Tag: loans

NAHB Leaders Call on Treasury Secretary to Expand PPP Eligibility for Builders

NAHB Leaders Call on Treasury Secretary to Expand PPP Eligibility for Builders

NAHB Chairman Chuck Fowke and CEO Jerry Howard held a virtual discussion with Treasury Secretary Steve Mnuchin today and urged the secretary to expand eligibility under the Paycheck Protection Program (PPP) to allow more workers in the residential construction sector to access the loan program.

Continue Reading »

IRS: Expenses Paid with Forgiven PPP Loans are Not Tax Deductible

Filed in Codes and Regulations, Economics by on May 1, 2020 4 Comments
IRS: Expenses Paid with Forgiven PPP Loans are Not Tax Deductible

The Internal Revenue Service on April 30 issued guidance that states that employers who have loans under the Paycheck Protection Program (PPP) will not be eligible for tax deductions on expenses paid through the loan if payment of those expenses results in the loan being forgiven.

Continue Reading »

USDA Announces Loan Forbearance Up to 1 Year

Filed in Economics, Housing Finance by on April 2, 2020 0 Comments
USDA Announces Loan Forbearance Up to 1 Year

In accordance with the newly-enacted stimulus law, the U.S. Department of Agriculture(USDA) announced today that any borrowers experiencing financial hardship caused by the COVID-19 pandemic shall receive immediate forbearance¬† of their guaranteed loan payment for a period of up to 180 days. In addition, the forbearance period may be extended up to an additional 180 days at the borrower’s request.

Continue Reading »

Small Businesses Hurt by Coronavirus May Be Eligible for Low-Cost Loans

Small Businesses Hurt by Coronavirus May Be Eligible for Low-Cost Loans

Congress passed an $8.3 billion legislative package on March 4 to help combat the coronavirus. The measure includes a provision that enables the Small Business Administration (SBA) to make an estimated $7 billion in low-cost loans to affected small businesses.

Continue Reading »