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O P I N I O N
It’s important to keep monitoring Congressional action to ensure that the benefits of the PPP loans are equitable across the board. FAR’s impact on PPP recipients
O n March 23, I was one of four witnesses invited to speak before the Congressional Subcommittee on Contracting and Infrastructure to discuss the interpretation given by the Federal Acquisition Rule (FAR) on the Paycheck Protection Program and the impact it would have on government contractors, like myself. I was joined by Robin Greenleaf, CEO of Architectural Engineers, Inc.; Greg Gingham, a partner at HKA; and Susan Moser, a partner at accounting firm Cherry Bekaert.
Carlos Penin
I was invited to participate by Ranking Member Maria Elvira Salazar, the U.S. Representative for Florida’s 27th Congressional District, as I am a long-time business owner and resident of District 27. I started C.A.P. Engineering, Inc. – a small, minority-owned business – 32 years ago to fulfill my American dream of becoming an engineer and starting my own business. It was imperative for me to testify before the Committee and explain the “unintended consequences” for my company and the many other engineering firms that contract with the State and Federal governments. My greatest concern was that should the FAR interpretation stand, it would reverse the benefits
received by the PPP, and it could have a negative impact for additional years for those with multi- year contacts. In the early days of the pandemic, I was one of many business owners who applied for and received assistance from the PPP. We used this assistance to keep our staff employed with the expectation that this loan would be forgiven. However, if we are required to repay the loan, then the loan is not forgiven and the intent of the PPP to assist companies is negated. I shared with the members of Congress that my firm faced a 25 percent reduction in our overhead
See CARLOS PENIN, page 4
THE ZWEIG LETTER MAY 17, 2021, ISSUE 1392
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