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COVID RELIEF PACKAGE DETAILS

DECEMBER 23, 2020

Congress passed the much anticipated COVID relief package on December 22, 2020 and is awaiting the President's signature. The extensive package contains much needed relief for many people, including our members. NAR has pulled the specific highlights that their advocacy team has been working on that directly affect our members and consumers. Here is a breakdown:

RENTAL ASSISTANCE FOR TENANTS

AND PROPERTY OWNERS

Millions of Americans are struggling with their mortgage or rent payments. This provision extends the eviction moratorium and also provides needed relief for landlords. According to NAR, 40% of landlords are 'Mom & Pop' businesses who are struggling to make their mortgage payments. Provisions in the package:

Provide $25 billion to the states through September 30, 2022, for rental assistance and allows landlords to apply for funds on behalf of tenants.
- Includes payments for rent as well as utilities and other expenses related to housing.

STIMULUS & UNEMPLOYMENT ASSISTANCE

Many Washington homeowners, including REALTORS, are not working or have reduced income during the pandemic and are struggling to make their mortgage payments. These extended benefits may help homeowners stay in their homes and put food on the table. The program also contributes to the Washington State unemployment compensation for a short period. Package highlights:

Provides a new round of direct stimulus payments of $600 to most Americans.
Extends all unemployment assistance.
Provides hundreds of billions in additional funding for the Paycheck Protection Program and for Economic Injury Disaster Loans.
- Allows certain eligible businesses to receive a second PPP loan.
- Creates a simplified forgiveness process for most PPP borrowers.

PPP & EIDL

PAYCHECK PROTECTION PROGRAM

AND ECONOMIC INJURY DISASTER LOANS

The PPP program is administered through the Small Business Administration and real estate offices and corporations may be eligible for loans to pay staff salaries and other expenses. The PPP has been extended and there are opportunities for loan forgiveness. Real estate offices and small corporations need to check the details. Package highlights:

Provides hundreds of billions in additional funding for the Paycheck Protection Program and for Economic Injury Disaster Loans.
- Allows certain eligible businesses to receive a second PPP loan.
- Creates a simplified forgiveness process for most PPP borrowers.

OTHER ASSISTANCE

Extends for five years the exclusion from income for mortgage debt forgiveness and permanently extends the energy-efficient commercial buildings deduction.
Increases Fair Housing Funding.