I'm Down with PPP! Are You?

June 11, 2020

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.

(sample form link below)

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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:


#ppploans #smallbusiness #pppforgiveness

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REALTOR®. Author. Coach. Keynote speaker. Leigh Brown is laser-focused on inspiring people to be better, strive for more, and to take the reins and lead!

Learn more about LEIGH BROWN at www.leighbrown.com

𝘾𝙊𝙉𝙉𝙀𝘾𝙏 𝙒𝙄𝙏𝙃 𝙈𝙀

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