PPP Loans for Real Estate Agents Extended Until May 31

MooveGuru recently announced that the federal government extension of the Paycheck Protection Program Loan (PPP) will allow MooveGurus partners, blueacorn and Capital Plus Financial, to continue processing applications until the new deadline of May 31, 2021.

Earlier this year, MooveGuru collaborated with financial security application developer and Small Business Administration (SBA) lender Capital Plus Financial to develop a process that makes it easy and straightforward for independent contractors like real estate agents to benefit from the PPP loan programs that the United States government is making available. This is the second extension of the program under the new federal administration.

Capital Plus Financial is an SBA lender who is collaborating with MooveGuru and blueacorn to develop and launch an online website for real estate agents to easily apply for these loans.

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 $20,833 on the high end according to information provided by Capital Plus, blueacorn, and MooveGuru. Approval rates are currently at 90%.

To qualify, real estate agents may not have received a loan in the first round of PPP funding and received a commission check in February 2019 as an independent contractor.

“When we investigated the new laws and realized that about 80% of the real estate agents in the U.S. could qualify for the PPP, we set out to find the right partner to help make the process easy for any real estate agent or mortgage loan officer to qualify within 15 minutes. Partnering with blueacorn was the perfect match,” said Scott Oakley, CEO of MooveGuru. “They already had an entire platform for real estate agents to qualify within minutes and the average agent is getting $12,500 in forgivable PPP loans.”

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