A large share of firms promptly received loan funds under the Paycheck Protection Program (PPP), enabling them to retain employees despite a high number of project cancellations, according to a new survey released by the Associated General Contractors of America (AGC). While many firms surveyed by the AGC were able to secure funding from the PPP or have applications approved, the program, originally allocated $349 billion, ran out of money within the first two weeks. The Senate and House of Representatives passed legislation last week to allocate an additional $310 billion for the PPP to help meet the strong demand for the program.

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