AS THE COUNTRY GRAPPLES with life and business during the COVID-19 era, Realtors® have found themselves in a unique position – not only navigating stay-at-home orders, loan programs, unemployment assistance and other complexities for their own purposes, but also for their clients.
Although the situation evolves daily, Realtors® continue to demonstrate their relevance as they adapt to meet the needs of their buyers and sellers.
| Stay Informed |
Realtor® Resources |
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COVID-19 Resources:
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Center for Disease Control: cdc.gov
- World Health Organization: who.int
- Occupational Safety and Health Administration: osha.gov
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RELIEF PACKAGE
On March 27, 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) – a $2 trillion COVID-19 economic relief package for families, small businesses, and individuals who are self-employed and independent contractors.
The Small Business Administration (SBA) loan programs, available to Realtors® through the CARES Act, quickly ran out of money as businesses scrambled to apply. On Thursday, April 23, Congress passed additional legislation to replenish funding for the loan programs, as well as an additional $25 billion for coronavirus testing and $75 billion for hospitals.
For continued updates on these loan programs, visit
nar.realtor/coronavirus.
CARES ACT AT A GLANCE:
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Small Business Administration Provisions – puts forth two main vehicles for small business relief efforts: the Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP).
- Housing – provides for mortgage forbearance; moratorium on eviction filings, fees, or penalties for tenants; rental assistance and more.
- Credit Reporting & Student Loans – adds provisions related to the duties of furnishers and student loan forbearance.
- Infrastructure – expands broadband and provides transit infrastructure grants.
- Tax – allows most Americans with incomes below stated thresholds to receive cash payments from the federal government in the amount of $1,200 per adult plus $500 for each child under the age of 17.
- Unemployment Benefits for Self- Employed – enables self-employed individuals, independent contractors, and other individuals who are unable to work as a direct result of the COVID-19 public health emergency, and would not qualify for regular unemployment benefits under state law, to be eligible to receive “Pandemic Unemployment Assistance.” These benefits are administered by the states, in accordance with this new federal law. View the Virginia Employment Commission (VEC) website for more information at vec.virginia.gov.
REALTOR® EDUCATION AND LICENSE EXTENSIONS
DPOR has granted a temporary waiver of regulations to extend the validity of expired licenses, certifications, registrations and other authorizations until 30 days after the state of emergency in Virginia is lifted. View information about D.C. and Maryland at
NVAR.com/realtorschool.
Until further notice, all NVAR classes will be held virtually and are subject to change at the discretion of the NVAR Realtor® School. NVAR is also hosting webinars and other special programs online, which can be found at
NVAR.com/calendar.
The information included here is a brief summary. The association teams at the local, state and national levels will continue to provide frequent information, resources and initiatives to support Realtors® as we collectively acclimate to the “new normal” of conducting business in today’s environment.
Kate O’Toole is the NVAR digital content manager & senior editor.