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Please note: The SBA Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) Advance Grant Program are both closed to new applications. General information on the programs and the forgiveness process for each can be found on this page.
NAR worked closely with Congress and the Administration to ensure the interests of REALTORS® and their clients were protected in any federal action in response to COVID-19. Many REALTORS® are small businesses, or work with them as clients. In the first relief package passed into law in April 2020, the "Coronavirus Aid, Relief, and Economic Security Act" or CARES Act, there were significant provisions aimed at assisting small businesses during this difficult time. The CARES Act created two new Small Business Administration (SBA) programs - the 7(a) Paycheck Protection Program (PPP) loans and the Economic Injury Disaster Loans (EIDL) advance grants program, which had multiple rounds of appropriations, most recently in the December 2020 COVID-19 relief package and the American Rescue Plan, passed in March 2021.
The PPP loans and the EIDL advance grants evolved from their creation in the spring 2020, reflecting the ongoing economic challenges presented by the COVID-19 pandemic and the need for greater flexibility for the small businesses participating in the programs. This FAQ provides the most up-to-date information on both programs, their requirements, and how borrowers can achieve forgiveness.
The December 21, 2020 COVID-19 relief bill made some major changes to PPP, including a streamlined forgiveness process for borrowers of less than $150,000 in loans; allowing some hardest-hit small businesses access to second-draw PPP loans; giving certain 501(c)(6) organizations access to the program; and correcting an IRS ruling to allow for business expenses paid for with PPP loan money that is later forgiven to be tax-deductible. This FAQ reflects the current, most up-to-date rules for the programs.
