The chief executive officer of the Associated General Contractors of America, Stephen E. Sandherr, issued the following statement in reaction to the Treasury Department's announcement that it will extend the deadline for allowing firms to return their Paycheck Protection Program loans from May 7 to May 14:

"The Treasury Department is right to extend its initial deadline for encouraging firms to return their Paycheck Protection Program loans, as we and other groups requested. But giving firms more time will do little to protect jobs or support small businesses unless the administration also clarifies recent, confusing, Paycheck Protection Program guidance. That guidance requires borrowers to certify that ‘current economic uncertainty' made the loan requests necessary and that they must also take into account their access to ‘other sources of liquidity.'

"This vague guidance has prompted many construction employers to reconsider their acceptance of the loans. Indeed, nearly 11 percent of construction employers that received the loans report they are considering returning them and laying off staff because of the confusion around this guidance, according to a survey the association is running this week and will release on [May 8].

"Unless the Treasury Department provides clearer, well-defined guidance about who qualifies for these loans, many small employers will have no choice but to return the funds and cut staff. Extending the deadline without fixing the guidance will only delay even more job losses for another seven days."

For more information, visit www.agc.org.

Today's top stories

Construction Industry Optimistically Preparing for New Year Ahead

CFX Oversees $412M SR429 Expansion in Florida

Capital Express Central Project Ramps Up in Texas

VIDEO: NCDOT Plans Major Road Upgrades in Wilmington Over Next Several Years

DEVELON Set to Exhibit at ARA Show 2025

Des Moines Airport Works With Weitz/Turner On Expansion

Ring Power Lift Trucks Partners With Hiab to Bring MOFFETT Truck-Mounted Forklifts to Florida Customers

Earthborne Demo Day Draws Crowd Despite Downpour