Key Housing Provisions in COVID-19 Relief Packages
Update: On March 25, 2021, Congress extended the deadline to apply for the Paycheck Protection Program to May 31, 2021. Access applications on SBA’s website.
Congress has passed a series of relief packages over the past year to address the needs of individuals and businesses as the country works to recover from the COVID-19 pandemic. Highlights of the provisions from the most recent packages that impact the home building industry are outlined below.
March 2021 Relief Package
The $1.9 trillion relief package, signed into law on March 11, 2021, contains important provisions for the housing community, including:
- Additional aid for small businesses, including $7.25 billion for the Paycheck Protection Program (PPP) and $15 billion for the targeted Economic Injury Disaster Loan (EIDL) advance program.
- Additional emergency rental aid, including $21.5 billion for the Emergency Rental Assistance Program.
The legislation also includes other important provisions that:
- Provide $10 billion for home owner assistance efforts, including direct relief with mortgage payments, small 1-4 rental unit properties, property tax payments and utility costs.
- Extend weekly federal unemployment payments of $300 per week, which were due to end on March 14, through Sept. 6, 2021. The first $10,200 of unemployment benefits will be tax-free for households earning less than $150,000.
- Provide additional recovery rebates up to $1,400 per taxpayer for most Americans.
December 2020 Relief Package
The $900 billion coronavirus relief package signed into law in December 2020 included significant provisions that NAHB championed. Three major builder concerns addressed in the legislation include:
- Relief for small businesses from burdensome loan forgiveness requirements.
- Rental assistance for struggling renters and landlords.
- Funding for organizations such as state and local HBAs.
Learn more in the links below.