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ALL NAHB Members Who Have Received a PPP Loan Can Have Their Loan Forgiven

From NAHB Now on October 5, 2021

paycheck protection program loan forgiveness

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. (Note: as a member of FABA in good standing, you are also a member of NAHB).

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.

Read the article here on NAHB Now.

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Fredericksburg Area Builder's Association

Fredericksburg Area Builder's Association

The Fredericksburg Area Builders Association (FABA), chartered in 1968 and incorporated in 1980 has hundreds of members both builders and associates. These members represent thousands of people whose livelihoods are directly tied to the building and building-related industries. FABA, a tax-exempt trade association, is affiliated with the National Association of Home Builders (NAHB) and the Home Builders Association of Virginia (HBAV). With its main purpose to create and maintain a favorable climate for the growth and development of the building industry, the Fredericksburg Area Builders Association seeks to develop and maintain high professional business standards with the ultimate goal of providing home ownership to all individuals and families in our area. Centrally located between Washington, D.C., the nation’s capital, and Richmond, Virginia, the state capital, FABA serves the historic City of Fredericksburg, VA area including the surrounding counties of Spotsylvania, Stafford, King George, Caroline, Culpeper and Orange.

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