- Increasing the credit from 80 percent to 50 percent;
- Increasing the wage base to $15,000 per quarter for up to three quarters—previously $10,000 per year;
- Easing the qualifying rules for revenue decline;
- Including health benefits in the definition of qualified wages; and
- Allowing businesses that receive a loan through the Paycheck Protection Program loan to qualify for the credit.
The Senate has approved a nearly half a trillion dollar coronavirus aid bill, sending the legislation to the House for passage later this week.
The bill includes $380 billion for small businesses, $75 billion for hospitals and $25 billion for disease testing.
MHI Joins Coalition of Housing Leaders Urging Congress to Approve Further Stimulus Funds for American Workers and Businesses
MHI, along with a coalition of housing leaders, submitted a letter to Congress strongly urging additional funding for the Payroll Protection Program (PPP) to ensure MHI’s membership can take advantage of this financial support during this difficult time. Additional funding for the Small Business Administration’s (SBA) now-depleted PPP has stalled in Congress putting American workers and businesses at risk of greater financial impact from the COVID-19 outbreak.
The PPP provided much-needed relief for many families and businesses, but Congress’ failure to approve additional funding last week has left many eligible American businesses and workers waiting in the application process uncertain about their economic future. The program, which was set up to distribute $349 billion in stimulus funds on a first-come, first-served basis, quickly ran out of funds after it launched April 3.
Treasury Secretary Steven Mnuchin continues to meet with Congressional Democrats to iron out details for an agreement to pass additional funds. MHI is closely monitoring this situation and will continue to work with housing leaders, Congress and the Administration to ensure the businesses and workers who make up our industry have access to federal financial support.
MHI submitted a comment letter to the U.S. Department of the Treasury and the Small Business Administration (SBA) to ensure manufactured housing community owners and operators have access to federal aid through the Paycheck Protection Program (PPP). SBA has issued regulations and guidance that could be interpreted by administrative lenders to specifically exclude manufactured housing communities from the PPP. Throughout the COVID-19 crisis, MHI has continued its fight to ensure the needs of manufactured housing communities are prioritized in federal regulatory and legislative actions created to help American businesses through this difficult time. MHI is emphasizing before the Administration and Congress that manufactured housing community owners and operators are on the front lines providing needed services for residents during months-long stay-at-home orders, and they must be supported during this unprecedented time.
MHI Calls on Congress for More Rental Assistance and Financial Mitigation Measures for Community Owners and Operators
As Congress begins discussions about the next stimulus package in response to the COVID-19 outbreak, MHI is calling for further Congressional action related to the financial viability and stability of the rental housing industry and its residents. MHI continues to work as a part of a coalition of national housing industry trade groups to advocate for rental assistance and financial mitigation measures for property managers—including manufactured home community owners. Specifically, the coalition is asking Congress to tie eviction moratorium protections to those renters impacted by COVID-19, create an emergency rental assistance program for those who have been impacted by the COVID-19 crisis, establish a Federal Reserve credit facility for mortgage servicers, and ensure multifamily businesses have access to government support programs.