Speed Fab-Crete, Corp. and the Paycheck Protection Program
Compliance and Governance at Speed Fab Crete Corp
Speed Fab Crete Corp is a construction, manufacturing, and design-build contractor with seventy-five years of continuous operations. Founded in 1951, the company operates in highly regulated environments and maintains a strong commitment to compliance, governance, and responsible business practices.
Over the decades, federal, state, and local laws governing construction, manufacturing, workforce practices, safety, and government program participation have continued to evolve. Like any organization of significant longevity, Speed Fab Crete Corp has continuously adapted its internal policies, procedures, and controls to align with changing regulatory requirements.
Governance and Oversight
Speed Fab Crete Corp operates under an owner-led governance structure with executive oversight and established internal controls. Leadership regularly reviews compliance obligations, operational risks, and regulatory developments to ensure alignment with current standards and best practices.
The company emphasizes transparency, accountability, and documentation across its operations, including financial reporting, workforce compliance, safety programs, and project delivery.
Government Program Participation and Review
Speed Fab Crete Corp has participated in government programs designed to support employment and business continuity during periods of economic disruption, including the COVID-19 pandemic.
The company participated in both the first and second rounds of the federal Paycheck Protection Program. At the time of the first round, program guidance and eligibility requirements were evolving rapidly and, for many businesses nationwide, lacked clarity. Following a later government review conducted years after the initial application, it was determined that due to a recent ownership change, the required six-month waiting period had not fully satisfied. The timing issue involved approximately sixty days and was not identified at the time of application.
The matter related to the first round PPP loan was civil in nature. Upon notification of the determination, Speed Fab Crete Corp cooperated fully with the review process and repaid the first round PPP loan in full.
The second round of PPP loans was reviewed separately and determined to be compliant with program requirements. That loan was properly utilized and retained in accordance with applicable guidelines.
Workforce Stability and Employment Practices
Throughout the COVID-19 pandemic, Speed Fab Crete Corp focused on workforce stability and operational continuity. The company retained its existing workforce and hired additional employees during this period. Following repayment of the first round PPP loan, Speed Fab Crete Corp retained its workforce, including employees hired during the pandemic.
Workforce Compliance and Employment Verification
Speed Fab Crete Corp operates in a labor-intensive industry subject to federal employment and workforce verification laws. Following a prior workforce compliance review, the company strengthened its employment verification framework and implemented enhanced procedures, including participation in the federal E-Verify program.
Internal training, documentation controls, and audit processes have been updated to align with current federal standards and best practices.
Continuous Improvement and Accountability
Compliance is not a one-time effort. Speed Fab Crete Corp regularly evaluates its internal controls, accounting practices, and compliance processes as part of its commitment to continuous improvement.
All matters related to prior government program reviews have been fully resolved through the appropriate legal and administrative processes. The company is not subject to any ongoing investigations related to these matters.
As laws, regulations, and industry standards continue to evolve, Speed Fab Crete Corp remains focused on adapting responsibly and maintaining compliance across all areas of its operations.
