The Senate has passed the “Coronavirus Aid, Relief, and Economic Security Act’’ (CARES Act), a bi-partisan bill to provide financial relief to individuals and businesses impacted by the coronavirus.
The $2 trillion package includes REALTORS® supported provisions that may assist our members through this crisis. Under the bill, self-employed independent contractors may qualify for forgivable SBA loans. The forgiveness is for 7(a) SBA loans that are taken out between February 15 and June 30. Under the forgivable program, borrowers may be forgiven loan amounts for certain business expenses.
In addition to the forgivable SBA loans, the bill creates a Pandemic Unemployment Assistance program designed to provide assistance for up to 39 weeks for those not otherwise eligible for unemployment insurance (such as self-employed independent contractors).
Lastly, the bill will provide a rebate check of $1,200 ($2,400 married) for individuals with adjusted gross incomes up to $75,000 ($150,000 married). They may also receive an additional $500 per child. The rebate phases out for incomes above those amounts and is completely phased out for incomes exceeding $99,000 ($198,000 married).
The bill now moves to the House of Representatives for consideration. C.A.R. will continue to work with NAR to ensure these provisions remain in the bill and make it to the President’s desk. C.A.R. will release a Q&A to provide answers and assistance to members who wish to participate in these programs.
For information on provisions in the bill that will affect REALTORS®, as well as information on several financial assistance programs available now, see our new REALTOR® Relief page.
