In a case brought by NAHB and Michigan builders, a federal court ruled that all NAHB members who received Paycheck Protection Program (PPP) loans can have their loans forgiven regardless of whether the loans were made in contravention of the Small Business Administration’s (SBA) eligibility rules.
Is it to good to be true?
BAM has talked directly with the NAHB legal team, and the ruling applies to all NAHB members, not just those in Michigan. Your 3-in-1 membership with BAM, your local HBA and NAHB is saving you big!
Contact your loan originator/ bank to file the necessary paperwork for forgiveness. All monies from the PPP loans must have been used for necessary expenses as outlined in the original program (payroll expenditures, mortgage/ rent payments, business expenses, supplier costs, etc.)