Tag: SBA
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.
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.
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).
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.
Reapplying for Small Business EIDL Loans Under the CARES Act
As Congress renewed funding for small-business loan programs that ran out of money under the CARES Act, those who were caught in the middle of the application process need to know the following the information.
SBA Announces PPP and EIDL Loan Programs are Out of Money
The Small Business Administration (SBA) has announced it has run out of funding to process any more small business loans through the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan Program (EIDL) that were created under the CARES Act. These loan programs are designed to help small businesses that have been harmed by the COVID-19 pandemic.
Fed Announces $2.3 Trillion Loan Program to Support Economy
The Federal Reserve today acted to provide up to $2.3 trillion in additional loans to support the economy. To bridge the economy from the current period, where it is partially shut down due to virus mitigation efforts, to an eventual period of economic recovery, the Federal Reserve aggressively expanded its toolbox for providing liquidity.
How to Obtain an SBA Loan and Have it Forgiven
In recent weeks, Congress has adopted three bills aimed at stabilizing the economy, with more to come. The most notable of these was the $2.2 stimulus package (the CARES Act) that President Trump signed into law on March 27. This law contains a nearly $350 billion federal small business loan protection program called the Paycheck Protection Program (PPP) that will provide significant loan forgiveness for small businesses with fewer than 500 employees if employers meet certain criteria.
FAQs for Those Seeking Small Business Loans Under New Stimulus Law
NAHB has put together FAQs for small business owners, self-employed individuals, sole proprietors, and 501(c)(3) organizations who are interested in obtaining small business loans under the newly-enacted CARES Act.
Small Businesses Hurt by Coronavirus May Be Eligible for Low-Cost Loans
Congress passed an $8.3 billion legislative package on March 4 to help combat the coronavirus. The measure includes a provision that enables the Small Business Administration (SBA) to make an estimated $7 billion in low-cost loans to affected small businesses.
