New Information on PPP Loan Forgiveness
LOUISIANA REALTORS • April 25, 2020
Payroll Protection Program Forgiveness: Consult with you Certified Public Accountant
As part of the CARES Act, the Paycheck Protection Program (PPP) has allowed for significant aid to many small businesses during the COVID-19 crisis. One of the main benefits of the PPP loan program is the ability to have some or all of the loan forgiven. However, if not utilized pursuant to the CARES Act and related government rules, loan forgiveness may not be possible.
This is why the ability to understand and apply PPP funds received appropriately is critical. Every agent or broker who has received these funds will have a different set of circumstances and concerns. Accordingly, Louisiana REALTORS® encourages you to consult with your Certified Public Accountant about loan forgiveness if you or your office has received PPP funds.
SBA Issues New PPP FAQs
The Small Business Administration, in consultation with the United States Treasury Department, released an updated set of FAQs about the Paycheck Protection Program. The FAQs address concerns about eligibility, acceptance of signatures on behalf of borrowers, borrowers that contract with payroll providers, loans applied for or received based upon previous issued guidance and more. The updated guidance can be found here:
Paycheck Protection Program (PPP) Lending Operations Update – Wednesday, April 29, 2020
SBA and Treasury value all lenders and their small business customers.
To ensure access to the PPP loan program for the smallest lenders and their small business customers, starting at 4 p.m. today EDT through 11:59 p.m. EDT, SBA systems will only accept loans from lending institutions with asset sizes less than $1 billion dollars.
Please note, lending institutions with asset sizes less than $1 billion will still be able to submit PPP loans outside of this time frame. Please also note that lenders with asset sizes greater than $1 billion will be able to submit loans outside of today's 4pm -11:59pm EDT reserved processing time.
This reserved processing time applies today April 29, 2020. SBA and Treasury will evaluate whether to create a similar reserved time again in the future.
SBA and Treasury continue to monitor loan system performance and will continue to provide frequent updates to the lending community.
On Monday, April 27th at 9:30 a.m. CST, the Small Business Administration will resume accepting Paycheck Protection Program loan applications from approved lenders on behalf of any eligible borrower. This does not necessarily mean that your bank will be accepting or processing applications at that time, but that they will be able to do so. If you are planning to apply or have applied for a PPP loan, we encourage you to visit your bank Monday morning and to inquire if they are accepting or processing PPP applications. Be sure to have your application in order along with any supporting paperwork.
For more guidance on applying for the PPP or EIDL, please see:
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!
