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NAR Wins Major Provisions for REALTORS

Senate Passes $2 Trillion Aid Package

'Seismic' action will benefit independent contractors, small businesses

COPY OF NAR EMAIL


March 26, 2020
 

NAR Wins Major Provisions for REALTORS®

The U.S. Senate passed a $2 trillion COVID-19 economic relief package Wednesday night with overwhelming bipartisan support.
 
The bill now goes to the U.S. House, where it is expected to pass, and President Trump has said he will sign it into law.
 
The measure includes $350 billion for the Small Business Administration 7(a) loan program.  Under the terms, eligible businesses (500 employees or fewer) can get up to $10 million toward mortgage interest, rents, utilities, and payroll costs. A portion of these loans will be forgivable.
 
“We worked with the drafters of this legislation to ensure that independent contractors and those living on a commission-based income will be eligible for the loans as well as the forgiveness provision,” said Shannon McGahn, senior vice president of government affairs for NAR.
 
The self-employed and independent contractors are also included in a dramatic expansion of unemployment insurance that could provide benefits for up to 39 weeks. These workers are not usually covered under traditional state unemployment benefit programs.

In addition, the bill contains:
 

  • A delay in payment of employer payroll taxes, with half due by the end of 2021 and the other half due by the end of 2022;  
  • $500 billion to support large businesses like airlines affected by the virus; and
  • A one-time payment of $1,200 to most adult Americans and $500 per child.

 

“This is the largest financial rescue package in our nation’s history,” McGahn continued. “Combined with two other relief packages that have already been signed into law and a likely fourth bill in the near future, this action represents a seismic and definitive action to help Americans and the economy through this national emergency.”

“We have worked closely with Congressional leaders and the administration during the past several weeks to ensure all three bills bring relief to the self-employed, independent contractors, and small businesses,” McGahn said.  “The real estate industry is responsible for millions of jobs and is key to our national recovery.”   
 
NAR will provide a complete analysis of the bill and how it affects REALTORS®. Watch for regular updates on nar.realtor.
 
More information on NAR’s advocacy efforts on COVID-19. 

Last Modified: Thursday, March 26, 2020
COVID-19 Updates

COVID-19 Updates

COVID-19 Real Estate Update – 3/31/2020 1:19 P.M.

As you may know, the U.S. Department of Homeland Security Cybersecurity and Infrastructure Security Agency (CISA) updated its list of essential services on March 28, 2020, and expressly included residential real estate during the coronavirus (COVID-19) crisis. However, Executive Order (#2020-21) dated March 19, 2020 and signed by Governor Whitmer continues to stand and supersede CISA’s essential services update. This has been clarified by Michigan REALTORS® twice this week in their email commun

Coronavirus Aid, Relief, and Economic Security Act

Congress has voted on a historic COVID-19 relief that includes many benefits for Realtors® that were secured by NAR.

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Live Stream Video Chat Virtual Tour Options

NAR Wins Major Provisions for REALTORS

The U.S. Senate passed a $2 trillion COVID-19 economic relief package Wednesday night with overwhelming bipartisan support.

Realcomp COVID-19 Update: March 25, 2020 at 1:00 p.m.

Based on Governor Whitmer’s “Stay Home, Stay Safe” Executive Order (#2020-21), a temporary requirement for non-critical Michigan workers to remain at home, Michigan citizens are required to suspend all work-related activities that require them to leave their residences which are not necessary to sustain or protect life. The order took effect March 23, 2020 at 12:01 a.m. and continues through April 13, 2020 at 11:59 p.m.

Michigan REALTORS’ Industry Resources and COVID-19 Updates

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Michigan Realtors® announced that the unemployment insurance application for independent contractors will be officially available starting Monday, April 13. The new Pandemic Unemployment Assistance (PUA) application is planned to be available on the Department of Labor and Economic Opportunity website at www.michigan.gov/leo.

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