If youre an independent contractor, you may be What is an initial Paycheck Protection Program loan, and who qualifies? Information is available at careliefgrant.com in addition to the information in this FAQ. Supplier costs of perishable goods can be made before or during the life of the loan. If you need assistance completing the PPP application, C.A.R. Pursuant to the COVID relief package that passed on December 27, 2020 (known as CARES II Act), borrowers that have previously received a PPP loan will now be allowed to take out a second PPP loan. eidl for real estate agents If I'm on Disability, Can I Still Get a Loan? Effective March 25, 2020, SBA expanded the program to apply nationwide. Licensed real estate agents are statutory nonemployees and are treated as self-employed for all Federal tax purposes, including This loan program can be used to build your real estate office, purchase commercial real estate, modernize facilities, improve energy efficiency, and more. list of mortuary science schools in kenya. Are they looking for my tax deductions? Underserved small business groups served by the state-supported network of small business centers (i.e., businesses majority owned and run on a daily basis by women, minorities/persons of color, veterans and businesses located in low-to-moderate income and rural communities). Chris and Gary, What happens if any portion of my PPP loan is not forgiven? The PPP is particularly attractive because it provides loan forgiveness if you spend the funds on payroll costs and other allowable uses within the first eight weeks of receiving them. Employees will likely need to pay income tax on the loan proceeds they receive, although the IRS has not yet issued any formal guidance on this. 2021Copyright CALIFORNIA ASSOCIATION OF REALTORS. If a Schedule C filer elects to use gross income to calculate its loan amount on a First Draw PPP Loan, and the borrower reported more than $150,000 in gross income on the Schedule C that was used to calculate the borrowers loan amount, the borrower will not automatically be deemed to have made the statutorily required certification concerning the necessity of the loan request in good faith, and the borrower may be subject to a review by SBA of its certification. How do I calculate my maximum PPP loan amount if I am a sole proprietor with employees? But now, instead of eight weeks worth of average 2019 or 2020 weekly cash compensation (a max of $15,385 per individual), you can get loan forgiveness for up to 24 weeks worth of average weekly 2019 or 2020 cash compensation, making the new maximum forgiveness cap $46,154 for cash compensation per individual employee. For more information on SBA 7(a) loans, please visit https://www.sba7a.loans/sba-7a-loans-small-business-blog/how-do-commercial-real-estate-loans-work. The SBA will reach out to those who qualify to explain how to receive a targeted EIDL advance. Repayment plans are available up to 30 years as determined on a case-by-case basis. Lastly, and very importantly, the SBA instructs that before applying for a PPP loan, borrowers should consider whether their potential access to other sources of liquidity ultimately makes a PPP loan unnecessary to support their ongoing operations. Real Estate Economic loss is defined as the amount by which the gross receipts of the covered entity declined during an 8-week period between March 2, 2020 and December 31, 20201, relative to a comparable 8-week period immediately preceding March 2, 2020 or during 2019.