SBA Paycheck Protection Program Rules & Guidance
LOUISIANA REALTORS • April 15, 2020
The Small Business Administration (SBA), in consultation with the Department of the Treasury, announced the issuance of new rules and guidance for the Paycheck Protection Program (PPP) late Tuesday, April 14th.
PPP FAQs as of April 14, 2020
The additional guidance provides specific information on calculating the maximum loan amount for individuals with self-employment income who file a Form 1040, Schedule C, Profit or Loss From Business.
The guidance indicated that borrowers who have previously submitted loan applications may rely on the laws, rules, and guidance available at the time of the relevant application. However, borrowers who previously submitted loan applications that have not yet been processed may revise their applications based on clarifications reflected in the new FAQs.
The SBA also announced it will issue additional guidance at a later date for those individuals with self-employment income who: (1) were not in operation in 2019 but who were in operation on Feb. 15, 2020, and (2) will file a Form 1040 Schedule C for 2020.
The new rule is available here: https://www.govinfo.gov/content/pkg/FR-2020-04-15/pdf/2020-07672.pdf
NAR is pleased to share the latest consumer guide focused on state and local tax (SALT) deductions . This guide explains federal tax law changes that temporarily quadruple the amount of state and local taxes (SALT) that taxpayers can deduct and will make homeownership more accessible and affordable, especially for people in higher-tax states. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow a few days for the Spanish version of the latest resource to be translated and uploaded. For ease of reference, below is a list of the most recent guides: Assistance Programs Real Estate Auctions Working with a Real Estate Attorney Making Your Home More Energy Efficient Buying a Historic Property Thank you for your continued engagement with the “Consumer Guide” series and for sharing the resources with prospective clients to ensure they have the information they need to find success in their homebuying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. Be on the lookout for next week’s guide on August 6, which will cover packing tips and tricks.
The Louisiana REALTORS® Board of Directors will elect six (6) LR At-Large Directors at its October 8th meeting. Qualifications and an application for the position can be found below.
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