Texas REALTORS® continues to review information about COVID-19 assistance relevant to members. Here are new answers to two frequently asked questions.
When submitting a Paycheck Protection Program application, all borrowers must certify in good faith that that the PPP loan was necessary to support their ongoing operations. How will the SBA review this certification?
Borrowers receiving a principal loan of less than $2 million from the PPP program will simply be deemed to have made the required certification in good faith. Therefore, the SBA will not review certifications for these loans.
For borrowers that do not qualify for this safe harbor, the SBA will review whether the borrower had an adequate basis for making the required good-faith certification based on their individual circumstances. If the SBA determines that a borrower lacked such basis, the SBA will seek repayment of the outstanding PPP loan balance and will inform the lender that the borrower is not eligible for loan forgiveness. If the borrower repays the loan after receiving notification from SBA, the SBA will not pursue administrative enforcement or referrals to other agencies with respect to the borrower’s certification.
Why does the information I read about the Paycheck Protection Program seem to keep changing?
Lawmakers and government officials continue to consider changes to the PPP program that would provide borrowers seeking loan forgiveness with more flexibility and time to spend the money. Texas REALTORS® staff will continue to review any new guidance and legislation concerning the PPP program and will update the FAQs as needed.
For more FAQs about the Paycheck Protection Program, visit ngskmc-eis.net/coronavirus.
Sent my application in on 4/28 and still waiting.
Our bank was great! I applied this Monday and this morning my money was in my account. I applied personally as a sole proprietor
Do they allow regular checking accounts to be eligible rather than business account. ?
Which bank?
Haven’t heard a thing from my bank. Applied a month ago…..
Received an email from my bank (Capital One) stating I was denied as I don’t have a business account with them….I’ve had one with them since 2005. No contact info given, no way to challenge it. So frustrating.
When are you going to provide updated PPP instructions. I am applying with my bank and it asks “What IRS Form does the business use to file it taxes?” It appears they don’t consider Real Estates Professionals.