Tag: Paycheck Protection Program

ALL NAHB Members Who Have Received a PPP Loan Can Have Their Loan Forgiven

Filed in Advocacy, Disaster Response, Legal by on October 5, 2021 2 Comments
ALL NAHB Members Who Have Received a PPP Loan Can Have Their Loan Forgiven

It may sound too good to be true, but it isn’t: Thanks to NAHB’s recent legal victory, every NAHB member who has received a Paycheck Protection Program (PPP) loan can have their loan forgiven.

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NAHB Legal Win Means All PPP Loans to Members Can be Forgiven

Filed in Disaster Response, Legal by on September 30, 2021 4 Comments
NAHB Legal Win Means All PPP Loans to Members Can be Forgiven

In a case brought by NAHB and Michigan builders, a federal court ruled that all NAHB members who received PPP loans can have their loans forgiven regardless of SBA eligibility rules.

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Congress Extends PPP Application Deadline to May 31

Filed in Advocacy, Disaster Response by on March 25, 2021 1 Comment
Congress Extends PPP Application Deadline to May 31

With a March 31 deadline looming, the Senate voted 92-7 today to approve the PPP Extension Act. The legislation will extend the filing deadline for Paycheck Protection Program (PPP) applications by 60 days and provide an additional 30 days for the U.S. Small Business Administration to finish processing applications received by the new May 31 deadline.

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House Extends PPP Application Deadline to May 31

Filed in Advocacy, Disaster Response by on March 17, 2021 0 Comments
House Extends PPP Application Deadline to May 31

The House on March 16 approved the PPP Extension Act, which extends the filing deadline for Paycheck Protection Program (PPP) applications by 60 days and provides an additional 30 days for the U.S. Small Business Administration (SBA) to finish processing applications received by the new May 31 deadline.

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A Special 2-Week PPP Window for Companies with Fewer than 20 Employees

Filed in Advocacy, Disaster Response by on February 22, 2021 3 Comments
A Special 2-Week PPP Window for Companies with Fewer than 20 Employees

The Biden administration is establishing a two-week window starting on Wednesday, Feb. 24, in which only businesses with fewer than 20 employees — the overwhelming majority of small businesses — can apply for Paycheck Protection Program (PPP) forgivable loans.

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Small Business Administration and Treasury Release Updated Loan Forgiveness Guidance

Filed in Disaster Response, Economics by on January 20, 2021 3 Comments
Small Business Administration and Treasury Release Updated Loan Forgiveness Guidance

The Small Business Administration (SBA) and U.S. Treasury Department last night released loan forgiveness guidance and forms incorporating changes made by the recently enacted COVID relief legislation, including the much anticipated one-page application for borrowers that received a Paycheck Protection Program (PPP) loan of $150,000 or less.

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Get Answers to Your PPP Questions

Filed in Advocacy, Disaster Response by on January 13, 2021 2 Comments
Get Answers to Your PPP Questions

The expanded Paycheck Protection Program reopened this week and interested businesses are encouraged to apply as soon as possible. NAHB has updated its FAQs about the program to help you get started.

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PPP Rules Updated as New Loans Begin on Jan. 11

Filed in Advocacy, Disaster Response by on January 7, 2021 2 Comments
PPP Rules Updated as New Loans Begin on Jan. 11

The Small Business Administration and U.S. Treasury Department have released new regulations on the expanded Paycheck Protection Program (PPP) as amended through the $900 billion coronavirus relief package that was enacted into law at the end of December.

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IRS Says Businesses with Forgiven PPP Loans Cannot Deduct Expenses

Filed in Disaster Response, Economics, Tax Reform by on November 19, 2020 10 Comments
IRS Says Businesses with Forgiven PPP Loans Cannot Deduct Expenses

Businesses that get their Paycheck Protection Program (PPP) loans forgiven will not qualify for some valuable deductions, according to IRS guidance that reiterates its position taken in April.  In addition, companies that have “a reasonable expectation that the government won’t require them to pay back the money can’t deduct the business expenses paid for by the loan.”

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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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