A new NBC News report finds that there was more than just commissions padding the pockets of real estate agents across the country over the course of the last two years.
An estimated 300,000 loans—totaling $3.9 billion—were approved for real estate entities during the pandemic, even though many were arguably taking home thousands, if not more, in commissions.
According to the federal government’s Pandemic Response Accountability Committee (PRAC), which oversees pandemic relief spending, real estate businesses received on average $13,000, but 146 entities got more than $90,000 each.
NBC notes that PPP loans went to real estate agents in booming markets, including locally in Beverly Hills ($3.6 million). Other red hot markets that saw agents get loans include El Paso ($14.9 million).
Some $3.1 billion of these real estate loans have been forgiven. The report notes that for the remaining $800 million in loans, borrowers have either not asked for forgiveness, they have been denied or the SBA and the lenders who issued the loans have not yet granted it.
For it’s part, the National Association of Realtors is defending those agents who received loans, telling NBC that when the pandemic hit, realtors faced uncertainty like most industries.
To read more from the NBC News report, click here.