On Tuesday afternoon, the U.S. senate passed a $484 billion relief package to combat the economic effects of the COVID-19 pandemic. The package provides renewed funding for two key small business loan programs created under the CARES act, which have since run out of funds: $320 billion for the Paycheck Protection Program and $60 billion for the Eocnomic Injustry Disaster Relief program.
The bill also includes $75 billion for hospitals and $25 billion for COVID-19 testing. The House is expected to approve it within 48 hours.
“The additional $380 billion in new small-business funding approved by the Senate is a welcome development for the thousands of home building firms that desperately need this important government program,” said NAHB Chairman Dean Mon.
“…Home building remains an essential business throughout most of the nation and ensuring land developers, multifamily property owners and the trade associations that serve the industry have access to this program must be a priority. Providing sufficient access to the PPP will allow builders to keep their doors open, keep their employees on the job and continue to provide housing opportunities for all Americans during this challenging time.”
