Real estate companies received about $10.7 billion in loans approved through the Paycheck Protection Program, or about 3 percent of the $342 billion allocated through the first round. Nearly 80,000 real estate companies received loans for an average of about $134,000 each, TRD noted.
The Small Business Administration (SBA) set a limit in “annual receipts” for a company to qualify as a small business.
- Limits for brokerage firms and appraisers’ offices: $8 million in annual receipts.
- Limits for landlords: $30 million in annual receipts.
Annual receipts is defined as “the “total income” (or “gross income”) plus the “cost of goods sold.”