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PPP loan application deadline is Aug. 8

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The deadline to apply for a Paycheck Protection Program (PPP) forgivable loan is Saturday, August 8, 2020. For some members, a PPP loan may be a way to replace income lost during the pandemic without having to repay a loan. Borrowers can potentially get 100% of their PPP loan forgiven, which means the loan will become a grant and will not need to be repaid. Sole proprietors, independent contractors, and other self-employed individuals all qualify for PPP loans. Most real estate brokers and real estate firms are therefore likely to qualify.

One common question has been whether a PPP loan must be reported by members receiving unemployment or Pandemic Unemployment Assistance (PUA) benefits. Neither the California EDD nor the U.S. Department of Labor have provided guidance on this issue.

However, since the $600 federal addition to UI or PUA benefits has ended (as of July 25), many members are reconsidering whether it makes sense to apply for a PPP loan now, even if they are eligible for PUA or UI benefits. Members without employees may be eligible for fully forgivable loans up to $20,833.

While there is no guidance on whether recipients of a PPP loan must report loan proceeds when certifying for benefits, the California EDD has said it is safest to report the proceeds until guidance is available from the appropriate government agencies. It’s important to note that reporting the PPP proceeds could impact receipt of Pandemic Unemployment Assistance or regular unemployment benefits for eight weeks, so members should consider the potential trade off before deciding to apply for a PPP loan.

Entities making PPP loans include banks, financial technology companies, and credit unions. Applications must be submitted to the lender rather than to the SBA directly. To apply, contact your regular bank, another brick and mortar bank, or various FinTech companies providing PPP loans. Information on such entities can be found in our SBA Loan FAQ, found at the link below.

More information about PPP loans can be found here: SBA Loan FAQs for Agents. General questions regarding the PPP loan forgiveness process should be directed to the COVID Relief Hotline at 213-351-8450 or [email protected].


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