Compliance and Governance at Speed Fab-Crete Corp.

FAQ’s

Paycheck Protection Program Frequently Asked Questions

Did Speed Fab Crete Corp participate in the Paycheck Protection Program?
Yes. Speed Fab Crete Corp participated in the federal Paycheck Protection Program, which was established to help employers retain and support their workforce during the COVID 19 pandemic.

How many rounds of PPP funding did the company receive?
Speed Fab Crete Corp was approved for and received funding under both the first and second rounds of the Paycheck Protection Program.

Was the PPP matter criminal or civil in nature?
The matter related to Speed Fab Crete Corp’s first-round PPP loan was civil, not criminal.

Why did the first round of PPP loans later become an issue?
At the time of the program’s first round, guidance and eligibility requirements were evolving rapidly and lacked clarity for many businesses nationwide. Following a later government review, it was determined that due to a recent ownership change, the required six-month waiting period was not fully satisfied. The timing issue involved approximately sixty days and was not identified at the time of application.

How did the company respond once notified?
Speed Fab Crete Corp fully cooperated with the review process and, upon notification of the determination, repaid the first-round PPP loan in full.

Was the second round PPP loan affected?
No. The second-round PPP loan was reviewed separately and determined to be compliant with program requirements. That loan was approved, properly utilized, and retained in accordance with applicable guidelines.

How were the PPP funds used?
PPP funds were used to support payroll and eligible business expenses to maintain operational continuity. During the pandemic, Speed Fab Crete Corp retained its workforce and hired additional employees.

Did repayment of the first round of PPP loans result in job losses?
No. Even after repaying the first-round PPP loan, the company retained its workforce, including employees hired during the pandemic.

Was there any finding of intentional fraud or misuse of funds?
No. There was no finding of intentional fraud. The issue concerns program eligibility timing, not misuse of funds or intent to deceive.

Are there any outstanding PPP-related matters?
No. All matters related to the company’s participation in the Paycheck Protection Program have been fully resolved.

What steps has the company taken since then?
Speed Fab Crete Corp has strengthened its internal accounting, documentation, and compliance review processes to ensure clarity for future participation in government programs.

Why does the company publish this information publicly?
Speed Fab Crete Corp believes transparency and accountability are important to maintaining trust with employees, clients, partners, and the communities it serves.