![](\"https:\/\/www.floridarealtors.org\/sites\/default\/files\/styles\/full_width_main_image\/public\/page\/image\/2021-01\/gettyimages-1221398904.jpg?h=119335f7&itok=6NRkeqCQ\")
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While a lifeline to struggling businesses, PPP loans also created confusion \u2013 but new easy-to-understand guidelines cover applying, second-draw loans and PPP forgiveness.<\/span><\/span><\/p>\n<\/div>\n WASHINGTON \u2013 Paycheck Protection Program (PPP) loans created under federal programs to help businesses weather the coronavirus pandemic offer a lifeline to businesses struggling to make it through the downturn and thrive once it ends.<\/span><\/span><\/p>\n However, the loans have created some confusion, and many businesses who could benefit have been slow to apply. To help simplify the process, the National Association of Realtors\u00ae (NAR) created a series of one-page information guides that make it easier for real estate professionals and other business owners to understand whether they\u2019d benefit from a PPP loan, which may be forgivable.<\/span><\/span><\/p>\n In addition to info on applying for a PPP loan, the one-page guides also answer questions about second-draw loans, forgiveness, and PPP for 501(c)(6).<\/span><\/span><\/p>\n The first COVID-19 relief package passed in April 2020, the \u201cCoronavirus Aid, Relief, and Economic Security Act\u201d (CARES Act), had some strong provisions aimed at helping small businesses. It included more than $360 billion for new Small Business Administration (SBA) programs, the 7(a) Paycheck Protection Program (PPP) loans and the Economic Injury Disaster Loans (EIDL) advance grants program.<\/span><\/span><\/p>\n Since that time, Congress has appropriated even more funds, most recently in the Dec. 21, 2020, COVID-19 relief bill and omnibus spending package, which added $284.45 billion for PPP and $20 billion for EIDL advance grants.<\/span><\/span><\/p>\n The new law added a streamlined forgiveness process for loans less than $150,000 and gave some hard-hit small businesses access to second-draw PPP loans. It also corrected an IRS ruling and now business expenses paid with forgiven PPP loan money are now tax-deductible.<\/span><\/span><\/p>\n Both loan programs were extended until Sept. 30, 2021.<\/span><\/span><\/p>\n NAR offers more information about loan programs<\/a> on its website. Applicants seeking a PPP loan also have a simplified access application called \u201cEZ Application<\/a>.<\/span><\/span><\/p>\n\nNAR guides<\/span><\/span><\/h3>\n
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