Congress OKs $484B in Small Business COVID Relief
SBA Loan Advice for Florida Realtors During Coronavirus
Congress approved a package that includes an additional $310 billion for the Paycheck Protection Program (PPP) and $50 billion for Economic Injury Disaster Loans (EIDL), plus an additional $10 billion in EIDL grants.
President Trump is expected to sign the bipartisan legislation quickly and funding could be available as early as tomorrow.
If you plan to apply for PPP or EIDL loans, act now. The money is expected to run out quickly.
Click here for important information and advice — specific to Realtors — to get you started.
In a new video from Florida Realtors, Brett Wherry, director of business advisory for Berman Hopkins, CPAs and Associates, provides an overview of the Small Business Administration’s (SBA) PPP and EIDL programs and requirements. In addition to applying for SBA loans, Wherry recommends brokers and sales associates who have existing lines of credit with their bank leverage that credit line. “At least put that money in your account. It gives you some cash to work with to navigate this financial situation,” he says.
If you receive an advance grant ($10,000 maximum) through the EIDL program, it will be subtracted from the PPP loan forgiveness amount and has to be declared when you apply for a PPP.
Click here for more answers to commonly asked PPP questions.