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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.  

From the Mayor.....Ocean City, NJ

March 31, 2020


Dear Friends,

I want to thank local real estate professionals for their cooperation in fighting the spread of coronavirus. Yesterday, I joined the mayors of Cape May County in urging the elimination of all short-term rentals for the duration of the governor’s executive orders, and I noted in an update this weekend that local leaders in the real estate industry have agreed to do the same. I want to clarify that most Ocean City real estate professionals will not accept any new rental agreement with check-in before May 1. I urge all private owners to do the same. It will be necessary to extend this suspension of new rentals beyond April if the governor’s orders continue.

The city’s message to renters and visitors must be clear: Don’t come to Ocean City during the State of Emergency.

I also signed a proclamation this afternoon that prohibits the operation of online marketplaces for arranging lodging for stays during the month of April. If the State of Emergency continues into May, so will this prohibition.

How New Federal Guidelines Affect NJ Real Estate

The following message will be sent to the membership later this afternoon to clarify whether the newly released federal guidelines will have impact on New Jersey real estate.

Yesterday, the U.S. Department of Homeland Security Cybersecurity and Infrastructure Security Agency (“CISA”) issued updated guidelines which provide that “residential and commercial real estate services, including settlement services” are part of the essential critical infrastructure workforce. Although CISA made it clear the guidelines are “advisory in nature” and should not be considered a federal directive, it provides direction for those states that previously have not considered real estate services to be essential services.

 

Ocean City, NJ Real Estate - A Shore Value ™

About Us

The Ocean City Board of REALTORS® (OCBOR) is a professional membership organization dedicated to the successful practice of the real estate profession. OCBOR seeks to provide continuing education, technology, networking opportunities and business resources to its Members. OCBOR upholds the highest standards of integrity and professionalism by insisting that members conduct themselves by the standards of the National Association of REALTORS® Code of Ethics.
The not for profit organization provides services to over 550 REALTOR® Members. The OCBOR Board of Realtors® has approx. 40 Affiliate Members who provide a variety of services to Buyers, Sellers and Homeowners.

Copyright © 2020 Ocean City Board of REALTORS®. All Rights Reserved.
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