COVID-19 SBA Programs Funding Dries Up
LOUISIANA REALTORS • April 17, 2020
The $349 billion authorized in the CARES Act for Paycheck Protection Program loans has been exhausted. It is reported that loan applications received by banks but not yet submitted to SBA will not be able to be completed, and the agency will not maintain a queue for PPP applications if additional funds are authorized. Any loan applications that have received an SBA authorization number may be able to receive an SBA guaranty, however.
Also, the SBA is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.
Aware of the looming shortfall, the National Association of REALTORS® sent a letter to lawmakers on Monday, April 13th seeking more funds to keep the programs operating. Louisiana REALTORS® is monitoring the situation and will provide updates when information is available and confirmed.
In the meantime, reference this infographic to see information about each of the available programs.
Take advantage of safety training and other resources provided by your local REALTOR® Association in Louisiana.
Construction Update: Act Nos. 239 and 422 Eric Landry, Breazeale, Sachse & Wilson, L.L.P. Louisiana REALTORS® Counsel
NAR is pleased to share the latest consumer guide focused on how the VA Home Loan offers a great path to homeownership for current and former military service members. 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: NEW: What Is the VA Home Loan Guaranty? 10 Tips for Packing Smartly for a Move State and Local Tax (SALT) Deductions Buying a Historic Property Making Your Home More Energy Efficient Working with a Real Estate Attorney 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 the next consumer guide, which outlines requirements for private mortgage insurance and how it protects lenders and consumers.
