SBA and LED Financial Assistance for Small Businesses
LOUISIANA REALTORS • April 5, 2020
As the financial impact of the coronavirus pandemic continues to hit more Americans, federal and state governments have made programs available to assist small businesses with their payroll and business expenses. Louisiana REALTORS® has consolidated information about these programs for you to access in one convenient place.
Federal and State Resources Available for REALTORS® During the Coronavirus Pandemic
Federal and state governments have made programs available to assist small businesses with payroll and business expenses as the financial impact of the coronavirus pandemic continues. If used for the intended purposes, this financial assistance may not be required to be repaid.
As always, we urge you to speak to your financial advisor, CPA, community bank, and/or attorney to determine what assistance is best for you. Also, Small Business Development Center (SBDC) offices throughout the state are available to provide remote assistance when applying for various programs. Further information is available here: https://www.lsbdc.org/
We also encourage you to speak to your current lenders about additional assistance available, including bridge loans and loan deferment or forbearance. If deferment or forbearance is available, be sure to ask how much will be due and when, credit reporting and interest and penalties.
Please note that unemployment assistance is different from the assistance available through these programs. See Unemployment Benefits for Self Employed and Independent Contractors.
SMALL BUSINESS ADMINISTRATION PROGRAMS
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) created two new programs/grants to be administered through the Small Business Administration (SBA). The two programs are the following:
- SBA 7(a) “Paycheck Protection Program” (PPP)
- SBA Economic Injury Disaster Loan (EIDL) grant
The Act required the SBA and the Department of the Treasury to issue regulations and guidance necessary to administer the programs within a matter of days. This has led to a flurry of information being published about these two programs.
Louisiana REALTORS® believes the following to be trusted sources for information about the PPP and EIDL programs:
LOUISIANA LOAN PORTFOLIO GUARANTY PROGRAM
The Louisiana Loan Portfolio Guaranty Program offers loans of up to $100,000 to Louisiana small businesses of fewer than 100 employees that are impacted by the COVID-19 crisis. The loans will require no payments for 180 days and carry below-market interest rates of no more than 3.5 percent.
The Loan Portfolio Guaranty Program is a partnership of Louisiana Economic Development, which will provide a loan guaranty fund; the Louisiana Bankers Association, whose membership will provide the loans; and the Louisiana Public Facilities Authority, which will administer the program. A total loan pool of $50 million will be disbursed to eligible small businesses across Louisiana.
More information about this program is available here: https://www.opportunitylouisiana.com/covid19/led-loan-guaranty-program?v=2
Thinking about buying, selling, or moving in Louisiana? Explore key factors that can help you decide when the time is right.
It’s not unusual for people to enter the homebuying process with a priority list that needs to be whittled down once they see what’s on the market. NAR’s latest consumer guide, “Defining Home Buying Needs vs. Wants,” is a decision-making tool that can help. It’s a simple checklist to help home buyers identify their needs, wants and deal-breakers. Using the form, or something like it, will help buyers remember what’s most important to them as they view and compare homes. There’s even a fillable PDF available for download. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow up to two weeks 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: Defining Home Buying Needs vs. Wants NEW: 10 Tips For Unpacking Smartly After A Move UPDATED: Multiple Listing Services Overcoming Roadblocks to a Sale or Purchase How Solar Impacts a Real Estate Transaction 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. Check out the next consumer guide for sellers on how to ease the transition for the new owners.
NAR’s latest consumer guide, “10 Tips for Unpacking Smartly After a Move,” was developed to help ease the burden buyers may feel when surrounded by boxes. For your clients on the cusp of a move, the guide suggests establishing a priority unpacking order, wiping down each room before unpacking, discarding boxes quickly, having garbage and donation bags at the ready, and more. Share the new guide along with the companion guide “10 Tips for Packing Smartly for a Move.” As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow up to two weeks 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: 10 Tips For Unpacking Smartly After A Move UPDATED : Multiple Listing Services Overcoming Roadblocks to a Sale or Purchase How Solar Impacts a Real Estate Transaction Navigating Interest Rate Shifts 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. Check out the next consumer guide on identifying homebuying wants vs. needs.
