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
Oct 29, 2025
Do Consumers Want Two-Story Foyers?Nearly a quarter of new homes were built with a two-story foyer in 2024 — a number that has been trending downward over the past eight years. Though the national decline continued, regional patterns were mixed. See where this feature is hot — and where it's not.
Oct 29, 2025
How to Market to and Design for the Aging-in-Place ClientNAHB will host three webinars (open to members and non-members) in November to teach the technical, business management, and customer service skills necessary to complete modifications for aging-in-place.
Latest Economic News
Oct 29, 2025
The Fed Cuts amid Partly Cloudy ConditionsWith the government shutdown limiting the quantity of economic data available to markets and policymakers, the central bank’s Federal Open Market Committee (FOMC) enacted a widely anticipated 25 basis point cut for the short-term federal funds rate.
Oct 28, 2025
Home Price Growth SlowsHome prices in August grew at the lowest annual rate in over two years, according to the recent release of the S&P Cotality Case-Shiller Home Price Index (seasonally adjusted – SA).
Oct 27, 2025
Two-Story Foyer Trend Stabilizes in 2024In 2024, nearly a quarter of new homes were built with a two-story foyer, virtually unchanged from 2023, according to data obtained from the Census Bureau’s Survey of Construction (SOC) and tabulated by NAHB.