Real Estate Agents Eligible for PPP Loans Until March 31

MooveGuru, the real estate industry’s most extensive moving concierge service, today announced that they have partnered with Blueacorn to give independent contractors the ability to apply for the federal Paycheck Protection Program (PPP) loan program through Capital Plus Financial. The second wave of federal loan funding to small businesses includes $250 billion earmarked to small businesses. As of right now, about $128 billion of that money is still available. Last week, the federal government extended the benefit to independent contractors including real estate agents. This program expires on March 31 unless there is an extension.

Capital Plus Financial, a certified Community Development Financial Institution (CDFI), SBA PPP lender and subsidiary of Crossroads Systems, Inc., is collaborating with MooveGuru and Blueacorn to develop and launch an online website for real estate agents to easily apply for these loans.

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,” says 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.”

This article was from Real Estate Monitor Worldwide and was legally licensed through the Industry Dive publisher network. Please direct all licensing questions to legal@industrydive.com.