May 2020 Greenwich Market Statistics
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Payroll Protection Program (PPP) Application Deadline is 6/30
Congress passed and the President signed the PPP Flexibility Act giving borrowers more options on how they can use their loan. The PPP Flexibility Act extends the window to use the funds until the end of the year, lowers the required amount to be used on payroll so it can be used for items like rent and extends the time allocation to be eligible for loan forgiveness. Small Business Administration lenders are still accepting PPP applications through June 30. More details on the application process and forgiveness guidance is available through
Short Term Rentals/Lodging allowed again as of 6/17
CT entered Phase 2 of reopening on June 17th, which includes
hotels and lodging
, and more specifically lifts the previous restriction of short term/vacation rentals under 31 days. More information on the Sector Rules and Certification for Reopen is available via
Conveyance Tax Increase for Residential Sales over $2.5 Million Effective 7/1
On June 26, 2019, Governor Ned Lamont approved the budget passed by the Connecticut State Legislature. This new budget increased the conveyance tax on residential real estate sales where the sales price is more than $2.5 million. The new tax rate, which takes effect on July 1, 2020, is as follows: (1) 0.75% on the first $800,000 of the sales price plus (2) 1.25% on the portion of the sales price between $800,000 and $2.5 million plus (3) 2.25% on the portion of the sales price greater than $2.5 million. More detail on the increase, and tax credits available to impacted sellers who remain residents of CT will be available from the DRS soon.
NAR Implicit Bias Training for REALTOR® Members
As part of its commitment to addressing racial injustice in America, the National Association of Realtors® has begun circulating a new
50-minute implicit bias training video
to its members and association staff. Partnering with the New York-based Perception Institute, NAR’s online video draws upon recent research to illustrate how the human brain’s automatic, instant association of stereotypes with particular groups can cause people to treat those who are different from them unfairly. Scientific evidence also suggests these biases persist despite people’s best intentions and often without conscious awareness.