The second wave of federal loan funding to small businesses includes $250 Billion earmarked to small businesses. As of right now, about $128 Billion of that money is still available. Last week, the federal government extended the benefit to independent contractors including real estate agents.
Capital Plus Bank is an SBA lender who partnered with Blue Acorn to develop an online tool for real estate agents to apply for these loans. The marketing for the program is being handled by MooveGuru.
Paycheck Protection Program or PPP loans cover independent contractors in Real Estate, about 90% of the 1099 agents will qualify for the forgivable government PPP loan. The loan amount is likely to be around $5,000 on the low end and up to $25,000 on the high end according to information provided by Capital Plus, Blue Acorn, and MooveGuru. Approval rates are currently at 90%.
The website to share with agents to apply for the loan is https://mooveguru.blueppp.com