We have lots of good news to share this Friday including showings, a new and exclusive program launching Monday to attract listings and a stimulus package update! SHOWINGS ARE ACTIVELY PICKING UP! Check out this graph provided by Showing Time. This is certainly momentum in the right direction.
If you need masks for showings, please reach out to your manager. We are providing them to you at cost, 15 masks for $10. Your manager can get them to you if needed.
NEW EXCLUSIVE PENFED PROGRAM LAUNCH
Our weekly live Q&A next week will be temporarily moved to Monday at 10:30 am. We are very excited to officially introduce the PenFed Realty Makeover Advantage program to help you win more listings! This is an exclusive benefit for BHHS PenFed agents to share with clients. Please join us on Monday at 10:30 am to learn about this new offering and how to apply this to your business. We will have social media graphics you can use right away available through our Database Daily initiative!
MONDAY 10:30 AM JOIN US VIA THIS ZOOM LINK
RELIEF PROGRAMS - NEW FUNDING APPROVED
The house approved a new round of funding last night for the relief programs we've been discussing. It is rumored that this money will not last long so if you are hoping to utilize these funds, time is of the essence. You can watch our recorded Q&A session, from last week, with a CPA here. He reviewed 3 different agent scenarios and how each could utilize the programs below.
PPP Loan - this is the program created to keep small businesses paying their employees. If you are an independent contractor without employees, you can still qualify. You are eligible to get 2.5X your average monthly income and the loan will be fully forgiven if the funds are used per the program - it is VERY IMPORTANT that you work with a CPA to ensure you get guidance on how to get the loan forgiveness. The loan amount you are eligible for is based on your taxable income and the income is maxed out at $100K. Someone with $100K+ reported income could be eligible for a $20K loan. I know of one realtor that has received the funds in his account for $17,000 and will be working with his CPA to get the loan forgiven. Small, local banks and credit unions seem to be easiest to work with - you can see all eligible lenders here.
EIDL Loan - This is the loan where you can get a $1000 grant per employee up to $10K. Independent contractors without employees should be eligible to get $1000. Again, it's VERY IMPORTANT that you work with a CPA to ensure you get expert guidance on how to get the money forgiven. You apply for the EIDL online, the website is not updated as of the writing of this email. Make sure you check frequently if you want to take advantage of this program.
Unemployment - Follow the instructions here to file for unemployment online. It is critical that you follow the steps in that link as it provides direction specifically for real estate agents. Even if you have closings now, you might consider setting up your account and submitting your proof of income so that you could potentially qualify for higher than the minimum amount. The maximum weekly benefit amount in Texas is $521 but independent contractors must provide their proof of income to increase from the minimum amount. Additionally, the federal benefit of an additional $600 per week is currently only available thru July. The PPP would impact your eligibility requirements but it's possible you would be eligible now until your PPP is approved.
We highly recommend you work with a CPA to ensure you are making the best decisions for your unique situation. The CPA's that joined us on our Live Q&A's are below.
Jordy Bernhard: 214-680-0732 jordy@jbtaxandaccounting.com
Sameer Bhatia: sbhatia@bwaccounting.com
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