Offices of Real Estate Agents and Brokers

Businesses and organizations in the Offices of Real Estate Agents and Brokers industry (NAICS code 5312, part of the Real Estate and Rental and Leasing sector) received 251,834 PPP loans totaling $5.68B during the COVID-19 pandemic.

The average loan for this industry was $22,544 — below the national PPP average of approximately $67,000. This reflects the small business character of most participants in this industry, typically sole proprietors and micro-businesses with modest payroll obligations.

95.4% of loans in this industry were forgiven — totaling $5.35B. To qualify for forgiveness, borrowers had to demonstrate that they maintained headcount and compensation levels and used at least 60% of loan proceeds for payroll expenses.

Notable recipients in this industry include MERIDIAN CAPITAL GROUP LLC of NEW YORK, NY ($6,843,700); UNITED CORE MANAGEMENT of SAN ANTONIO, TX ($6,504,987); and WILLIAM RAVEIS HOLDINGS, INC. of SHELTON, CT ($6,441,000).

The loan amount distribution for this industry shows a more even spread across loan sizes, suggesting a mix of small and mid-sized businesses. Because borrower names are withheld for loans under $150,000, a substantial portion of recipients in this industry may not appear by name in this dataset.

As part of the broader Real Estate and Rental and Leasing sector — lessors of real estate and rental and leasing of tangible and intangible assets. — businesses in NAICS 5312 were particularly reliant on PPP assistance to bridge the gap between declining revenues and fixed overhead obligations during the shutdown period.