NAR UPDATES:
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.
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
- A one-time payment of $1,200 to most adult Americans and $500 per child
“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.
NJ UPDATES:
- We are still awaiting official guidance from Gov. Murphy’s office as to exactly what real estate practices are allowable under Executive Order 107.
- If you are having trouble with municipal Certificate of Occupancy and Fire Inspections or title and deeds on the county level, please email [email protected].
- NJ Realtors President, Angela Sicoli provided an update on how they have reached out to Members of Congress to include independent contractors in any federal aid packages, linked here.
- NJ Realtors General Counsel’s firm has a host of resources (some pertaining to real estate, some beyond the industry) that relate to COVID-19, check them out here.
LOCAL UPDATES:
Greater Bergen Realtors is reaching out to the municipalities for information on their procedures for inspections and CO's during the COVID-19 pandemic. This list will continue to get updated as more information is obtained.
We will continue to monitor and share updates with the membership as they become available. Please view the Featured Area on our homepage for the latest news: www.GreaterBergenRealtors.com.