Good Afternoon RAFV,
 
I hope you are all doing well in isolation and are staying safe during this time. I wanted to let you know about the SBA 7(a) Paycheck Protection Program Loan Application as soon as I heard this news. The quickest way for me to get this out to you is to attach an email from two leaders at NAR in DC Erin K. Stackley, Esq. (Senior Policy Representative, Commercial Issues) and Joseph M. Ventrone (Vice President, Federal Policy and Industry Relations)

Please be sure to put 4/3 on your calendar to look for the application! I will continue to update you as soon as I hear any addtitional information.
Treasury Releases SBA 7(a) Paycheck Protection Program Loan Application; Applications open 4/3 and 4/10

The Treasury Department released the  application for the SBA 7(a) Paycheck Protection Program (PPP) loans, which you can access here . [If that link is not working, please check back - there seems to be a technical issue at the moment.] It also released a  summary guide of the program for borrowers, here

Small businesses and sole proprietors can apply beginning this Friday, April 3; independent contractors and the self-employed can apply beginning next Friday, April 10. Applications go directly to SBA lenders, which you can find through  the SBA site here .  

This is a new program created by the CARES Act to provide small businesses (500 employees or fewer), sole proprietors, and the self-employed/independent contracts who are impacted by COVID-19 with loans of 2.5x their average monthly payroll expenses (up to $10 million) to cover payroll, mortgage interest, rent, and utilities for an 8-week period during the crisis. Employers who maintain payroll levels of at least 75% of their average and the same number of employees are eligible for loan forgiveness. You can learn more about the loan program in  NAR's CARES Act FAQ document and  the CARES Act Summary .  

There are still some questions as to if a small business should include independent contractors in its employee numbers and payroll costs; what we know for certain is that independent contractors can apply for their own 7(a) PPP loans. We are seeking clarity on that question from the Treasury and the SBA and will have the answer soon.  

NAR will be posting a SBA-Program specific FAQ focusing on the 7(a) PPP loans and the  Economic Injury Disaster Loans, which you can apply for here . (Businesses can apply for both, but the funds cannot be used for the same purposes, and the $10,000 advance grant is not forgiven if you also receive a forgivable PPP loan.)

Please stay tuned for more information and resources!  
We also hosted a webinar last week for DR's that is extremely informative. I recommend that everyone take a listen to the webinar and look at the slides. The best thing we can do for ourselves and our business is to stay informed.

As always, feel free to contact either myself or any member of the RAFV staff for assistance when you need it. Have a great week.

Stay safe,
Chris Studebaker
RAFV Chief Executive Officer
RAFV MAIN OFFICE NUMBER - 630-232-2360
Chris Studebaker , CEO x106
Dianne Hutchison , Memembership x101
Daniel Kmetz , Member Accounts x102
Missy Schneeberger , Education & Events x103
Lisa Ayres , Communications x104
This compliation is comprised of information from NAR, IL REALTORS®, and update emails from various chambers including Geneva and St. Charles.
REALTOR ® Association of the Fox Valley rafv.realtor