The National Association of REALTORS® (NAR) sent a letter to all members on Capitol Hill on April 13 advocating for adequate funding for the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan Emergency Advance (EDIL) programs.
“High-demand for these programs has strained the SBA and its lenders, raising legitimate concerns that necessary funding will quickly become depleted,” the letter from NAR stated. “In addition, many SBA lenders are turning away PPP applicants without existing business accounts. This has left countless businesses and independent contractors unable to access funding, which within one week of opening was already nearly one-third committed… We strongly urge you to provide additional funding for the PPP and EIDL programs in future COVID-19 response legislation, ensuring the need for these loans is met as this crisis continues.”
NAR says these programs provide “much-needed protections” for small businesses and independent contractors who have been impacted by COVID-19.
For more information, please visit www.nar.realtor.