By Rural Builder Staff
The construction industry comes second only to restaurants and hotels in the total Paycheck Protection Program (PPP) loan amounts. In the 2021 iteration of the loan program, construction firms have received $13.7 billion, which, according to the Small Business Administration is 14% of all funds paid as of February 7, 2021. The average loan across all industries was $78,000 and about 70% were less than $50,000. About three quarters of businesses receiving loans this round (starting in mid-January) also received PPP funds last year.