CARES Act FAQ Provided by NAR
Thursday, April 2 2020 5:30 PM
NAR’s Federal Advocacy team has been working closely with Congress and the Administration to ensure the interests of REALTORS® and their clients are protected in any federal action in response to COVID-19. Many REALTORS® are small businesses, or work with them as clients. In the most recent relief package passed into law, the "Coronavirus Aid, Relief, and Economic Security Act" or CARES Act, there were significant provisions aimed at assisting small businesses during this difficult time. The CARES Act appropriates more than $360 billion total for new Small Business Administration (SBA) programs - the 7(a) Paycheck Protection Program loans and the Economic Injury Disaster Loans (EIDL) advance grants program.
Here are a number of Q&As to address frequent questions about who is eligible and how to apply for these brand new programs created by the Administration. We continue to learn more about these relief measures daily and will update this document as events warrant. Application for the SBA PPP loan begins tomorrow, April 3, 2020.Previous: COVID-19 Guidelines & Best Practices Next: CARES Act: Unemployment Benefits for Self-Employed