Do 1099 realtors qualify for the “PPP” government program

[Mike L.]

Hi everyone,

I’ve had the hardest time figuring out if 1099 independent contractors working as real estate agents qualify to get money from the government under the disaster sba forgivable loans. It seems that we do, but does anyone have any clear direction?

Thank you,

Mike

[Scott Jensen]

@Mike L. I agree with your assessment of the PPP loan amount. Just make sure to have a good grasp on the loan forgiveness portion of the bill as well. You need to have specific expenses in the 8 weeks immediately after receiving the loan in order to qualify for the loan forgiveness. I know a restaurant owner, for example, that could qualify for the loan right now, but will not have enough expenses to qualify for loan forgiveness so they are waiting to apply until things are more back to normal.