A victory for NAHB members and PPP loan forgiveness
Members of the National Association of Home Builders (NAHB) who might have been sweating paying back a PPP loan can breathe a sigh of relief.
The NAHB reported that it has scored a solid legal victory. As a result, every NAHB member who received a Paycheck Protection Program loan can have their loan forgiven.
And while it's too late to take out a PPP loan, it’s not too late to apply to have a loan forgiven. The process to receive a refund for a PPP loan is outlined on the Small Business Administration (SBA) website.
SBA has launched a streamlined application portal for borrowers with loans of $150,000 or less.
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:
- 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, members can go through the portal. If your loan is greater than $150,000, work with your lender directly, the NAHB says.
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.
Borrowers who need assistance or have questions should call 877-552-2692, Monday–Friday, 8 a.m.-8 p.m. ET.