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.
NAHB has sent a letter to Republican and Democratic leaders in Congress urging lawmakers to act immediately to ensure sufficient resources and funding are available in the SBA's PPP and EIDL program to meet the considerable needs of the nation's small businesses, including those in the residential construction sector.
Additionally, NAHB is calling on Congress to make improvements that will help small businesses, non-profits and many housing-related firms to access this critically important program. As it stands now, the PPP excludes a large percentage of home builders and prohibits land developers and multifamily property owners from participating in the loan program.
"We believe this rule runs counter to the congressional intent of the CARES Act to help the broadest universe of small businesses, as well as congressional intent governing the SBA," the NAHB letter stated. "We ask that you call on the SBA to adhere to the congressional intent of the CARES Act to get desperately needed assistance to all small businesses."
NAHB also called on Congress to allow small non-profit trade associations across the nation, including local home builders associations, to take part in the PPP. “Amid the current economic turmoil, state and local home builder associations, most organized as 501(c)(6) non-profit entities, are losing revenue as association members retreat from professional organizations,” the letter to lawmakers stated. “Many associations have been forced to cancel home and trade shows, among other revenue-generating events, as government directives have banned mass gatherings. The federal government must step in to help all types of small businesses.”
For more information, visit nahb.org or contact Alex Strong at 800-368-5242 x8279 or Heather Voorman at x8425.
Latest from NAHBNow
Economics | Housing Affordability
Aug 21, 2025
New and Existing Homes Remain Largely Unaffordable in Second QuarterWhile new homes remain largely unaffordable, builder efforts to improve housing affordability paid dividends in the second quarter of 2025, according to the latest data from the NAHB/Wells Fargo Cost of Housing Index (CHI). The CHI results from the second quarter of 2025 show that a family earning the nation’s median income of $104,200 needed 36% of its income to cover the mortgage payment on a median-priced new home. Low-income families, defined as those earning only 50% of median income, would have to spend 71% of their earnings to pay for the same new home.
Economics
Aug 20, 2025
Custom Home Building Grows as Broader Housing Market StrugglesAn analysis of census data by NAHB economists shows that custom home building grew 4% in the second quarter of 2025 as high interest rates and home prices suppress demand for traditional spec home production.
Latest Economic News
Economics
Aug 21, 2025
Existing Home Sales Rise in JulyExisting home sales rebounded in July as mortgage rates retreated from the recent peak and home price growth slowed, according to the National Association of Realtors (NAR).
Economics
Aug 21, 2025
New and Existing Homes Remain Largely Unaffordable in Second QuarterWhile new homes remain largely unaffordable, builder efforts to improve housing affordability paid dividends in the second quarter of 2025, according to the latest data from the National Association of Home Builders (NAHB)/Wells Fargo Cost of Housing Index (CHI).
Economics
Aug 20, 2025
Retreat for Single-Family Built-for-Rent HousingSingle-family built-for-rent construction fell back in the second quarter, as a higher cost of financing crowded out development activity.