As the U.S. Senate turns its focus to a possible new economic stimulus package, it’s a good time to revisit the Paycheck Protection Program—a lifeline for real estate professionals still recovering from the impact of state shutdowns. Erin Stackley, NAR’s senior policy representative for commercial issues, provides an overview of revamped PPP loan terms and forgiveness applications in the latest “Pivot in Place” video. Remember, you still have until Aug. 8 to apply for a PPP loan; the program still has billions of dollars in funds available. Also, consult NAR’s SBA CARES Act FAQs, which includes a step-by-step guide on how to complete the loan forgiveness application form.
Meanwhile, as Congress is discussing a new COVID-19 relief package, NAR’s July 17 letter to House and Senate leaders spells out REALTORS®’ concerns about the ongoing need for a wide range of measures, including mortgage and rental assistance, strong consumer credit protections for homeowners exploring forbearance options, and limitations on eviction moratoriums. NAR is also supporting a House bill that would cancel student debt for frontline health care workers fighting the coronavirus.
On the fair housing front, NAR is in the company of major lenders, including Bank of America, Chase, Quicken Loans, and Wells Fargo, in calling on the Department of Housing and Urban Development to withdraw its proposed rule to amend the HUD interpretation of the Fair Housing Act’s disparate impact standard. HUD’s proposed revisions would shift the burden of proof in housing discrimination lawsuits away from the defendant and to the plaintiff.
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