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Sign into your accountReal Estate Agents Eligible for PPP Loans Until May 31
March 09 2021
The second wave of federal loan funding includes $250 billion earmarked to small businesses. As of right now, about $128 billion of that money is still available. Last week, the federal government extended the benefit to independent contractors, including real estate agents.
Capital Plus Bank is an SBA lender who partnered with Blue Acorn to develop an online tool for real estate agents to apply for these loans. The marketing for the program is being handled by MooveGuru.
Paycheck Protection Program, or PPP loans, cover independent contractors in real estate. About 90% of 1099 agents will qualify for the forgivable government PPP loan. The loan amount is likely to be around $5,000 on the low end and up to $25,000 on the high end, according to information provided by Capital Plus, Blue Acorn, and MooveGuru. Approval rates are currently at 90%.
The website to to apply for the loan is mooveguru.blueppp.com. The deadline for applying is May 31.
To view the original article, visit the WAV Group blog.
Editor's Note: Since this article was originally published, the application deadline was extended to May 31 (previously, it was March 31). The article has been updated to reflect the new date.