SBA Loan Update: Senate Passes Deal to Replenish Coronavirus Relief Funding

From NAR Political Representative Kristian Hoysradt

SBA Loan Update: Senate Passes Deal to Replenish Coronavirus Relief Funding; House to Vote Today

As you may have seen via the membership-wide email on Tuesday, the Senate has passed additional funding for the SBA PPP and EIDL loan programs. The House of Representatives is expected to vote and approve the $484 billion package today. Details on the package are below along with NAR guidance for our members on how to proceed with their loans:

Under the Senate agreement, the Paycheck Protection Program (PPP) will receive $310 billion in new cash, while the Economic Injury Disaster Loan (EIDL) fund will receive an additional $50 billion.

The bill sets aside $60 billion of PPP funding exclusively for small and medium-sized community banks. The Senate bill also contains $25 billion for coronavirus testing and $75 billion for hospitals.

Quick Guidance for REALTORS® on the PPP and EIDL:

  • If you’ve already applied for an EIDL: The SBA is processing applications already in their system on a first-come, first-served basis. You do not need to reapply.
  • If you have not already applied for an EIDL: Check back at the SBA application page once the additional funding is signed into law. The SBA will re-open applications shortly afterwards.
  • If you’ve already applied for a PPP loan through an SBA lender but have not been approved yet: Check with your lender to see if they are maintaining a queue of applications during the lapse or if you will need to reapply when the renewed funding comes through.
  • If you have not applied yet for a PPP loan through an SBA lender: Have the application form filled out and your documentation ready to provide to your lender. (For businesses with employees, have payroll documentation; for independent contractors, have your 2019 Form 1040, Schedule C, and 1099-MISC.) If you have an existing relationship with an SBA lender, you should go to that lender first once the program reopens, but be prepared to try multiple lenders, which you can find on the SBA site.

NAR 2020 Virtual Legislative Meetings    

Although NAR is disappointed to miss all of the 5,000+ Realtors here in DC next month, they hope you all will be able to participate in our 2020 Virtual Legislative Meetings starting next week through May 15thRegistration opens tomorrow at www.nar.legislative. The full schedule of Governance/Committee Meetings is available here. NAR’s Conference/General Sessions schedule is available here.

NAR Reveals Professional Development Directory for Members

 NAR is proud to announce the creation of the Professional Development Directory. In an effort to support REALTORS® in expanding their skillsets from home, the Directory consolidates online learning opportunities for REALTORS® from across the real estate industry.

Members can browse the Directory, located at www.nar.realtor/education, to find development opportunities from the NAR family, including its subsidiaries, affiliates, state and local real estate associations, licensed providers, and other real estate industry entities.

What: A new web resource located at www.nar.realtor/education, which directs members to:

  • Online Courses
  • Live Virtual Courses
  • Continuing Education
  • Designation and Certification Courses
  • Commitment to Excellence (C2EX)
  • Financial Wellness
  • Leadership Development Courses
  • REALTOR® Association Management Courses
  • Degree Courses
  • Code of Ethics Courses

Who: Several audiences will want to check out the Professional Development Directory, including:

  • REALTORS® seeking online learning on a variety of topics
  • State and Local REALTOR® Association staff who develop and host courses
  • Real estate instructors and trainers who develop and host courses

How: Visit www.nar.realtor/education to explore and submit courses.