What You Should Be Doing Now to Prepare for Possible Additional SBA Relief Funding
LOUISIANA REALTORS • April 21, 2020
Originally published by National Association of REALTORS
(April 21, 2020)
The U.S. Senate passed legislation Tuesday to replenish funding for several coronavirus small-business relief programs championed by NAR and available to REALTORS®.
The House is expected to take up the measure later this week.
Under the Senate agreement, the Paycheck Protection Program (PPP) will receive $310 billion in new cash, while the Economic Injury Disaster Loan (EIDL) fund will receive an additional $50 billion.
The bill sets aside $60 billion of PPP funding exclusively for small and medium-sized community banks.
“The PPP ran out of money in about two weeks and the EIDL was running on fumes,” says Shannon McGahn, NAR’s top federal advocate. “These are two of the most extensive rescue programs in our nation’s history. We are hearing from brokers around the country who were able to keep their employees on the payroll because of this help and from self-employed members who have been able to keep their businesses afloat.”
“Although the rollout was a bit rocky because of the programs' sheer size and demand, more and more banks are coming in line," McGahn says, "and we encourage all our members who qualify to check with their lender again and keep trying. It’s worth it."
The Senate bill also contains $25 billion for coronavirus testing and $75 billion for hospitals.
Quick Guidance for REALTORS® on the PPP and EIDL:
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. The SBA will re-open applications shortly afterwards.
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.
Visit nar.realtor/coronavirusSBA to address frequent questions about what the PPP and EIDL programs are, who is eligible and how to apply.
Want Your Teen to Own a Home Someday? Start Talking Money Now Teens may not be thinking about mortgage rates or down payments just yet, but the money habits they’re building now can follow them for years. And 88% of teens surveyed by Fannie Mae and Junior Achievement said they want to own a home someday. This week’s Consumer Guide: Talk to Your Teens About Money and Homeownership makes those conversations a little easier, covering everything from credit scores and budgeting to debt, renting versus owning and saving for that eventual down payment. So yes, you may have to interrupt the doomscrolling. But helping teens get smarter about money today could put them in a much better position to get the keys to a home of their own down the road. Download all of NAR’s Consumer Guides in English or Spanish at facts.realtor. For ease of reference, below is a list of the most recent guides: NEW: Teen Financial Literacy Fraud Red Flags Helping Family Members Become Homeowners Prepare Your Home for Hurricane Season Condominium Insurance Thank you for your continued engagement with the “Consumer Guide” series and for sharing the resources with prospective clients to ensure they have the information they need to find success in their home buying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. The next Consumer Guide, scheduled for publication on Oct. 21, will cover winter cold and storm preparedness.
Homeownership Is on Louisiana's November Ballot
After months of gathering recipes from across our Louisiana REALTORS® family, the cookbook is ready! This 200+ page collection is filled with Louisiana flavor, REALTOR® heart and recipes contributed by our members. We launched sales of the cookbook at the Fall Governance Meetings. You can now purchase your copy for $30 directly from the printer and shipped to you! Additionally, we will have copies available at the RRF booth at NXT . After NXT, we will carry a limited stock at the LR office for you to purchase through the LR Merch Shop and pick-up from the office or at an LR event, as stock is available. Even better, $15 from every cookbook sold will be donated to the REALTORS® Relief Foundation (RRF) to help provide housing-related assistance to REALTORS® and their families following disasters. Pick up a copy for yourself, grab one as a gift and enjoy a taste of Louisiana while supporting a great cause!
