As the U.S. government worked to draft the historic $2 trillion COVID-19 relief package, Americans across the country voiced their concerns and hopes that the package would offer them some economic relief as many have, and continue to, lose their income. Small business owners, the self-employed, and independent contractors have been particularly vocal about their need for economic relief during this crisis.
The National Association of Realtors (NAR) has been hard at work in Washington speaking with Congressional leaders to ensure that realtors across the nation are included in the relief package. The President of the NAR, Vince Malta, spoke recently about the organization’s efforts saying, “Over recent weeks, NAR has worked tirelessly with Congressional leaders to ensure small business owners, the self-employed and independent contractors were included in the federal response to this national crisis. With every two home sales generating one job in this country, the real estate industry will represent a key piece of our national recovery, and NAR will continue fighting for key provisions in a fourth relief package expected in the coming weeks.”
While you may have more free time on your hands than usual, there are infinitely better ways you could us that time than attempting to read an 880-page legislative bill. A few of the key items in this bill include a loan program for small businesses which will be managed by the Small Business Administration, an expansion of unemployment insurance for self-employed and independent contractors, an employee retention tax credit, rebates of various amounts depending on tax filing status, and a 60-day foreclosure moratorium and up to 1 year of mortgage forbearance.
In order to keep members in-tune to recent happenings, the NAR has published a comprehensive guide to the COVID-19 relief package. The guide is intended to aid realtors in understanding how the relief package will impact them, their business, and their clients. Topics include: housing, credit reporting and student loans, SBA provisions, infrastructure, tax, unemployment benefits for self-employed, and FFCRA Amendments. These topics will be updated as new information is released. Now, more than ever, it is important for realtors to stay knowledgeable about changes to legislation.