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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:
As previewed last week, NAR is pleased to share the latest consumer guide focused on preparing for homeownership. This guide covers what prospective buyers should consider as they kick off the home purchase process, including the importance of credit scores, mortgage pre-approval, down payments, budgeting, and educational resources. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow a few days for the Spanish version of the latest resource to be translated and uploaded. For ease of reference, below is a list of the most recent guides: NEW: Preparing for Homeownership Escrow and Earnest Money Pricing Your Home Preparing to Sell Your Home Fire Damage and Policy Coverage Thank you for your continued engagement with the “Consumer Guide” series and for sharing the resources with potential clients to ensure they have the information they need to be successful in their homebuying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. Be on the lookout for next week’s guide on Wednesday, which will cover property taxes.
As previewed last week, NAR is pleased to share the latest consumer guide focused on escrow. This guide covers what homebuyers should know about earnest money deposits, including the general terms and use cases in real estate transactions. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow a few days for the Spanish version of the latest resource to be translated and uploaded. For ease of reference, below is a list of the most recent guides: NEW: Escrow and Earnest Money Pricing Your Home Preparing to Sell Your Home Fire Damage and Policy Coverage Flood 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 homebuying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. Be on the lookout for next week’s guide on Wednesday, which will cover preparing prospective buyers for homeownership.
The Louisiana REALTORS® Board of Directors will conduct several elections this Spring. Interested candidates that meet the qualification who are looking to serve at either the state association level or the national association level are encouraged to view the criteria and submit an application. An application that is not submitted on the appropriate form or not submitted pursuant to the instructions shall not be considered as submitted timely.
821 Main StreetBaton Rouge, LA 70802
821 Main Street
Baton Rouge, LA 70802