Realtors turn to ‘Payment Protection Plan’ to stay afloat amid pandemic
VICTORIA, Texas- As the economy takes a dive, real estate has seen an impact. Many consumers are opting to wait on home searches through the COVID-19 pandemic.
Jeremy Brandt, CEO of WeBuyHouses.com explains how the industry has been affected. He says, “certainty even in our business, and across the industry, we’ve seen real estate start to slow down as it just becomes more difficult for people to buy and sell houses and view properties.”
With these types of challenges for realty companies, the federal government has rolled out options to keep people with a job and on a payroll.
“The program is built to basically pay for your payroll for two months plus some expenses,” explains Brandt.
The ‘Paycheck Protection Plan’ ensures companies with 500 employees or less can keep their doors open, this includes independent contractors like realtors.
“[Realtors] really just get commission, when they close on houses or when they buy and sell a house. This program was set up to also work for those people even though they don’t have a W2 or payroll income. It’s set up to give them money to bridge the gap,” adds Brandt.
Experts like Jeremy, advise small realty companies to contact their local bank to get on the ‘Paycheck Protection Plan’ through these uncertain times. However, he knows that the industry will bounce back.
“I really think that real estate market is not going to see very long term effects as a result of this, especially on the residential side of things where we focus,” concluded Brandt.
The process to get on this program can be lengthy as so many are lining up for help, but experts say to stay persistent and look for banks that are still taking applications.