COVID-19 relief package has benefits for builders and associations
December 24, 2020
The $900 billion COVID-19 relief package approved by Congress on Dec. 21, 2020, addresses several builder concerns, according to news from the National Association of Home Builders (NAHB).
The package provides, among other things:
- Tax relief for small businesses struggling with loan forgiveness requirements;
- Assistance for renters and landlords; and
- Expanded eligibility for Paycheck Protection Program (PPP) funding for state and local home building associations with a 501(c)6 status.
Per a primer from Paylocity, BIAW’s payroll processing company, it also includes:
- Extension of Leave Benefits and Tax Credits from Families First Coronavirus Response Act (FFCRA).
- Extension and enhancement of Employee Retention Credits.
- Additional funding for PPP loans, with updated eligibility requirements and possibility of second loan for hardest-hit small businesses.
- Expanded Unemployment Insurance Benefits.
- Student Loan Provisions.
- Direct Stimulus Payments.
- Temporary Relief for Health and Dependent care Flexible Savings Accounts.
- Extended due date for repayment of deferred Employee Social Security tax.
The measure has yet to be signed into law by the president. BIAW will provide additional updates as they are available.
UPDATE: The president signed this measure into law on Dec. 27, 2020.