As negotiations continue between House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin on another COVID-19 stimulus package, NAHB is urging the White House and Republican and Democratic leaders to move swiftly to advance a bill that will provide relief to American home owners and renters, create a streamlined, simplified forgiveness process for Paycheck Protection Program (PPP) loans, and provide state and local home builders associations (HBAs) access to PPP loans.
In a letter sent today to House and Senate Democratic and Republican leaders, NAHB stressed that housing can do its part to create jobs and lead the economy forward, but in order to do so, we need recovery legislation that:
- Helps struggling renters with dedicated rental assistance,
- Provides relief for small businesses from burdensome loan forgiveness requirements, and
- Assists HBAs that have largely been excluded from previous relief measures.
NAHB urges immediate emergency rental assistance to prevent a massive housing crisis. Tenants with eviction moratoriums though the end of the year are still required to pay back rent that in some cases lead all the way back to March. "Emergency rental assistance will provide a solution for residents and housing providers alike, and is necessary to help those with financial hardships, without undermining the stability of the housing market and the financial health of our communities," NAHB's letter to lawmakers stated.
NAHB also is calling on Congress to simplify the PPP loan forgiveness process "to ensure small businesses can focus their time, energy, and resources back into their business and communities instead of allocating significant time and resources into completing complex forgiveness forms."
NAHB is pleased that House and Senate leadership recognize the important need for 501(c)(6) organizations (that include state and local HBAs) to access small business loans under the PPP by including this provision in both the HEALS Act and the HEROES Act. Many HBAs generate most of their operating resources from events and functions that have been canceled due to social distancing requirements and public gathering limitations.
"It is critically important that these non-profits receive the help they so desperately need in the next COVID-19 recovery package," NAHB told lawmakers. "We strongly urge Congress to work in a bipartisan fashion to pass COVID recovery legislation without delay."
For more information, contact Alex Strong at 1-800-368-5242 x8279.