REALTORS® – Have You Applied For Your PPP Funds?
Time Is Running Out!
June 16, 2020 update:
REALTORS® – Applying for your PPP funds just got easier to do with the new EZ application, but you need to act NOW!
SBA and Treasury Announce New EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program
WASHINGTON—Today, the U.S. Small Business Administration, in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, signed into law by President Trump on June 5, 2020. In addition to revising the full forgiveness application, SBA also published a new EZ version of the forgiveness application that applies to borrowers that:
- Are self-employed and have no employees; OR
- Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR
- Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of their employees by more than 25%.
The EZ application requires fewer calculations and less documentation for eligible borrowers. Details regarding the applicability of these provisions are available in the instructions to the new EZ application form.
Both applications give borrowers the option of using the original 8-week covered period (if their loan was made before June 5, 2020) or an extended 24-week covered period. These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan.
Click here to view the EZ Forgiveness Application.
Click here to view the Full Forgiveness Application.
New EZ formed filled out with notes: https://www.dropbox.com/sh/
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There are also a number of other resources you can make use of that are still doing business despite the crisis. As grim as it may be, there are many avenues available to you, once you stay calm. Learn more about the best 8 Financial Tools to Combat COVID-19 in SMBs Survival Guide.
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June 11, 2020 original broadcast:
Many REALTORS® believe they have received the PPP, but in reality, they got a stimulus check or an EIDL advance. Neither is the PPP YOU are entitled to!
Many also believe if they aren’t struggling now, they don’t qualify.
And lastly, they may have been erroneously turned down by a local bank that doesn’t fully understand the PPP either.
If you give us 30 minutes, Eric Kistner, Managing Broker at Bridge Pointe Real Estate, Kingsport, TN and 2018 NETAR REALTOR® of the year, will explain the process, and put you in touch with a lender who knows what’s up!
PLUS, we will give you a few secrets to help build your business!
In our attempt to stream live on Facebook, we ran into a few technical interruptions, but here you can watch the entire presentation along with links to important references to help you Get Down with PPP!
Resources:
- Link to PayPal: https://www.loanbuilder.com/ppp-loan-application
- Forgiveness: https://www.sba.gov/document/sba-form–paycheck-protection-program-loan-forgiveness-application
- New EZ formed filled out with notes: https://www.dropbox.com/sh/
yjrf1alzpet5gxc/AABT1v5MPv- 4KkTleJoHrqUUa?dl=0
Thank you so much!!
Good morning
Scott Ferguson
Thank you for this information. Very helpful. Honestly, navigating homeschooI for different grade levels and our own business functions have been difficult and so I just thought it would be daunting to go through another website but I am encouraged by your video to get cracking!
I was scared but so happy to find it was not bad!!
Thank you for sharing this!!!
Thank you so much.
I am a business woman; I have a Broker providing amazing support and resources; and I just really love that you give your time to all of us out here who just need to draw on a hero in the industry – someone who is not only walking beside us, but uplifting and encouraging us. Thank you Leigh Brown
Leslie Rouda Smith
Hmmmm… I thought the delivery for these SBA loans were through banks and not direct from the SBA??
That’s the big ones. Check it out! The Payroll ones in specific are what I am referencing.
Karen Christiansen King
Hi., Thank you for this info. did you have to send a form called 4506-T when you applied for this
Marcia Dawes Weddle No, I didn’t have to send that form.
what payroll information do we provide for the PPP loan, is there a form ?
It is supposed to be an average of 2019 – was told to have w3, w2’s and 940 941 reports – waiting to see in the morning!
Hi Leigh! I applied on Thursday. Did they ask you for more info after you applied? And have you received the $ yet?
Liz Millsaps Haigler Hey Liz, I have received nothing yet and have no more info than you right now.
Leigh Brown Thank you for responding!