Tag: Paycheck Protection Program

Forgivable PPP Loans May be Taxable in Some States

Filed in Economics, Tax Reform by on September 21, 2020 0 Comments
Forgivable PPP Loans May be Taxable in Some States

Businesses who received loans under the Payroll Protection Program (PPP) may be eligible to have that loan forgiven, which may result in unforeseen tax consequences.  The federal Internal Revenue Code generally treats forgiven debt as taxable income; fortunately, Congress has excluded forgiven PPP loans from federal taxable income. However, as noted in a recent blog post by the Small Business Administration, that income may still be treated as taxable by your state.

Continue Reading »

SBA Issues FAQ on PPP Loan Forgiveness

Filed in Business Management, Disaster Response by on August 14, 2020 3 Comments
SBA Issues FAQ on PPP Loan Forgiveness

The Small Business Administration has issued an FAQ on loan forgiveness under the Paycheck Protection Program (PPP). Any members who have received PPP loans must be very careful that they follow all conditions and requirements of these loans in order to be eligible for forgiveness.

Continue Reading »

Paycheck Protection Program Loan Deadline is Aug. 8

Filed in Advocacy, Disaster Response by on August 7, 2020 4 Comments
Paycheck Protection Program Loan Deadline is Aug. 8

As the Aug. 8 deadline approaches to apply for a small business loan through the Paycheck Protection Program (PPP), NAHB continues to urge Congress to extend the deadline and ensure broader builder eligibility under the PPP so that land developers, multifamily property owners and state and local home builder associations have access to this loan program.

Continue Reading »

NAHB and Michigan Builders File Suit to Expand PPP Eligibility

Filed in Disaster Response, Legal by on June 30, 2020 2 Comments
NAHB and Michigan Builders File Suit to Expand PPP Eligibility

With so many builders unfairly unable to obtain a forgivable loan under the Paycheck Protection Program (PPP), NAHB, along with the HBA of Michigan and HBA of Southeastern Michigan, today filed a lawsuit against the U.S. Department of Treasury and the U.S. Small Business Administration, challenging their decision to apply onerous regulations onto PPP that prevent certain builders and developers from accessing this much-needed source of funding and having those loans forgiven.

Continue Reading »

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

Filed in Codes and Standards, Disaster Response by on June 26, 2020 1 Comment
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 »

Senate Approves House-Passed PPP Bill

Filed in Advocacy, Disaster Response, Economics by on June 4, 2020 12 Comments
Senate Approves House-Passed PPP Bill

By unanimous consent, the Senate on June 3 approved legislation passed by the House last week that will liberalize rules under the Paycheck Protection Program (PPP) to give business owners more time to have the loans forgiven by the U.S. government. President Trump is expected to sign the legislation into law shortly.

Continue Reading »

House Passes Bill to Expand Loan Forgiveness Provisions of PPP Loans

Filed in Advocacy, Disaster Response by on May 29, 2020 0 Comments
House Passes Bill to Expand Loan Forgiveness Provisions of PPP Loans

By an overwhelming vote of 417-1, the House on May 28 approved legislation that would liberalize rules under the Paycheck Protection Program (PPP) to give business owners more time to have the loans forgiven by the U.S. government.

Continue Reading »

House Bill Would Allow HBAs to Access PPP Loans

House Bill Would Allow HBAs to Access PPP Loans

At NAHB’s urging, Reps. Chris Pappas (D-N.H.), Brian Fitzpatrick (R-Pa.), Gil Cisneros (D-Calif.) and Greg Steube (R-Fla.) have introduced legislation that would allow trade associations that serve the home building industry — including the hundreds of home builder associations throughout the nation — to access small business loans under the next round of funding for the Paycheck Protection Program (PPP).

Continue Reading »

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

Filed in Codes and Standards, 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 »

SBA Now Taking PPP Loan Applications; New EIDL Applications are on Hold

SBA Now Taking PPP Loan Applications; New EIDL Applications are on Hold

The Small Business Administration resumed accepting Paycheck Protection Program loan applications  as of 10:30 a.m. EDT this morning (April 27). If you were in the process of applying for a Economic Injury Disaster Loan and have an application number that begins with the No. 3, you do not need to reapply for a loan.

Continue Reading »