April 24, 2020
Additional CARES funding passes House
The U.S. House passed legislation Thursday providing a fresh round of funding for coronavirus small-business relief programs and available to REALTORS through the CARES Act. The Senate had passed the bill on Tuesday, and President Trump is expected to sign the measure at around noon, clearing the way for lending to resume as early as today under two Small Business Administration programs, the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) Program.
Quick guidance for REALTORS
- If you’ve already applied for an EIDL: The SBA is processing applications already in their system on a first-come, first-served basis. You do not need to reapply.
- If you have not already applied for an EIDL: Check back at the SBA application page once the additional funding is signed into law.
- If you’ve already applied for a PPP loan through an SBA lender but have not been approved yet: Check with your lender to see if they are maintaining a queue of applications during the lapse or if you will need to reapply when the renewed funding comes through.
- If you have not applied yet for a PPP loan through an SBA lender: Have the application form filled out and your documentation ready to provide to your lender. (For businesses with employees, have payroll documentation; for independent contractors, have your 2019 Form 1040, Schedule C, and 1099-MISC.) If you have an existing relationship with an SBA lender, you should go to that lender first once the program reopens, but be prepared to try multiple lenders, which you can find on the SBA site.
For those wondering about the next step in terms of filing for loans or unemployment benefits, NHAR has created a one-page tool for your reference. You can find that document here, or by clicking on the attachment to this email.
For more information on issues pertaining to the impacts of coronavirus on the real estate industry, we encourage members to visit our dedicated webpage for the latest news and resources.