Congress Passes $2 Trillion CARES Act; What it Means for REALTORS®
March 31, 2020
As the House of Representatives’ on Friday passed a historic COVID-19 relief package and President Trump signed it into law, the National Association of REALTORS® published a comprehensive guide to the $2 trillion, 880-page bill educating REALTORS® on the many benefits secured by NAR.
“This bipartisan relief bill delivers a much-needed win for the American people and for our nation’s 1.4 million REALTORS®,” said NAR President Vince Malta. “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.”The measure includes:
- $350 billion for the Small Business Administration 7(a) loan program, allowing eligible small businesses to secure up to $10 million toward mortgage interest, rents, utilities and payroll costs.
- A significant expansion of unemployment insurance for the self-employed and independent contractors that could provide benefits for up to 39 weeks. These workers are not usually covered under traditional state unemployment benefit programs.
- An employee retention tax credit estimated to provide $50 billion to companies that retain existing employees.
- Rebates of $1,200 to single filers and $2,400 to joint filers, plus $500 for each child, subject to income limitations.
- A 60-day foreclosure moratorium and up to 1 year of mortgage forbearance.
Among a host of other initiatives, NAR is also working with lawmakers to expand access to remote online notary services and provide direct rental assistance for families who have income loss due to COVID-19.
Read the full summary: 2020 CARES Act
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