SBA Paycheck Protection Program - Independent Contractors Apply April 10
Monday, April 6 2020 5:00 PM
The SBA released its interim final rule for the program, which provides much-needed clarity on a point relevant to many real estate brokerages and REALTORS®: how should a business account for independent contractors?
The final rule explicitly states that since independent contractors can apply for their own loans (beginning April 10), they should not be counted toward another business's employee headcount or its average monthly payroll costs.
Eligible borrowers should reach out to their lenders.
To learn more about the program – who is eligible, how to apply, what borrowers need to provide to lenders, and other resources – please visit NAR's "SBA CARES Act FAQ," which has been updated with the new information from the interim rule.
Additional helpful links here:
- SBA COVID-19 Resources for Small Businesses
- SBA 7(a) PPP Loan Application
- Treasury Guidance for Borrowers
- SBA Interim Final Rule