Weekly Update
April 22, 2020
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Senate Passes Deal to Replenish Coronavirus Relief Funding
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The U.S. Senate passed legislation Tuesday to replenish funding for several coronavirus small-business relief programs championed by NAR and available to REALTORS®.
The House is expected to take up the measure later this week.
Under the Senate agreement, the Paycheck Protection Program (PPP) will receive $310 billion in new cash, while the Economic Injury Disaster Loan (EIDL) fund will receive an additional $50 billion.
The bill sets aside $60 billion of PPP funding exclusively for small and medium-sized community banks.
“The PPP ran out of money in about two weeks and the EIDL was running on fumes,” says Shannon McGahn, NAR’s top federal advocate. “These are two of the most extensive rescue programs in our nation’s history. We are hearing from brokers around the country who were able to keep their employees on the payroll because of this help and from self-employed members who have been able to keep their businesses afloat.”
“Although the rollout was a bit rocky because of the programs' sheer size and demand, more and more banks are coming in line," McGahn says, "and we encourage all our members who qualify to check with their lender again and keep trying. It’s worth it."
The Senate bill also contains $25 billion for coronavirus testing and $75 billion for hospitals.
Quick Guidance for REALTORS® on the PPP and EIDL:
- If you’ve already applied for an EIDL: The SBA is processing applications already in their system on a first-come, first-served basis. You do not need to reapply.
- If you have not already applied for an EIDL: Check back at the SBA application page once the additional funding is signed into law. The SBA will re-open applications shortly afterwards.
- If you’ve already applied for a PPP loan through an SBA lender but have not been approved yet: Check with your lender to see if they are maintaining a queue of applications during the lapse or if you will need to reapply when the renewed funding comes through.
- If you have not applied yet for a PPP loan through an SBA lender: Have the application form filled out and your documentation ready to provide to your lender. (For businesses with employees, have payroll documentation; for independent contractors, have your 2019 Form 1040, Schedule C, and 1099-MISC.) If you have an existing relationship with an SBA lender, you should go to that lender first once the program reopens, but be prepared to try multiple lenders, which you can find on the SBA site.
Get the latest news and guidance on COVID-19 and real estate at nar.realtor/coronavirus.
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Updated Bank Appraisal Information
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Banks will soon be able to postpone some appraisals until 120 days after a mortgage closes.
Citing the need to “extend financing to creditworthy households and businesses quickly in the wake of the national emergency declared in connection with COVID-19,” a trio of federal banking regulators announced Tuesday evening that banks will soon be able to delay getting an appraisal on a property for as many as 120 days after a mortgage closes.
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency announced the changes Tuesday, stating the rule change will be in effect until the end of this year.
SEE THE FULL REPORT HERE
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NAR's Good Neighbor Awards
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Send stories about REALTORS® helping people impacted by the coronavirus to sgeimer@nar.realtor, and share uplifting content from REALTORS® at the Good Neighbors Facebook page (@realtorgoodneighbors). More information about the Good Neighbor Awards – along with art and promotional materials available for association use in the “Media Kit” – can found at nar.realtor/gna, while applications can be submitted here.
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Professional Development Directory
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Check out the directory that aggregates education opportunities for REALTORS® beyond online and virtual courses. This page, www.nar.realtor/education, has the capacity to show live and virtual courses being offered by state and local REALTOR® associations; our affiliated Institutes, Societies, and Councils (ISCs); and even independent course providers.
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REALTOR® Resiliency Report
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April 16, 2020
- As circumstances concerning the coronavirus (COVID-19) continue to evolve, the NAR Leadership Team wants to assure members, staff, and partner organizations that your safety and well-being remain our top priority.
- A quarter of REALTORS® with clients putting contracts on homes this week had at least one do so without physically seeing the property, according to NAR. For those clients, the median amount of homes toured, either virtually or in person, before putting a contract on a home was just three. NAR also released today a new Economic Pulse Flash Survey on how members report the coronavirus outbreak has impacted the residential and commercial real estate markets.
SEE THE FULL REPORT HERE
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PODCAST: Vince Malta, NAR President 2020
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Vince Malta is a 3rd generation REALTOR®, serving as the National Association of Realtors 2020 President amidst a world wide Pandemic!
Play the podcast HERE!
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