• About Us
  • Privacy Policy
  • Contact
Mortgage Insurance Center
  • Home
  • Mortgages
  • Health Insurance
  • Home Insurance
  • Life insuranace
  • Finance Laws
    • Banking Laws
    • Assets
    • Interest Rate
    • Loans
No Result
View All Result
  • Home
  • Mortgages
  • Health Insurance
  • Home Insurance
  • Life insuranace
  • Finance Laws
    • Banking Laws
    • Assets
    • Interest Rate
    • Loans
No Result
View All Result
Mortgage Insurance Center
No Result
View All Result
Home Loans

Real Estate Agents Landed $3.9B in PPP Loans: Report

by Matthew Upton
June 7, 2022
in Loans
0
Real Estate Agents Landed $3.9B in PPP Loans: Report
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

[ad_1]

(iStock/Illustration by The Real Deal)

(iStock/Illustration by The Real Deal)

Real estate agents reeled in $3.9 billion in loans from pandemic relief loans, a boost made sweeter by the housing market’s recent hot streak.

Industry entities landed more than 300,000 loans in all from the Paycheck Protection Program, NBC News reported. The outlet compiled the figures by looking at real estate entities employing only one person through data from the Pandemic Response Accountability Committee, which publicly oversees relief spending.

Those real estate businesses received an average of $13,000 in relief loans. Hundreds, however, received more than $90,000 each.

In terms of forgiveness, real estate agents fared similarly to other US industries. About $3.1 billion in funds have been forgiven, 83 percent of the loans and 84 percent of the total dollar amount. For the entire $789 billion program, 80 percent of loans and 84 percent of the total dollar amount have been forgiven.

While industries like hospitality and retail buckled under pandemic pressure, residential real estate quickly boomed. After an uncertain first few weeks full of canceled showings and contracts, prices — and therefore, commissions — soared.

Sales rose 53 percent from April 2020 to the end of the year and are up 40 percent from the beginning of 2020, NBC News reported. Nationwide total commissions were $76.2 billion in 2019, $85.9 billion in 2020 and $98.8 billion in 2021.

The PPP intended for loans to be forgiven if certain rules were met, such as spending 60 percent of the loans on payroll or spending a certain amount on eligible expenses. In this way, it functioned more as a grant program and even if real estate agents ultimately didn’t need the help, they were entitled to it.

Erin Stackley, a senior policy representative with NAR, defended the PPP loans and forgiveness for agents, telling NBC News it “is what the SBA and Congress intended to happen.”

Some agents, however, seemed at odds with the optics of being forgiven on these loans and pulling in commissions. Many declined to comment at length about their loans to NBC News. One agent who did comment she was paying off her loan.

“It ended up being a crazy year because I’m in Austin and I didn’t feel right asking for it to be forgiven,” Phyllis Patek told NBC News.

[NBC News] — Holden Walter-Warner

[ad_2]

Source link

Previous Post

Federal Mortgage Bank Recapitalisation Plan Gets BPE’s Nod

Next Post

Trauma Insurance Agency Establishes Boutique Life And Health Insurance Coverage

Next Post

Trauma Insurance Agency Establishes Boutique Life And Health Insurance Coverage

Popular Posts

Ajanta Pharma : Newspaper Advertisements
Life insuranace

Taiming Assurance Broker : Announcement on behalf of the major subsidiary Link-Aim Life Insurance Broker Co.,LTD. to distribute dividends.

by Matthew Upton
July 28, 2022
0

Close Provided by: TAIMING ASSURANCE BROKER CO.,LTD. SEQ_NO 4 Date of...

Read more

Taiming Assurance Broker : Announcement on behalf of the major subsidiary Link-Aim Life Insurance Broker Co.,LTD. to distribute dividends.

20% interest rate on credit cards! Here’s how to avoid paying those high rates :: WRAL.com

Sens. Murphy, Blumenthal, Colleagues Reintroduce the Behavioral Health Coverage Transparency Act – InsuranceNewsNet

$1 billion in loans still available for agricultural funding in Ohio

How Long Do Car Accidents Stay on Your Record?

Rocket Mortgage Classic Wagers: Pick To Finish Top-10

Load More

Popular Posts

Hingham DPW Workers Deserve Respect, Decent Wages and Affordable Health Insurance

Hingham DPW Workers Deserve Respect, Decent Wages and Affordable Health Insurance

by Matthew Upton
July 5, 2022
0

Propy introduces blockchain title and escrow service

Propy introduces blockchain title and escrow service

by Matthew Upton
May 26, 2022
0

Biden administration sued after fertility awareness methods cut from health coverage

by Matthew Upton
June 15, 2022
0

Ajanta Pharma : Newspaper Advertisements

Taiming Assurance Broker : Announcement on behalf of the major subsidiary Link-Aim Life Insurance Broker Co.,LTD. to distribute dividends.

July 28, 2022

20% interest rate on credit cards! Here’s how to avoid paying those high rates :: WRAL.com

July 28, 2022
Edelweiss General Insurance launches India’s first on-demand, mobile telematics-based comprehensive motor insurance – SWITCH

Sens. Murphy, Blumenthal, Colleagues Reintroduce the Behavioral Health Coverage Transparency Act – InsuranceNewsNet

July 28, 2022

Categories

  • Assets
  • Banking Laws
  • Finance Laws
  • Health Insurance
  • Home Insurance
  • Interest Rate
  • Life insuranace
  • Loans
  • Mortgages

Tags

home loans mortgage personal loan
  • Privacy Policy
  • contact us

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • About Us
  • contact us
  • Home
  • Home 2
  • Home 3
  • Privacy Policy

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.