This post was updated on May 15.
House Democrats have passed a $3 trillion relief package 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).
Earlier this month, Reps. Chris Pappas (D-N.H.), Brian Fitzpatrick (R-Pa.), Gil Cisneros (D-Calif.) and Greg Steube (R-Fla.) introduced legislation that would also allow 501(c)(6) nonprofits now experiencing their own financial challenges brought on by COVID-19 to be eligible for PPP small business loans.
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 new House rescue package, called the Heroes Act, would also:
- Provide $175 billion in new funding to help home owners and renters with their mortgage payments and monthly rent;
- Provide an additional $10 billion in emergency grants through the Economic Injury Disaster Loan program;
- Establish a $200 billion "Heroes Fund" to extend hazard pay to essential workers;
- Devote nearly $1 trillion to state, local, territorial and tribal governments;
- Eliminate the cap on state and local taxes (SALT) for 2020 and 2021; and
- Include a second round of direct payments of $1,200 to individuals and up to $6,000 per household.
Senate Republicans have indicated they are in no hurry to move on the next relief package and when negotiations begin between the two chambers, the Senate is expected to seek more narrowly targeted solutions to get the economy moving forward.