The federal government handed out more than 300,000 loans to the real estate industry as part of the Paycheck Protection Program - however few of them have been paid back despite a booming housing market as the Covid-19 pandemic ran its course.
Now 80 percent of all PPP loans - 9.9 million of them - and 84 percent of the total dollar amount have been forgiven by the SBA, according to the PRAC. For real estate entities the percentage of forgiveness is almost the same, at 83 percent of all loans and 84 percent of the dollar amount, according to the PRAC website.
NBC News tracked down a few real estate agents who had successful years in 2020, obtained PPP loans in excess of $90,000, and who then had them partially or completely forgiven by the federal government.
Tina Guerrieri, who sells houses in suburban Philadelphia, sold more than $25 million worth of real estate in 2020, according to Zillow, and she also got a PPP loan for $100,000.
New Jersey commercial real estate agent Shane Wierks got two PPP loans for $151,833, according to federal records, and has paid $103,000 back to the federal government.
One real estate agent who got the money told NBC News she came to believe that asking for a loan of taxpayer money to be forgiven after a successful year could be inappropriate.
Given that the average real estate commission is 2.5% of the sale price, making US taxpayers foot Goldberg's PPP loans - given his enormous income - adds insult to injury.
It's becoming increasingly difficult to discern fact from fiction, and unfortunately the media has a strong bias. They spin stories to make conservatives look bad and will go to great lengths to avoid reporting on the good that comes from conservative policies. There are a few shining lights in the media landscape-brave conservative outlets that report the truth and offer a different perspective. We must support conservative outlets like this one and ensure that our voices are heard.
Sunday, June 5, 2022
Real Estate Agents Raked In $3.9 Billion In PPP Loans, Only To Pocket The Money Amid Housing Boom
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