National coronavirus rescue bill signed into law; what it means for REALTORS®
President Trump signed a historic $2.2 trillion COVID-19 rescue package into law Friday, clearing the way to help REALTORS®, homeowners and renters navigate through the effects of the pandemic.
SBA provisions and what they mean for REALTORS®
Of particular note are the
Small Business Administration provisions
set forth under the law. REALTORS® with 500 or fewer employees negatively impacted by COVID-19 are able to apply for SBA 7(a) loans of up to $10 million to cover business operating costs, including payroll, during the crisis. Small businesses, commercial tenants and clients of commercial practitioners will also be able to apply for these loans.
A portion of the loans will be made forgivable for employers who maintain current salary levels. Employers who reduce their employee numbers or salaries will have the forgivable amount phased out, depending on their numbers.
Other highlights of the law
- Affordable housing: Broad-scale rental protections for the most vulnerable populations, such as seniors, the disabled and low-income working families, a foreclosure moratorium on all federally backed mortgage loans for 60 days
- Mortgage forbearance: Borrowers of government-backed mortgages can request up to 360-day payment forbearance with no additional fees, interest or penalties; no foreclosure actions for 60 days
- Credit reporting: Furnishers will provide accommodations, applicable from Jan. 30, 2020 until 120 days after enactment or end of national emergency
- Unemployment insurance: Self-employed individuals, independent contractors and others who are unable to work as a direct result of COVID-19 and would not qualify for regular unemployment are eligible to receive “Pandemic Unemployment Assistance” for a maximum of 39 weeks
- Student loans: Suspends all payment due on federal student loans for six months
More details for REALTORS®
For additional information about how the law affects REALTORS®, NAR has compiled a
comprehensive guide to all benefits for REALTORS®
and their customers found in the federal aid package. As a reminder, NAR also has these resources available for REALTORS®:
Reminder: Open houses are NOT permitted in DC
GCAAR postpones classes, events through April 24
Given this week’s executive orders in both Maryland and DC temporarily ceasing all non-essential business activities,
GCAAR will continue to postpone its in-person classes and events through April 24, 2020
, or until the orders are lifted.
We are hosting several virtual classes and events in the mean
time, including our
CRS class on April 3
. Additionally, GCAAR’s Young Professionals Network is planning a virtual event about the new tax law for REALTORS on April 22. Be on the lookout for details on that one in today’s
GCAAR’s Member Services team is here to help
GCAAR’s physical offices may be closed, but our staff and Member Services team are still ready to serve. Call 301-590-8769 or
send us an email
. We look forward to hearing from you!
Take a look: Coronavirus resources for your region
Bookmark these websites from the state of Maryland, District of Columbia and Montgomery County, MD for the latest regional updates about the COVID-19 pandemic: