In light of the ongoing challenges related to COVID-19, we want to update you about a few things.
First, in recent days NAHB has been providing valuable resources for members interested in the small business loans that were created in the recent federal CARES (Coronavirus Aid, Relief, and Economic Security) Act.
Under the Paycheck Protection Program (PPP), for example, small businesses with fewer than 500 employees can take out loans equal to 2.5 times their average monthly payroll from 2019 with the total capped at $10 million. For many businesses that meet key conditions on the use of these funds, the loans may be forgiven.
When the rules for this program were announced last week, there was a question about whether builders, developers and multifamily property managers would be eligible for the loans. Thanks to NAHB’s advocacy efforts, White House officials have communicated to NAHB Chief Executive Officer Jerry Howard that they are exploring possible solutions in an upcoming update to the regulations governing the program.
On that note, this Thursday, April 9 at 10:30 am Alex Strong and Heather Voorman of NAHB will join our weekly Virtual Town Hall to provide an update with the latest information about the federal Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) provisions in the CARES Act. Due to the Good Friday holiday, we are holding this week’s Town Hall a day early.
On Thursday at 10:30 am, please use this link to access the Town Hall:
The access code is 312-302-805.
Second, we have just updated the list of local jurisdictions who have issued “Shelter-in-Place/Stay-at-Home” declarations so please use this link to the member log-in section of our website to find the most up-to-date list. When prompted to enter a password, use the password nchba2011. The list is the second link in the “COVID-19 Resources” section, immediately under the subheading “Other Updates”. We are continuously updating this list as we learn of additional declarations.
In response to these declarations, last week NCHBA joined many other NC trade associations in signing a letter addressed to both the NC Association of County Commissioners and the NC League of Municipalities. This letter strongly encouraged local governments to take a more uniform approach on allowing “essential business” and “critical infrastructure” to operate while “Stay-At-Home” orders are in effect. You can read the entire letter here.
We will continue to work with our statewide association partners to ensure that essential businesses are able to continue to provide critical services during this crisis.
HOWEVER – BUILDERS WE NEED YOU TO DO YOUR PART!
Understand that the “essential” status our industry currently enjoys can be easily rescinded. Please operate your job-sites as if you are being recorded by someone hoping to catch contractors not following the current CDC guidance. In today’s world, videos can go viral at lightning speed and negatively portray our industry and potentially push authorities to rescind our “essential” status.
Please use these resources to ensure safety on the job-site: