released as part of drive to bring greater transparency to how billions in funds were doled out, offers a trove of detail by city, state and industry.
Qualified Remodeler has published a searchable company directory. It lists the number of jobs saved by each of the 3,101 firms. You can search that list here. Additional firm data was published by the government, but Qualified Remodeler chose not to publish that information.
About the Paycheck Protection Program
The program, which was unveiled in April, has facilitated 4.9 million loans with a total value of $520 billion. Initially those funds were intended to cover payroll, rent and utilities for an eight week period, but in early June the Paycheck Protection Flexibility Act extended the loan forgiveness period to 24 weeks and lowered the percentage of fund that must go toward payroll from 75 percent to 60 percent of forgivable expenditures.
Attorney D.S. Berenson, managing director, of Berenson LLP, has been providing analysis and compliance information to Qualified Remodeler about the giant CARES Act of with the Paycheck Protection Program is a part. His initial analysis of how to comply with the law can be found here.
Stayed tuned to QualifiedRemodeler.com for more details on the impact of PPP loans on the Remodeling and Home Improvement Industries. QR