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). NAHB has been working diligently to ensure that as Congress develops the next economic relief package, it takes additional steps to ensure broader builder eligibility under the PPP so that land developers, multifamily property owners and state and local HBAs have access to this loan program. The bill introduced today would allow 501(c)(6) nonprofits now experiencing their own financial challenges brought on by COVID-19 to be eligible for PPP small business loans. In a statement commending the four lawmakers for introducing the bill, NAHB Chairman Dean Mon said: "Ensuring that trade associations that serve the industry have access to the PPP will allow them to provide critical resources and support to the small home building firms that are on the front lines working to provide sorely needed housing for Americans as the nation moves forward during this pandemic. We urge the House to move swiftly to pass this legislation and for the Senate to follow suit."