A federal court ruled that all National Association of Home Builders (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 eligibility rules. 

The court's opinion on a case brought by NAHB and Michigan builders also provides several important procedural wins that will benefit NAHB in a wide range of cases, NAHBNow reported last week.

The U.S. District Court for the Eastern District of Michigan ruled on Sept. 28 that the SBA wrongly applied eligibility criteria to the PPP, which prevented certain NAHB members from accessing these much-needed funds.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.