NMHC and NAA joined leading trade organizations to submit a letter to the Treasury Department and Small Business Administration (SBA) urging them to confirm that all types of small real estate businesses qualify for the Paycheck Protection Program. This forgivable loan program was enacted to ensure small businesses employees can continue to be paid despite the COVID-19 crisis.
Congress rightly intended, through the CARES Act, to offer assistance to all types of businesses. Yet, the SBA’s interim final specifically denies eligibility to rental housing developer and owner firms. NMHC and NAA have been in constant contact with Congress, the Treasury and the SBA to correct this oversight. In addition to the joint industry letter, NMHC and NAA also previously submitted its own multifamily-specific letter.
Finally, NMHC and NAA also joined numerous other associations urging Congress to provide additional funds to support the PPP. The program ran out of money on April 16, and Congressional Leaders are negotiating with the Trump Administration on an extension.
For more information on NMHC’s advocacy efforts regarding COVID-19 relief, please visit our COVID-19 Hub.
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- Real Estate Coalition Letter Regarding the Coronavirus State and Local Fiscal Recover Fund (SLFRF) Housing Credit
- Supreme Court Blocks Biden Vaccine Mandate
- Treasury, IRS Issue Guidance Related to LIHTC Relief Requirements