Tag: PPP

NAHB and Michigan Builders File Suit to Expand PPP Eligibility

Filed in Construction Industry, Disaster Response, Legal by on June 30, 2020 1 Comment
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

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 Capitol Hill, 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 Capitol Hill, Disaster Response, Economics by on June 4, 2020 8 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 Capitol Hill, 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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House Passes Relief Bill That Would Allow HBAs to Access Business Loans

House Passes Relief Bill That Would Allow HBAs to Access Business Loans

House Democrats have passed a $3 trillion relief package 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).

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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).

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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.

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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.

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