MooveGuru, a company that works with brokerages and agents to help buyers and sellers move, wants agents to know they can still apply for a forgivable loan under the federal Paycheck Protection Program (PPP) through May 31.
The PPP first launched a year ago and offered forgivable loans — or, effectively, grants — to companies suffering amid a COVID-prompted economic downturn who use the funds for payroll costs. Independent contractors could also apply for cash, and successful applicants were able to collect up to 2.5 times their monthly payroll. After a rocky rollout, scores of real estate firms ultimately took home a collective $15.5 billion by the end of June. The Biden administration has extended the program twice and the new deadline is set for May 31.
Last month, MooveGuru teamed up with Blueacorn, a fintech company that helps small businesses nationwide apply for PPP loans, to offer independent contractors an easy way to apply for the PPP program through financial security application developer and Small Business Administration (SBA) lender Capital Plus Financial.
MooveGuru, Capital Plus Financial and Blueacorn collaborated to develop and launch a website for real estate agents to easily apply for the loans: https://mooveguru.blueppp.com. According to MooveGuru, about 90 percent of agents who receive a 1099 tax form will qualify for a forgivable PPP loan, which range from around $5,000 on the low end to up to $20,833 on the high end according to information provided by Capital Plus, Blueacorn and MooveGuru.
To qualify, agents may not have received a loan in the first round of PPP funding and must have received a commission check in February 2019 as an independent contractor, the companies said in a press release.
“When we investigated the new laws and realized that about 80 percent 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,” said Scott Oakley, CEO of MooveGuru, in a statement.
“Partnering with Blueacorn was the perfect match. 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.”