How To Secure Your Business Through the CARES Act

April 24, 2020

 

In this video, hear directly from quick-acting REALTORS®, with businesses of various structure and sizes, who successfully obtained Paycheck Protection Program (PPP) Business Loans and Economic Injury Disaster Loans (EIDL). Learn how to navigate the Small Business Administration website, what forms to have on-hand when applying, and tips for finding a lender in your area. Don't wait-funding is limited.

 

www.nar.realtor/financialwellness/?cid=FIN-WEL-567

 

 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. 

  • 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.

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