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How to Obtain an SBA Loan and Have it Forgiven

Cares Act Graphic

In recent weeks, Congress has adopted three bills aimed at stabilizing the economy, with more to come. The most notable of these was the $2.2 stimulus package (the CARES Act) that President Trump signed into law on March 27. This law contains a nearly $350 billion federal small business loan protection program called the Paycheck Protection Program (PPP) that will provide significant loan forgiveness for small businesses with fewer than 500 employees if employers meet certain criteria.

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IRS releases more info on how to get coronavirus stimulus checks ASAP

Stimulus Check graphic

New information from the IRS shines more light on what people can do to get the checks from the government as quickly as possible while many families worry about paying the bills and buying food during the coronavirus crisis that has cost millions of people their jobs.

For Americans eligible for stimulus cash under the new relief law, the fastest way to receive it is to make sure they’ve filed a tax return for 2019 or 2018 with bank information so the government can directly deposit the money.

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DHS Designates Residential Construction as “Essential Infrastructure Business”

Photo of building framing a home

On March 28, 2020, in a critical win for NAHB and the residential construction sector, the Department of Homeland Security (DHS) designated construction of single-family and multifamily housing as an “Essential Infrastructure Business.”

The designation will enable many home building firms to keep their businesses open during the COVID-19 pandemic and help to stabilize the housing industry and its supply chain in the near term.

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How has the coronavirus affected the local construction industry?

Two Flintco Construction Workers

Superintendents are ensuring job sites could be abandoned indefinitely at the end each day; infrared thermometers are checking some workers’ temperatures before they enter sites; and some tasks are being moved to nighttime.The global pandemic has required local contractors to take numerous precautions. The Memphis Business Journal asked executives at four local construction firms about sourcing materials, staying safe, and other concerns of the past couple weeks. Here’s what they said.

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Senate Approves $2.2 Trillion Economic Stimulus Package

The Senate shortly before midnight voted unanimously to approve a $2.2 trillion economic stimulus package in response to the coronavirus pandemic that has wreaked havoc on the U.S. economy. The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes several provisions to help small businesses and those engaged in the residential construction sector.

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Governor Lee Provides Update on COVID-19 relief

Photo of Tennessee Governor Bill Lee

Lee is mobilizing the National Guard to help with testing. 250 personnel, including 150 medical personnel, are getting ready to help 35 remote testing facilities in rural parts of the state.

Lee also extended the statewide school closure to April 24, 2020. The Department of Education is now partnering with PBS to offer instructional content on television while students are out of the classroom.

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Rising Headwinds Exist for Housing Construction

According to estimates from the Housing and Urban Development and Commerce Departments, single-family starts expanded in February. Construction activity was accelerated earlier in the year due to warmer weather. Despite the strong start for 2020, significant and rising headwinds exist for housing construction due to coronavirus mitigation efforts.

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House Passes Coronavirus Bill

The House recently passed a bill that would guarantee free coronavirus testing, establish paid leave for all employees and enhance unemployment insurance. The Senate is expected to pass the bill in the coming days, and President Trump has indicated his support. The three major components of this bill that will affect businesses of all sizes include: paid family and medical leave; paid sick leave; and new tax credits.

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Welcome to Our New Website!

Welcome to Our New Website! We’re glad you’re here! Our goal is to provide our visitors with an easier way to learn about the services, products, and solutions offered by Association members. The new site is dynamic, responsive, and fully integrated with our CRM software, so updates to member profiles sync automatically. Our navigation is…

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Special Recognition by Mayor Strickland

Mayor Strickland recognizes HBA staff member

Special Recognition by Mayor Strickland Congratulations to Calvin Brock with Traditional Plumbing and the HBA’s own Cynthia Peck. Both were presented with Certificates of Recognition for Outstanding and Meritorious Contribution to Our Community by Mayor Strickland. Back in November, they came to the rescue of a disabled citizen and her granddaughter who were living without…

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