Applying for a Loan? Time to Get Started
Realtors® can begin applying now for several aid programs created by the $2 trillion dollar coronavirus relief package signed into law last Friday.
Small businesses and sole proprietorships can apply now for forgivable Paycheck Protection Loans through existing Small Business Administration lenders to cover payroll and certain other expenses. The program opens to the self-employed and independent contractors on April 10.
“The Paycheck Protection Program is open for the first round of applications, and many local SBA banks are racing to meet the high demand. We encourage members to keep trying, as the applications will be awarded on a first-come, first-serve basis,” says Shannon McGahn, senior vice president of government affairs for NAR. “These benefits are unprecedented, generous, and designed to help REALTORS® weather this temporary crisis. The application is simple and less than two pages, so I would urge anyone who is applying to fill them out right away.”
Read NAR’S guidance on the Paycheck Protection Program.
Included in this same law is a significant expansion of unemployment insurance for the self-employed and independent contractors, who are not usually covered under traditional state unemployment benefit programs. REALTORS® may be able to apply now for this benefit through their state’s unemployment office, though some states may be waiting for further guidance from the Department of Labor.
Read NAR’s comprehensive Pandemic Unemployment Assistance FAQ guide, which should answer many of your biggest questions.
These documents from the Small Business Administration, Department of Labor, and Treasury Department may be useful to you as well:
Treasury Department Paycheck Protection Program Information SheetSBA 7(a) Paycheck Protection Program Application SBA Interim Final RuleDOL List of State Unemployment OfficesDOL Unemployment Benefits Guide
DISCLAIMER: Please note that the COVID-19 pandemic is evolving daily. Make sure to observe the CDC Guidelines as well as the Federal, State, and Local Orders. For legal questions, please contact the Florida Realtors® Legal Hotline.