NAHB seeks PPP eligibility for builders

NAHB Now | NAHB

NAHB Chairman Chuck Fowke and CEO Jerry Howard held a virtual discussion with Treasury Secretary Steve Mnuchin today and urged the secretary to expand eligibility under the Paycheck Protection Program (PPP) to allow more workers in the residential construction sector to access the loan program.

Specifically, NAHB called on Secretary Mnuchin to provide a waiver from eligibility restrictions in the existing Small Business Administration 7(a) loan program to allow single-family and multifamily home builders, land developers, multifamily property owners and 501(c)(6) organizations access to the PPP.

Those 7(a) guidelines contain a list of ineligible businesses for 7(a) loans including, among others, businesses engaged in building “homes for future sale,” land developers and multifamily property owners.

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