ALL NAHB Members Who Have Received a PPP Loan Can Have Their Loan Forgiven
It may sound too good to be true, but it isn’t: Thanks to NAHB’s recent legal victory, every NAHB member who has received a Paycheck Protection Program (PPP) loan can have their loan forgiven.
Although it is too late to take out a PPP loan, it is NOT too late to apply to have your loan forgiven if you have previously received a PPP loan.
The process to receive a refund on your PPP loan is outlined here on the Small Business Administration (SBA) website.
SBA has launched a streamlined application portal for borrowers with loans of $150,000 or less, and you can read more details in this NAHBNow post. Borrowers who need assistance or have questions should call 877-552-2692, Monday–Friday, 8 a.m.-8 p.m. ET.
Loans to HBAs can be forgiven as well, thanks to NAHB’s efforts in working with Congress to include 501(c)(6) organizations as being eligible to receive PPP funding. Just as with any other business that received PPP loans, these loans can be forgiven if used for payroll, rent/mortgage, utilities and other qualifying expenses.
Some key points to note on the PPP loan forgiveness:
- Yes, your loans can be forgiven in full if the funds were spent on qualifying expenses such as payroll, rent/mortgage and utilities.
- You either apply to SBA directly or work with your lender to obtain PPP loan forgiveness.
- If your loan is less than $150,000, generally speaking you go through the portal. If your loan is greater than $150,000, work with your lender directly.
If you have trouble with either process, let NAHB know by contacting Heather Voorman or Amy Chai.
This legal action on behalf of our members and the concrete results from the litigation victory is just another example of the benefits of NAHB membership.
Latest from NAHBNow
On Aug. 6, the Senate Committee on Homeland Security and Governmental Affairs advanced the NAHB-supported Promoting Resilient Buildings Act, legislation that would help communities maintain local control over building code adoption while encouraging stronger preparation for and recovery from extreme events.
Stay informed on the issues shaping the residential construction industry by reviewing the monthly update talking points. The latest edition features messages related to tariffs and the economy.
Latest Economic News
The U.S. labor market weakened in July, with nonfarm payrolls down 23,000 and downward revisions cutting another 103,000 jobs from May and June.
Confidence in the market for new multifamily housing weakened year-over-year in the second quarter, according to the Multifamily Market Survey (MMS) by the National Association of Home Builders (NAHB). The MMS produces two separate indices.
Re-escalation of the conflict in Iran pushed mortgage rates higher in July. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.54% in July, up 5 basis points (bps) over June. Since the conflict in the Middle East began, the 30-year mortgage rate has climbed by almost 50 bps.