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Better Homes and Gardens Real Estate


Paycheck Protection Program

These are truly unprecedented times in our industry, country and world.  With the spread of the coronavirus leading to nationwide stay at home orders and a relief package from the federal government unlike anything we've ever seen, we want to ensure that our real estate colleagues have access to the latest and greatest information.

Illustrative Example (Agent is an Independent contractor who made $50,000 net profit in 2019)
  • Agent applies for maximum Paycheck Protection Program loan amount of $10,417 –- Calculated as $50,000 / 12 X 2.5
  • Agent is approved for PPP loan and receives proceeds
  • 8 weeks later: Since illustrative agent does not have eligible mortgage interest, rent, or utility expenses, agent simply applies for 8 weeks of replacement compensation to be forgiven
  • $7,692 of outstanding loan balance is forgiven --- Calculated as $50,000 / 52 X 8
  • Note: The agent in this example did not have to take the maximum loan, they could have only applied for the amount they expected to be forgiven (i.e., $7,692)

PPP Funding Eligability Calculator

Enter your 2019 Real Estate Sales Income Here


PPP Loan Details

2019 Income:

2.5 Months of Income:

Maximum Forgivable:

Your Chosen Loan Amount

Non-Forgivable Principle:


Total Amount to Pay Back:

Note: You do NOT have to take the maximum loan. You can choose to only apply for the maximum amount that is expected to be forgiven and in that case you won’t have to pay any amount back.

We have recommended that all of our agents explore taking advantage of the Paycheck Protection (PPP) program and we advise others in our industry to do the same.  Time is of the essence.  While the initial round of funding for the program has run out, it is expected that more funding will arrive.  We’ve been told it’s been confusing and complicated for many banks to review and accept applications from Realtors since most of them are thinking more along the lines of small business with employees and payroll.  Below are details about the Paycheck Protection Program (PPP) program and recent developments.

We have been informed that Credibly, a national lender, has a dedicated application process for real estate agents and is taking applications, even now as we all await news of more federal funding availability for the program. We’re not affiliated with them or endorsing them but are providing information to you about a lender that is focused on real estate agents.

If you’re interested, their real estate-focused application website is At their site, you can also download their step-by-step guide with “Helpful Hints” for how a real estate agent can apply for the program.

If you are an independent contractor or self-employed individual (like most of you are) you may be eligible for a loan through the Paycheck Protection Program (PPP) loans/grants, and a good portion of this may be forgivable (program highlights and illustrative agent example included below). NOTE: This program is an alternative to Unemployment Compensation – those who applied for unemployment would not be able to also get PPP.

PPP – Highlights (click here to a see PDF from the U.S. Chamber of Commerce for full PPP Independent Contractors Guidelines)

  • If you are an independent contractor or self-employed without employees, you can borrow up to 2.5 months’ worth of your 2019 net profit (up to a total of $20,833, based on $100,000 annualized profit)
  • 8 weeks of eligible expenses including compensation replacement may be forgiven
  • Loan terms: 1% annual interest rate, 2-year term, payments deferred for six months

If you’d like to know more about the Paycheck Protection Program, other areas of relief for independent contractors and how you can best position yourself to be around for the rebound, please reach out to us.  We’re here to help!

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