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April Volusia County Real Estate Update

by Dulce Monahan, Certified Residential Specialist,
Senior Real Estate Specialist

Homes and Condominiums in Volusia County continue to in demand despite the issues we are experiencing during the COVID-19.

Special precautions are used when Realtors show properties to buyers. Gloves and hand sanitizers are used. Sellers leave on all the lights and open doors to cabinets and storage areas. This is working well and properties are being sold.

I personally listed 36 Mayfield Cr in Ormond Beach on March 19th and on March 27th a contract was accepted. Please contact me directly for all your inquiries regarding Real Estate in Volusia County.

I want to wish everyone reading this message, good health and happiness. This will pass!

To hear more about Dulce and Adams Cameron, please listen in to our Interview!

Corona Tax Incentives for Businesses

by Brett Porter, E.A.

So with the Corona Virus relief there are two main benefits that everyone is going crazy about: the EIDL and the PPP.

The EIDL – Economic Injury Disaster Loan – is a preexisting loan for small businesses. The new legislation greatly reduces the requirements and adds a new incentive. The preliminary application for the EIDL is very simple. The key main feature with the new legislation is an immediate $10,000 funded to your account in what is supposed to be three days. This $10,000 is forgivable if you use the proceeds for:
  • providing paid sick leave to employees unable to work due to the direct effect of the COVID–19; 
  • maintaining payroll to retain employees during business disruptions or substantial slowdowns;   
  • meeting increased costs to obtain materials unavailable from the applicant’s original source due to interrupted supply chains; 
  • making rent or mortgage payments; and 
  • repaying obligations that cannot be met due to revenue losses
The EIDL does not require a personal guarantee for loans less than $200,000 or require collateral for loans under $25,000.

This loan can be applied for right on the SBA website. It’s a super easy application.

The PPP – Payroll Protection Plan – is something new. The guidance is still not really there on this loan, so things may change, but to calculate your forgivable loan amount, you pretty much take last year’s payroll, divide by 12, and then multiply for 2.5. This gives you the forgivable amount. But this amount is only forgiven if you use it for:
  • Payroll costs, including benefits;
  • Interest on mortgage obligations, incurred before February 15, 2020;
  • Rent, under lease agreements in force before February 15, 2020; and
  • Utilities, for which service began before February 15, 2020.
Only 25% of the loan not used for payroll costs will be forgiven. So if you get a loan of $10k, $7500 has to be used on payroll costs. The PPP has to be applied to your bank.

You can apply and get both loans granted you don’t use them for the same purpose. So you can get the PPP to cover your payroll, and then use the EIDL to repay obligations that cannot be met due to revenue losses.

I won’t go into the actual loan details of either plan. Both have reasonable rates – the PPP being better. The requirements for both loans are pretty relaxed, although the PPP loan seems to be easier to qualify for, but the $10,000 grant portion of the EIDL literally takes 10 minutes to sign up for – and that can be forgiven regardless of whether or not you end up qualifying for the EIDL.

Stay tuned for the next radio interview at
OurSeniors Radio

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