House Extends PPP Application Deadline to May 31
The House on March 16 approved the PPP Extension Act, which would extend the filing deadline for Paycheck Protection Program (PPP) applications by 60 days and provides an additional 30 days for the U.S. Small Business Administration (SBA) to finish processing applications received by the new May 31 deadline.
Currently, the PPP is set to expire on March 31.
The legislation was sponsored by House Small Business Committee Chair Nydia Velazquez (D-N.Y.), Ranking Member Blaine Luetkemeyer (R-Mo.) and committee members Carolyn Bourdeaux (D-Ga.) and Young Kim (R-Calif.). The bill was approved by an overwhelming 415-3 margin.
Prior to the House vote, NAHB and other organizations signed a coalition letter urging the House and Senate to approve the legislation. Companion legislation has been introduced in the Senate by Sens. Jeanne Shaheen (D-N.H.), Susan Collins (R-Maine) and Ben Cardin (D-Md.). View the full text of the PPP Extension Act.
Latest from NAHBNow
May 14, 2025
Department of Energy Remodels Annual Student Building Design ShowcaseThe annual BuildingsNEXT Team Showcase, formerly known as the Solar Decathlon, was held last month in Golden, Colo. This collegiate design competition prepares the next generation of building professionals to design high-performance buildings powered by renewables.
May 14, 2025
NAHB Submits Extensive Deregulatory Recommendations to OMBOn May 12, NAHB submitted a comprehensive framework of deregulatory recommendations to the Office of Management and Budget (OMB) that covers several federal agencies that encompass a host of regulations affecting the residential construction industry.
Latest Economic News
May 14, 2025
Permit Activity Declines in March 2025Permits continue a downhill trend for the third month in a row. Over the first three months of 2025, the total number of single-family permits issued year-to-date (YTD) nationwide reached 232,221. On a year-over-year (YoY) basis, this is a decline of 3.8% over the March 2024 level of 241311. For multifamily, the total number of permits issued nationwide reached 113,344. This is 3.7% below the March 2024 level of 117,695.
May 13, 2025
Inflation Eased Again in AprilInflation slowed to a 4-year low in April while shelter inflation remained elevated. Despite the easing, inflation may pick up in the coming months as possible inflationary pressure from enacted tariffs and other policy uncertainties continues to threaten economic growth and complicate the Fed’s path to its 2% target.
May 13, 2025
Residential Mortgages Experience Weaker Demand in First QuarterOverall demand for residential mortgages was weaker while lending standards for most types of residential mortgages were essentially unchanged according to the Federal Reserve Board’s April 2025 Senior Loan Officer Opinion Survey (SLOOS).