Real Estate Agents Urged to Apply for PPP Loans Before March 31 Deadline

AChafukira • March 24, 2021

 

Industry Firms Collaborate to Help Expedite Application Process for Independent Contractors  

Three industry firms are collaborating to help streamline the process for agents to  apply for Paycheck Protection Program  (PPP) loans in the coming weeks, urging independent contractors to apply immediately before the March 31 deadline, or before funding for the program could potentially run out.

The three companies—Small Business Administration (SBA) banker Capital Plus Financial, Blue Acorn, which offers a system for submitting applications, and MooveGuru, providing a concierge team to help agents along the way—have created a  15-minute streamlined application process  for the real estate industry.

The second round of federal loan funding to small businesses included $250 billion, and of that, about $128 billion is currently still available.  Last week , the Biden Administration softened the requirements for PPP loans to include independent contractors, opening the opportunity to about 90% of the 1099 agents to qualify for the forgivable government PPP loan. The program is set to expire on March 31, unless it is extended.

“Agents need to submit their applications immediately,” a joint statement from the companies urged. “There’s also a chance that the $128 billion could run out. Take action today.”

Since the announcement last Wednesday, 90% of the real estate agents and mortgage loan officers that are 1099 independent contractors have qualified for between $5,000 and $20,833, even if their income did not decrease in 2020, the companies stated, highlighting the program’s simple underwriting terms: As long as the agent received a commission check in February 2019 as an independent contractor, did not draw any PPP loans in the first round of PPP and has a real estate license, they qualify.

According to the companies, once the application is submitted, the review time is about 5 – 7 business days. When successfully approved, funds are direct deposited into the agent’s bank account, straight from the SBA and Capital Plus Financial.

Selling Houses While Black

By Olga Labovich • January 18, 2023
About 6 percent of real estate agents and brokers in the United States are Black. Their white peers make almost three times as much, according to data and surveys. Tye Williams feels the heat. It’s 95 degrees out, and the North Carolina sun is beating like a drum. He’s in a full suit and tie Continue Reading The post Selling Houses While Black appeared first on National Association of Real Estate Brokers.

NAREB releases Annual State of Housing in Black America report at Black Wealth Summit featuring Lawmakers, Agency Heads, Policymakers & Experts

By Olga Labovich • November 30, 2022
WHO: U.S. Senator Sherrod Brown (D-OH) Lydia Pope, President NAREB Alanna McCargo, President, Ginnie Mae Lisa Rice, President & CEO National Fair Housing Alliance Sandra Thompson, Director, Federal Housing Finance Agency Teresa Bryce Bazemore, CEO, Federal Home Loan Bank of San Francisco Katrina Jones, VP, Racial Equity Strategy & Impact, Fannie Mae Pamela Perry, VP, Continue Reading The post NAREB RELEASES ANNUAL STATE OF HOUSING IN BLACK AMERICA REPORT AT BLACK WEALTH SUMMIT FEATURING LAWMAKERS, AGENCY HEADS, POLICYMAKERS & EXPERTS appeared first on National Association of Real Estate Brokers.

Reckoning with the past: Associations apologize for discriminatory practices

By Olga Labovich • November 14, 2022
The California Association of Realtors is the most recent association to express regrets for past practices that marginalized groups based on race or ethnicity. Key points: Real estate associations in Atlanta, Minneapolis, Chicago and St. Louis have also offered formal apologies for past discriminatory practices. Practices and policies included endorsing restrictive covenants and redlining, making Continue Reading The post Reckoning with the past: Associations apologize for discriminatory practices appeared first on National Association of Real Estate Brokers.

NAREB: Supporting ‘Democracy In Housing’ for consumers, agents

By Olga Labovich • November 14, 2022
Lydia Pope, who leads the National Association of Real Estate Brokers, discusses narrowing the racial gap in homeownership and opening doors for Black agents Key points: NAREB, founded in 1947, is the nation’s oldest trade association for Black real estate professionals. ‘Our goal is equal housing,’ said Pope, whose own real estate career spans nearly Continue Reading The post NAREB: Supporting ‘democracy in housing’ for consumers, agents appeared first on National Association of Real Estate Brokers.

Clyburn Re-Ups Support For G.I. Bill Restoration Act On This Veteran’s Day

By Olga Labovich • November 11, 2022
Americans disagree on many social issues, but one we’re strongly united on is appreciation for our fellow countrymen and women who have served in our nation’s military – especially today, Veteran’s Day. It’s likely that the greatest expression of gratitude our nation has ever given to those who have worn the uniform is the Servicemen’s Readjustment Continue Reading The post Clyburn Re-Ups Support For G.I. Bill Restoration Act On This Veteran’s Day appeared first on National Association of Real Estate Brokers.

When the demography of the members is considered

By Olga Labovich • October 15, 2022
Our mission at Bankrate is to assist our clients in making smarter monetary decisions. Apart from ensuring every editorial policy is met, we have referenced some of our products from our partners in this post. We have explained how we generate revenue here. The National Association of Real Estate Brokers (NAREB) is a trade network Continue Reading The post When the demography of the members is considered appeared first on National Association of Real Estate Brokers.

What is a Realtist?

By Olga Labovich • September 15, 2022
Whether you’re looking to buy or sell a home, you’ll see a wide range of terms attached to professionals who can help with the transaction. As you work to understand the difference between a broker and an agent, you may also wonder what a Realtist does. What is a Realtist? A Realtist is a real estate Continue Reading The post What is a Realtist? appeared first on National Association of Real Estate Brokers.

What is the National Association of Real Estate Brokers (NAREB)?

By Olga Labovich • September 14, 2022
The National Association of Real Estate Brokers (NAREB) is a trade organization and network of Black real estate professionals known for promoting “democracy in housing” and advocating for public policies that “protect and expand sustainable homeownership.” The organization’s members, who go by the title of Realtist, are spread throughout chapters across the United States. NAREB’s Continue Reading The post What is the National Association of Real Estate Brokers (NAREB)? appeared first on National Association of Real Estate Brokers.

NAREB Calls on White House and Congress to Boost Black Homeownership and Close Wealth Gap

By Olga Labovich • September 7, 2022
Organization Will Hold Elected Officials Accountable The National Association of Real Estate Brokers (NAREB) called on the White House and Congress to enact legislation aimed at increasing Black homeownership after provisions approved by the House were excluded from the Inflation Reduction Act, which Congress passed and was signed into law by President Biden. Rep. Maxine Continue Reading The post NAREB Calls on White House and Congress to Boost Black Homeownership and Close Wealth Gap appeared first on National Association of Real Estate Brokers.

For 75 Years, NAREB Has Advocated for Black Homeownership

By Olga Labovich • August 2, 2022
Annual Convention Returns to Tampa Where Organization was Founded The National Association of Real Estate Brokers (NAREB) kicks off its national convention in Tampa this week, as the organization celebrates its 75th anniversary. Founded in 1947 with the goal of securing equal housing opportunities for all Americans, NAREB advocates for policies and practices that increase Continue Reading The post For 75 Years, NAREB Has Advocated for Black Homeownership appeared first on National Association of Real Estate Brokers.
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