WASHINGTON (April 23, 2020) – National Association of Realtors® President Vince Malta issued the following statement after the U.S. House voted Thursday evening to provide additional funding to small-business relief programs created by the CARES Act. NAR had made reviving the Paycheck Protection Program and the Economic Injury Disaster Loan program its top priority over recent weeks, calling on Congress to replenish funds that had proven so valuable to America’s 1.4 million Realtors®.
“SBA loan programs have been a lifeline for Realtors® fighting to serve clients and pay employees during this crisis,” said Malta, broker at Malta & Co., Inc., in San Francisco, CA. “While our 1.4 million members find innovative ways to get Americans into new homes without jeopardizing public safety, NAR is focused on ensuring Realtors® and the real estate industry are in the best possible position to lead in our nation’s upcoming economic recovery. We’re grateful to Congress and the administration for moving to secure programs like the EIDL and PPP, which help keep small businesses, independent contractors and the self-employed afloat until that time.”
Under this agreement, the PPP will receive an additional $310 billion, while the EIDL fund and associated grants will receive $60 billion.
The bill sets aside $60 billion of PPP funding exclusively for small and medium-sized community banks that will provide extra help for the self-employed and small businesses and which lack relationships with larger banks.
Also included is $25 billion for Coronavirus testing and $75 billion for hospitals. The Senate passed this legislation Tuesday and President Trump is expected to sign it into law shortly.
The National Association of Realtors® is America’s largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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