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Coronavirus Grants/Loans available to Real Estate Professionals

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Lance Clifford
Real Estate Agent from Hurricane, UT

posted 11 months ago

Sooo who has applied for any of the new grants/loans that are available to real estate professionals? What did you apply for? Starting to get lots of spam emails on options so I'm curious what others have done.

Example:

Learn about how the CARES Act can help Real Estate Agents

In our ongoing efforts to support Real Estate Agents during this challenging time, we thought it would be helpful to share some information about the recently passed CARES Act and how it may benefit you.

How much Commission did you make in the months of Feb, Mar, Apr, May and June last year? You may be eligible to receive 250% of that income via the CARES Act.

What is the CARES Act?

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.

If you work in the Gig Economy, are a 1099 worker, a 1 person business, independent contractor, work for hire, self-employed, you are eligible for a payroll protection loan, along with any business with less than 500 employees.

This is huge relief for many real estate agents that are often left out of government assistance programs.


Nathan G. (Moderator) -
Real Estate Broker from Cody, WY

replied 11 months ago

Not yet. I'm talking to my local lender and waiting for the paperwork.

One question I haven't found an answer for: do I use a combination of salary and commission to calculate eligibility? I have six full-time employees but my wife's income is 80% sales. Do I calculate an average monthly income using all our income (salary and commissions), and then multiply by 250%?