Quick Answer: Do Real Estate Agents Qualify For PPP?

Can I collect unemployment after PPP runs out?

You cannot use PPP at the same time you are collecting unemployment, but you can pause unemployment and report your PPP income as you would do with any other income, and continue collecting once PPP runs out..

Which is better PPP or EIDL?

EIDL has a higher interest rate than PPP (3.75% vs. 1%). You cannot use an EIDL for the same purpose as a PPP loan (payroll in the two months after receiving the loan). However, you can use the EIDL for payroll once you’ve exhausted the PPP after those two months have passed.

Do I have to reapply for PPP?

The Bottom Line. If a business’ application for a PPP loan has been approved by the lender, there’s no need to send in a second one. Lenders are submitting applications to SBA for approval in the order received.

How much can you get PPP?

Your maximum PPP loan amount will be 2.5 times your average monthly payroll costs, up to $10 million. You can only receive one PPP loan, so if you apply for a PPP loan you may consider applying for the maximum amount you are eligible for.

Should I apply for PPP or unemployment?

If you still have some work coming in and you have the ability to earn some income over the next few months, getting the PPP would be a better option. The amount you receive from the PPP won’t be impacted by working and earning income—you’ll still be able to receive 2.5 times your monthly payroll cost.

Can I get PPP and unemployment?

Can I apply for a PPP loan if I am receiving unemployment assistance? Yes, but proceed with caution. There is no restriction on receiving both benefits, but you cannot use the PPP loan to cover your own compensation while at the same time receiving unemployment benefits.

Is all the PPP money gone?

The first round of funding — amounting to $349 billion — ran out in less than two weeks. Demand has cooled significantly: The pot was refilled on April 27 to the tune of $310 billion, and nearly seven weeks later, there’s still $130 billion that’s gone unclaimed, according to the Small Business Administration.

Who is not eligible for the PPP program?

Passive businesses owned by developers and landlords that do not actively use or occupy the assets acquired or improved with the loan proceeds (except as Eligible Passive Companies under 13 CFR § 120.111) are not eligible.

What are the new PPP rules?

Highlights. A new Interim Final Rule (IFR) from the U.S. Small Business Administration (SBA) provides that certain owner-employees with less than a 5 percent ownership stake are not subject to the owner-employee compensation rule of the Paycheck Protection Program (PPP) limiting loan forgiveness for owner compensation.

When can I apply for PPP forgiveness?

A borrower generally may submit a loan forgiveness application any time on or before the maturity of the loan—including before the end of the covered period—if the borrower has used all of the loan proceeds.

Can I get a PPP and Eidl?

The SBA has two loan programs to help small businesses impacted by COVID-19: Economic Injury Disaster Loans (EIDLs) and the Paycheck Protection Program (PPP). If your business is eligible, you can get both of these loans and use the funds at the same time, as long as you don’t use them for the same purpose.

Can Pua get PPP?

Yes, but individuals using more than one program are urged to be careful with the timing. You may qualify for PUA benefits until the PPP funds are received, and again after the PPP funds are depleted—but individuals should not apply for benefits for the period when they are relying upon PPP funds.

Who is eligible for a PPP?

PPP Eligibility Any business categorized under “Accommodation or Food Services,” such as restaurants and hotels that have 500 or fewer employees per location. Tribal businesses. Independently owned franchises. Self-employed workers, independent contractors, gig workers, and sole proprietors.

What does PPP mean for employees?

Paycheck Protection ProgramThe Paycheck Protection Program (PPP) This offers federal guaranteed loans to businesses with fewer than 500 employees to cover payroll and other essential costs.

Will PPP loan be forgiven?

Forgiveness for self-employed individuals You are eligible to claim 2.5 months’ worth of your 2019 net profit to replace pay. If you didn’t have any other payroll expenses factoring into your PPP loan amount, this means that your entire PPP loan could be forgiven for the 24-week period.

Can I apply for PPP with multiple banks?

You are only allowed to have one PPP loan. You may apply with multiple lenders, but once you are approved for a loan you must withdraw your other applications. DON’T give up if your loan isn’t funded. This may not be the last round of funding so be ready to apply again.

Can real estate agents apply for PPP?

Yes. Independent contractors and sole proprietors are able to apply for the 7(a) PPP loans. The CARES Act explicitly states that “compensation to or the income of a sole proprietor or independent contractor that is a wage, commission, income, net earnings from self-employment, or similar compensation” is eligible.