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.
Association emphasizes lower monthly expenses, more housing options and practical relief for Louisiana families.
Want Your Teen to Own a Home Someday? Start Talking Money Now Teens may not be thinking about mortgage rates or down payments just yet, but the money habits they’re building now can follow them for years. And 88% of teens surveyed by Fannie Mae and Junior Achievement said they want to own a home someday. This week’s Consumer Guide: Talk to Your Teens About Money and Homeownership makes those conversations a little easier, covering everything from credit scores and budgeting to debt, renting versus owning and saving for that eventual down payment. So yes, you may have to interrupt the doomscrolling. But helping teens get smarter about money today could put them in a much better position to get the keys to a home of their own down the road. Download all of NAR’s Consumer Guides in English or Spanish at facts.realtor. For ease of reference, below is a list of the most recent guides: NEW: Teen Financial Literacy Fraud Red Flags Helping Family Members Become Homeowners Prepare Your Home for Hurricane Season Condominium Insurance 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 home buying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. The next Consumer Guide, scheduled for publication on Oct. 21, will cover winter cold and storm preparedness.
Homeownership Is on Louisiana's November Ballot
