Government Aid For Your Clients Or Your Business
COVID-19 Legislative Update for Commercial Real Estate
PPP Application and Guidelines
Businesses with 500 or fewer employees, sole-proprietorships, independent contractors, and self-employed individuals are eligible for
Small Business Association 7(a) Paycheck Protection Program ("PPP") loans. These loans are used for maintaining payroll, rent, mortgage interest, and utilities, and can reach up to 250% of the previous year’s average monthly payroll costs (capped at $10 million) to cover eight weeks of expenses. Businesses can have 100% of their loans forgiven by maintaining 75% of their payroll levels and keeping employee headcounts the same.
View PPP Application
Treasury, SBA Release PPP Loan Forgiveness Application
The Treasury Department and the Small Business Administration have released the documents that Paycheck Protection Program loan borrowers will need to fill out and provide to their lenders when applying for forgiveness.
View Loan Forgiveness Application
CARES Act Guidance
The Paycheck Protection Program is part of the $2 trillion Coronavirus, Aid, Relief, and Economic Security (CARES) Act, which allocates $350 billion for this new SBA 7(a) loan program. The CARES Act also expands the existing
SBA Economic Injury Disaster Loan (EIDL) program which allows small businesses to receive advances of up to $10,000. Economic Injury Disaster loans are available for up to $2 million, but only the $10,000 advance is forgivable. Economic Injury Disaster loans are administered directly by the SBA.
See the CCIM/IREM CARES Act
summary below for an outline of the provisions impacting the commercial real estate industry and individuals. For in-depth guidance, please visit NAR’s
SBA CARES Act FAQs page.
The CARES Act provisions provide further relief in its tax provisions, including an employee retention tax credit.
The Real Estate Roundtable CARES Act Tax Policy Guide details the tax implications of the CARES Act.
IRS and Treasury Department
Deadline Extended for 1031 Exchanges: The IRS has issued guidance that indicates that the 45-day and 180-day deadlines for 1031 like-kind exchanges that would have expired from April 1 to July 14 will now expire on July 15. Watch for further details soon.
Deadline Extended for Opportunity Fund Investments: Specifically, if an investor who sold a capital asset planned to roll over the gain into an Opportunity Fund and the 180-day deadline falls between April 1 and July 15, 2020, they can make the investment on July 15 regardless of the 180-day deadline. Watch for further details soon.
Deadline to File and Pay Taxes Extended: A three-month extension has been made for tax filing and payments. Individuals will be able to defer up to $1 million without interest or penalties, and corporations can defer up to $10 million.
FEMA Flood Insurance Renewal Extension: FEMA is extending the grace period to renew flood insurance policies from 30 to 120 days. If a policy has an expiration date between February 13, 2020 and June 15, 2020, then the NFIP insurer must receive the appropriate renewal premium within 120 days of the expiration date to avoid a lapse in coverage. Likewise, if a policyholder receives an underpayment notice dated between February 13, 2020, and June 15, 2020, then the NFIP insurer must receive the additional premium amount requested within 120 days of the date of the notice.
Federal Reserve Main Street Lending Program: The Federal Reserve Board is establishing a Main Street Lending Program to enhance support for small and mid-sized businesses that were in good financial standing before the crisis by offering 4-year loans to companies employing up to 10,000 workers or with revenues of less than $2.5 billion. Principal and interest payments will be deferred for one year. Eligible banks may originate new Main Street loans or use them to increase the size of existing loans to businesses. View NAR's reference guide on the program here.
Commercial Paper Funding Facility: The Federal Reserve Board will establish a Commercial Paper Funding Facility (CPFF) to support the flow of credit to households and businesses.
Facility to Facilitate Loans for Paycheck Protection Program: The Federal Reserve Board will establish a facility to facilitate lending to small businesses via the SBA's Paycheck Protection Program (PPP) by providing term financing backed by PPP loans.
CCIM Institute Member Resources
Complimentary Designee-Only Refresher Courses Now Available
To ensure designees are as prepared as possible to tackle the tough challenges ahead, the institute is offering free designee-only core refresher courses with optional CE credit. Fill out the online form below to register.
Site To Do Business Resources and Professional Development
To assist in your professional development during this time we have developed a series of short videos that highlight some of the new capabilities available in your Site To Do Business toolkit.
VISIT LEARNING CENTER
CCIM Career Center Talent Kit
The new SelectLeaders Talent Kit is designed to help real estate job seekers navigate the CCIM Career Center.
Download the Talent Kit (PDF)
Visit the Career Center
Discover CCIM.net Email with Google G Suite
CCIM designees get a custom CCIM.net email along with Google G Suite tools for working on the go. G Suite is a set of apps that allow you to collaborate with associates, quickly share information with clients, and get work across devices - wherever you are. To get acquainted with a specific G Suite product, sign up for our on-demand webinars or visit the tips and tricks pages that correspond to each product.
NAR’s Right Tools, Right Now
The National Association of REALTORS® Right Tools, Right Now initiative makes new and existing NAR products and services available for free or at significant discounts and is available to REALTORS® and REALTOR® Associations.