Tag: PPP

Get Answers to Your PPP Questions

Filed in Advocacy, Disaster Response by on January 13, 2021 1 Comment
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 0 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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Key Housing Provisions in $900 Billion Relief Bill Passed by Congress

Filed in Advocacy, Disaster Response, Tax Reform by on December 21, 2020 5 Comments
Key Housing Provisions in $900 Billion Relief Bill Passed by Congress

A $900 billion economic relief package approved by the House and Senate tonight includes key provisions that NAHB championed. The bill provides small businesses relief from burdensome loan forgiveness requirements, helps struggling renters and owners with dedicated rental assistance, strengthens the Low-Income Housing Tax Credit and assists HBAs that have largely been excluded from previous relief measures.

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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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SBA, Treasury Ease PPP Forgiveness Requirements for Loans of $50,000 or Less

Filed in Advocacy, Disaster Response, Housing Finance by on October 9, 2020 0 Comments
SBA, Treasury Ease PPP Forgiveness Requirements for Loans of $50,000 or Less

The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, has released a simpler loan forgiveness application for business owners who received Paycheck Protection Program (PPP) loans of $50,000 or less.

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NAHB Urges Congress to Reach Agreement on Coronavirus Relief Package

Filed in Advocacy, Disaster Response by on October 1, 2020 1 Comment
NAHB Urges Congress to Reach Agreement on Coronavirus Relief Package

As negotiations continue between House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin on another COVID-19 stimulus package, NAHB is urging the White House and Republican and Democratic leaders to move swiftly to advance a bill that will provide relief to American home owners and renters, create a streamlined, simplified forgiveness process for Paycheck Protection Program (PPP) loans, and provide state and local home builders associations access to PPP loans.

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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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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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