Tag: PPP

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.

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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.

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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.

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NAHB Pushes Housing Priorities in Next Coronavirus Relief Package

Filed in Advocacy, Disaster Response, Multifamily by on July 20, 2020 2 Comments
NAHB Pushes Housing Priorities in Next Coronavirus Relief Package

As Congress begins work on its next coronavirus relief package, NAHB is urging lawmakers to include several provisions in the legislation that will provide relief to American home owners and renters, along with small and medium-sized residential construction businesses and multifamily owners and developers.

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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.

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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.

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Businesses with PPP Loans Now Eligible for Payroll Tax Deferral

Filed in Advocacy, Disaster Response, Economics by on June 5, 2020 0 Comments
Businesses with PPP Loans Now Eligible for Payroll Tax Deferral

President Trump has signed into law the Paycheck Protection Program Flexibility Act, which makes a number of positive changes to the Payroll Protection Program (PPP). Among these changes, business owners who take out a PPP loan and have that loan forgiven are now eligible to delay their payroll tax payments.

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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.

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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.

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SBA and Treasury Release PPP Loan Forgiveness Application

SBA and Treasury Release PPP Loan Forgiveness Application

The U.S. Small Business Administration, in consultation with the U.S Department of the Treasury, has released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. 

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