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
Nominations are open now through April 24, 2026, for the Louisiana REALTORS® 2025 REALTOR® of the Year & the 2025 Lawrence R. DeMarcay, Jr. Distinguished Service Award. Both awards are aimed to showcase an individual who has volunteered their time in service to the real estate industry. Recipients of the awards will be recognized during the Spring Legislative Conference. (Registration coming soon!) Please see the below links with the selection criteria and consider submitting a nomination today. Contact Donna Teekel at (225) 224-0704 or dteekel@larealtors.org with any questions.
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.
Learn how real estate legislation and housing policy impact agents and why participating in advocacy efforts helps protect your business.
