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NAHB Urges Congress to Authorize More Funding for Small Business Loans

NAHB has sent a letter to Republican and Democratic leaders in Congress urging lawmakers to act immediately to ensure sufficient resources and funding are available in the SBA’s PPP and EIDL program to meet the considerable needs of the nation’s small businesses, including those in the residential construction sector.

Additionally, NAHB is calling on Congress to make improvements that will help small businesses, non-profits and many housing-related firms to access this critically important program. As it stands now, the PPP excludes a large percentage of home builders and prohibits land developers and multifamily property owners from participating in the loan program.

“We believe this rule runs counter to the congressional intent of the CARES Act to help the broadest universe of small businesses, as well as congressional intent governing the SBA,” the NAHB letter stated. “We ask that you call on the SBA to adhere to the congressional intent of the CARES Act to get desperately needed assistance
to all small businesses.”

The Small Business Administration (SBA) has announced it has run out of funding to process any more small business loans through the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan Program (EIDL) that were created under the CARES Act. These loan programs are designed to help small businesses that have been harmed by the COVID-19 pandemic.

NAHB also called on Congress to allow small non-profit trade associations across the nation, including local home builders associations, to take part in the PPP. “Amid the current economic turmoil, state and local home builder associations, most organized as 501(c)(6) non-profit entities, are losing revenue as association members retreat from professional organizations,” the letter to lawmakers stated. “Many associations have been forced to cancel home and trade shows, among other revenue-generating events, as government directives have banned mass gatherings. The federal government must step in to help all types of small businesses.”

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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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