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Guidance for Unemployment Assistance Frequently Asked Questions 04022020

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A joint statement from the Ocean City Board of REALTORS® and the Ocean City Real Estate Brokers

Dear Friends;

We hope this letter finds you well, safe and at home.  

As America’s Greatest Family Resort, Ocean City, NJ is committed to keeping ALL families safe in the face of the Covid-19 pandemic.  We in the real estate community in Ocean City are following all of the guidelines from the state and federal government during this unprecedented time.  Most of our offices are still operating with limited staff, but closed to the public.  

Our real estate agents are still working.  You can contact us online or through our cell phones.  We are still booking rentals for the summer.  We are still listing homes for sale.  We are still able to show homes on a one on one basis, if they are available to show.

 As REALTORS, we are members of the small business community too.  We rely on the summer months the same as every other small business at the shore.  We also live here, dine here, shop here, go to the beach here, ride the rides here, enjoy the boardwalk here.  We are in this together and we are doing our part.  

Treasury Releases SBA 7(a) Paycheck Prot'n Program loan application; Applications open 4/3 and 4/10

Good afternoon:  Today, the Treasury Department released the application for the SBA 7(a) Paycheck Protection Program (PPP) loans, which you can access here.  [If that link is not working, please check back - there seems to be a technical issue at the moment.]  It also released a summary guide of the program for borrowers, here

Small businesses and sole proprietors can apply beginning this Friday, April 3; independent contractors and the self-employed can apply beginning next Friday, April 10.  Applications go directly to SBA lenders, which you can find through the SBA site here.  

This is a new program created by the CARES Act to provide small businesses (500 employees or fewer), sole proprietors, and the self-employed/independent contracts who are impacted by COVID-19 with loans of 2.5x their average monthly payroll expenses (up to $10 million) to cover payroll, mortgage interest, rent, and utilities for an 8-week period during the crisis.  Employers who maintain payroll levels of at least 75% of their average and the same number of employees are eligible for loan forgiveness.  You can learn more about the loan program in NAR's CARES Act FAQdocument and the CARES Act Summary.