Congress Extends Paycheck Protection Program (PPP)
July 9, 2020
In a surprise move on July 1, the U.S. Congress cleared legislation extending the Paycheck Protection Program (PPP), popular with REALTORS®, through August 8.
President Trump signed the measure on July 4.
Created by the CARES Act in March, PPP offers forgivable loans for small businesses to pay expenses and keep workers on the payroll. Loans are also available to independent contractors. Although the program quickly ran out of money, it was injected with new funding a month later. The application period for the program ended on Tuesday with $130 billion still unallocated.
“This extension is great news. Congress heard our concerns that small businesses still need help, and this program should remain available as long as there are funds,” says Shannon McGahn, senior vice president of government affairs at NAR. “We have been working with lawmakers to make both the application and forgiveness process easier, and we are helping our members through both with guides and instructional videos.”
Just last week, a new shorter EZ application loan forgiveness form was released by the Small Business Administration, and full forgiveness was granted to independent contractors and sole proprietors who meet certain guidelines.
NAR has also called on Congress to automatically forgive all loans under $150,000.
“Congress is expected to pass a new Coronavirus relief bill by the end of July. McGhan says. “Negotiations really heated up this week on what form it will take as the pandemic continues to evolve. Small business aid will be restructured and live on in some form, and NAR is working with Congress to make sure the self-employed and independent contractors are included,” she continues. “It’s critical the real estate industry stays strong and continues to lead our national recovery.”
To-date, the PPP has paid out more than a half-trillion dollars to around five million businesses.
More from News
SCOTUS rules for housing providers, CDC’s latest extension...
August 27, 2021
The U.S. Supreme Court ended the Centers for Disease Control and Prevention (CDC’s) eviction...
NAR Issues Statement on Supreme Court's CDC Eviction Ban...
June 30, 2021
Supreme Court Rules for Housing Providers in Eviction Moratorium Fight
GSEs' Regulator Limits 2nd Home, Investor Loans, and Loans...
March 31, 2021
A brief explanation of the changes at the GSEs that affect second homes and NAR's efforts to...
REALTORS® Weigh In on Independent Contractor Proposed Rule
November 6, 2020
In late September, the Department of Labor issued a notice of proposed rulemaking revising it's...
2020 Elections Review: Celebration or Post-mortem
November 6, 2020
The 2020 General Elections have come and, well, are still going. After a very hard fought election...
SBA To Begin Processing PPP Forgiveness Applications
October 9, 2020
The U.S. Treasury Department has announced that the Small Business Association (SBA) will begin...