Today at 1:30pm, NAR announced that Congress
passed the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act. This rescue package which will now be sent to President Trump for his signature.
Included in this act is Unemployment Benefits for REALTORS®
. The legislation will establish “Pandemic Unemployment Assistance”
for the self-employed, independent contractors, and other individuals who are unable to work as a direct result of COVID-19 public health emergency.
This will be especially helpful to REALTORS® that are diagnosed with, quarantined as a result of, or otherwise unable to work due to COVID-19.
NAR has been advocating for the last three weeks on behalf of REALTORS
® for benefits
including unemployment eligibility for the self-employed and independent contractors, unprecedented aid for small businesses, and a delay in business payroll tax payments.
NAR compiled a comprehensive guide of benefits found in this legislation for REALTORS® and your clients.
“This bill will go a long way to help people through these next weeks until the economy can open up again,” said Shannon McGahn, senior vice president of government affairs for NAR. “This is the third and largest rescue package to-date, and we are already working with Congressional leaders on round four.”
“The real estate industry supports nearly 10 million jobs in the United States and makes up 17% of our economy,” McGahn continued. “Congress understands that a strong housing market will lead the economic recovery.”