Real Estate Agents Raked In $3.9 Billion Of PPP Loans, Only To Pocket The Dough Amidst Housing Boom

According to data from the government’s Pandemic Response Accountability Committee, some $3.9 billion was given to real estate entities claiming just one employee. While the average loan was around $13,000, 146 entities received more than $90,000 each, NBC News reports.

Many of the loans, as were the case in other industries, were forgiven if the recipient met certain criteria, including spending 60% of the loan on payroll and the rest on eligible expenses. For realtors, $3.1 out of the $3.9 in PPP loans have been forgiven – which has been rapidly sped up over the last eight months.