UPDATED April 16, 2020: According to official reports, the SBA processed 14 years worth of loans in only 14 days and now the funds allocated for this program are exhausted. Both Congress and Treasury officials are seeking additional appropriations to make more funds available. You will need to check with your local lender to determine if you can still apply while the additional funding requests are pending in Washington. As soon as there is an update on funding, Illinois REALTORS® will inform members immediately.

REALTORS® interested in financial relief for their small businesses can visit the National Association of REALTORS® website for more information about the programs funded by the Coronavirus Aid, Relief and Economic Security (CARES) Act.

The Frequently Asked Questions section provides details about two Small Business Administration (SBA) programs for which Congress recently appropriated a total of $360 billion: the 7(a) Paycheck Protection Program loans and the Economic Injury Disaster Loans (EIDL) advance grants program.

The FAQs are broken into three sections for easy review. They can even be downloaded for those who’d like to print a copy of the document.