Possible Changes for PPP
LOUISIANA REALTORS • June 1, 2020
UPDATE:
On June 3, the Senate passed the “PPP Flexibility Act” by unanimous consent. This bill, which the House passed last week by a vote of 417-1, amends the CARES Act to give more flexibility to PPP borrowers in how they can use their loan proceeds. Specifically, the bill makes the following positive changes to the program:
- Extends the PPP program through the end of this year. The application deadline remains June 30, 2020.
- Increases the amount of time borrowers have to use their loans from 8 to 24-weeks (borrowers who use it in 8 will not be penalized).
- Decreases the mandatory payroll amount of the loan from 75% to 60%.
- Extends the forbearance period for a PPP loan from six-months to a year.
- Extends the re-hire exemption for businesses from June 30 to December 31.
The bill has been sent to the President, and he is expected to quickly sign it into law. The SBA and Treasury will need to issue new guidance and new forms to reflect these changes to the program, which we anticipate will be top priorities for them. NAR is updating its resources to reflect these changes and will keep you apprised as we learn more from the Treasury and SBA going forward.
For more information: https://www.nar.realtor/washington-report/ppp-flexibility-act-passes-congress
The United States House of Representatives recently passed the "Paycheck Protection Program Flexibility Act," which seeks to make several changes to the CARES Act to increase allow small businesses more flexibility with PPP loans. The Senate is expected to consider similar legislation next week, although there may be some differences in its legislation. The changes the House proposes include:
- Extending the program sunset to December 31, 2020;
- Extending the length of time businesses can use the loans from 8 to 24 weeks, or until the end of the year (whichever is earlier) (note: businesses that have used it in 8 will not be penalized);
- Removing the requirement that 75% of the loan go toward payroll costs;
- Making PPP recipient businesses eligible for the delayed payment of employer payroll taxes in the CARES Act; and
- Creating an exception to the rehire requirement for employees that were let go due to COVID-19 if a business can show that they are unable to return to normal operations due to compliance with federal government rules or guidelines based on maintaining sanitation, social distancing, or worker/customer safety requirements related to COVID-19.
The National Association of REALTORS pledges to continue to advocate for improvements to this program so it can be more responsive to the needs of small businesses and independent contractors during this crisis, and to ensure that the maximum number of them are able to reopen when it concludes.
2025 Extraordinary Legislative Session Wrap-up
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Louisiana REALTORS® wraps up 2025 and looks forward to 2026! Louisiana REALTORS® gathered in Baton Rouge from October 7–8 for the 2025 Fall Governance Meetings, a dynamic two-day event filled with professional development, strategic planning and member engagement. The day before the conference offered the conclusion to the 2025 LR Leadership Program with participants graduated from the yearlong program after a half-day session. The 2025 graduates include: Torri Byrd, Shawn Carter, Bradley Cook, Stefany Deroche, Mignon Richard Díaz, Alfra Dixon, Thaddeus Dixon, Glen Elliott, Yvonne Graham, Charlotte Johnson, Michelle LaBanca, Slagle McGuffee, Ellen Monroe, Matt Noel, Ros Pack, Tiffany Pellerin, Latonia Riggs, Shannon Rodi Nash, Trish Skellham, Rebecca Slone and Charlotte St. Romain. Additionally, a sold-out, full-day AI-Powered Real Estate Professional Certification course led by industry expert Matthew Rathbun blew away attendees and had them leaving the session with such invigoration. The first official day of the conference held focus on professional development and networking. Tuesday opened with an informative session entitled Professional Liability 101 from Rice Insurance Services Center, offering critical insights into E&O and risk management. RPR's session brought a wealth information to attendees and offered a hands-on learning experience for the tools offered online. Targeted sessions like the Local AE Meeting and the YPN Advisory Council Open Meeting provided space for peer exchange and innovation. The day concluded with a festive Opening Reception sponsored by Louisiana YPN, bringing members together to celebrate and connect. The next day offered collaboration and celebration with Closing the Affordability Gap, presented by the Louisiana Housing Corporation, equipping REALTORS® with tools to better serve clients in today’s market. Regional caucuses followed, allowing members from across Louisiana to discuss local issues and share best practices. The Board of Directors Meeting brought the governance portion of the event to a close with strategic decisions for the year ahead. At the Board Meeting, Chris Brock, Northeast REALTORS® of Louisiana; Trish Leleux, Greater Central LA REALTORS® Association; Synde Devillier, Bayou Board of REALTORS®; Scott McCubbin, Bayou Board of REALTORS®; Amber Morrow, Greater Fort Polk Area REALTORS®; and David Moses, Greater Central LA REALTORS® Association; were elected as 2026 At-Large Directors. The grand finale? A spirited LSU Pregame Fan Experience and the highly anticipated Installation Ceremony, where new leadership was formally welcomed in a celebration of community and commitment. Louisiana REALTORS® looks forward to hosting REALTORS® from around the state at the Winter Leadership Conference, March 3-4, 2026, at the Live! Casino & Hotel in Bossier City. We would like to thank our sponsors Greater Baton Rouge Association of REALTORS® (GBRAR) , Zillow , Dax Roy Appraisals, Supra, American Home Shield, Guard Home Warranty fo r their generous support in helping make this conference happen!
