I own a lot in Park City, Utah and would like to build a spec hours on it. Does my construction business qualify for any assistance that could be used towards that?
1 reply
Aug 20, 2020
The SBA Paycheck Protection Program provides $350 billion in forgivable loans to eligible small businesses, including contractors and suppliers that qualify. If businesses use the money to pay their workers and meet certain other expenses, the loan will be forgiven. As long as you keep workers on the payroll, and spend the loan money on the right things – and document everything! – the loan effectively becomes a grant.
In order to apply for an SBA loan under the Paycheck Protection Program, your construction business must be any of the following:
- Under the SBA size standards
- A business with fewer than 500 employees
- A sole proprietorship
- Operated by an individual as an independent contractor
- Operated by a self-employed individual who regularly carries on any trade or
business
- A Tribal business concern that meets the SBA size standard
- Registered as a 501(c)(3) with fewer than 500 employees
- Registered as a 501(c)(19) Veterans Organization that meets the SBA size
standard
The SBA Paycheck Protection Program is only available to small businesses who had employees on the payroll before February 15, 2020.