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
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.