Real Estate Agents Covid-19 Loan Grants - What are they and How-To Apply - #Realtors

Paula Wynn who Applied for the “COVID-19 ECONOMIC INJURY DISASTER LOAN APPLICATION” shares the process she went through so you as a Realtor can be informed and decide if it is something you want to participate in.

Paula joined a call held by the SBA in North Florida by Gilbert (Gil) Colon, Deputy District Director of SBA North Florida.

COVID-19 ECONOMIC INJURY DISASTER LOAN APPLICATION - Up to $10K can be a Grant! Individuals who operate under a Sole Proprietorship, with or without employees, or as Independent Contractors (Real Estate Agents)

https://www.sba.gov/funding-programs/disaster-assistance
then top link in Yellow Bar or
https://covid19relief.sba.gov/#/


• Apply at https://www.sba.gov/funding-programs/disaster-assistance
• Click on Economic Injury Disaster Loans and Loan Advance
• Click on the second option: Applicant is an individual who operates under a sole proprietorship, with or without employees, or as an independent contractor.
• The next section if you cannot check all 7 boxes you cannot qualify
• Under business type you need to click on independent unless you have a business license
• Your business is applying for this loan not you personally
• Date business established will be the date you put your license with a broker
• Business activity – Real Estate
• Next page is all about you THE OWNER
• On the last page make sure you check this box
I would like to be considered for an advance of up to $10,000.
• Every business should apply (multiple business’ you apply separately for each business)
• Do NOT have to have employees to qualify
• 30 yr fixed rate loan
• 3.75% interest
• 12 month interest free deferment
• 12 months starts the day you receive the loan
• Make sure you check the box beside
• First $10K is forgivable (Do NOT have to repay)
• No pre-payment penalty
• SBA decides how much you will get, you do not get to ask for a certain amount
• You do NOT have to accept any amount over the $10K
• Independent contractors (REALTORS) DO qualify
• In the past they would pay off back taxes the disburse the remainder to the business but they are NOT doing that this time
• If you already have a disaster loan you can still qualify and your payments for both loans will automatically be deferred for 12 months
• What you will need:
o Gross revenue
o Cost of Goods (expenses)
o 2 yrs of tax returns (will be asked for later in the process) (4506-T)
o P&L Statement
• Real Estate agents should apply but not all will qualify
• Business’ that have been in business less than a year may qualify.

Thank you Paula for sharing your insights in this process; Paula Wynn is a Jacksonville, FL Real Estate Agent with EXIT Real Estate Gallery.

Recorded and Shared by Key Yessaad. Key is a Real Estate Mindset Trainer, Internet Strategist, and creator of the #8WeekSuccess Boot-Camp Program. Key has been a Trainer and Business Coach nearing 2 decades focusing primarily on empowering Agents develop the Skills and Habits of Prospecting, Web Services, SEO Strategies, Time Blocking, Blogging, Internet Marketing, Lead Generation, and Listing Success. (910) 538-6610 - https://www.realestatewebtrainer.com/

Related Hashtags: #SBAFinancialGrant #Covid19Relief #PaulaWynn #RealtorAssistance #RealtorsLoanAdvance #RealtorsGrant #TakeAction #CovidAction #RealEstate #RealEstateCoaching #KeyYessaad