President Trump has signed into law an interim spending bill allocating additional funds for emergency aid programs for small businesses. Many REALTORS® are eligible for these aid programs.
Specifically, the law allocates:
- $310 billion for the Paycheck Protection Program (PPP), which provides forgivable loans to small businesses, including REALTORS®. Of this allocation, $60 billion has been set aside for community banks, credit unions, and community development financial institutions, which can better serve smaller businesses and minority-owned firms, organizations that are less likely to have an existing relationship with a larger bank.
- $60 billion for the Economic Injury Disaster Loan (EIDL) program, to provide $50 billion in loans and $10 billion in emergency grants to small businesses, including REALTORS®.
- $25 billion for coronavirus testing and $75 billion for hospitals.