US Senate Passes $2 Trillion COVID-19 Economic Relief

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Real Estate Agent with Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty DRE# 00901962 Lic.1985
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Sharing the good news that the US Senate Passed the $2 Trillion COVID-19 Economic Relief Package, which will now go to the House for vote. The President has verbally committed to signing this once it is approved by both.


March 26, 2020
 

NAR Wins Major Provisions for REALTORS®

The U.S. Senate passed a $2 trillion COVID-19 economic relief package Wednesday night with overwhelming bipartisan support.
 
The bill now goes to the U.S. House, where it is expected to pass, and President Trump has said he will sign it into law.
 
The measure includes $350 billion for the Small Business Administration 7(a) loan program.  Under the terms, eligible businesses (500 employees or fewer) can get up to $10 million toward mortgage interest, rents, utilities, and payroll costs. A portion of these loans will be forgivable.
 
“We worked with the drafters of this legislation to ensure that independent contractors and those living on a commission-based income will be eligible for the loans as well as the forgiveness provision,” said Shannon McGahn, senior vice president of government affairs for NAR.
 
The self-employed and independent contractors are also included in a dramatic expansion of unemployment insurance that could provide benefits for up to 39 weeks. These workers are not usually covered under traditional state unemployment benefit programs.

In addition, the bill contains:
 

  • A delay in payment of employer payroll taxes, with half due by the end of 2021 and the other half due by the end of 2022;  
  • $500 billion to support large businesses like airlines affected by the virus
  • A one-time payment of $1,200 to most adult Americans and $500 per child


“This is the largest financial rescue package in our nation’s history,” McGahn continued. “Combined with two other relief packages that have already been signed into law and a likely fourth bill in the near future, this action represents a seismic and definitive action to help Americans and the economy through this national emergency.”

“We have worked closely with Congressional leaders and the administration during the past several weeks to ensure all three bills bring relief to the self-employed, independent contractors, and small businesses,” McGahn said.  “The real estate industry is responsible for millions of jobs and is key to our national recovery.”   
 
NAR will provide a complete analysis of the bill and how it affects REALTORS®. Watch for regular updates on nar.realtor.
 
More information on NAR’s advocacy efforts on COVID-19

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Aloha & God Bless You, 

Michelle Carr Crowe Just Call 408-252-8900 sign image

 

Michelle C. Carr-Crowe and the Get Results Team . Real Estate Agent . Author . Coach . DRE #00901962 . Licensed to Sell since 1985

P: Just Call ... 408-252-8900
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Altas Realty . DRE#01526983

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www.MichelleJudyCarr.com

Michelle C. Carr-Crowe and the Get Results Team (established by the late legendary Silicon Valley super agent Judy Carr) are known as the "Lynbrook and Cupertino Schools Experts." Coaching clients to success is Michelle's passion, making her and her team creative catalysts for positive change in people's lives. She is a Silicon Valley-based multi-million dollar real estate consultant, author, coach and trainer who works by referral only.

Her designations have included: Accredited Buyers Representative (ABR), Accredited Consultant of Real Estate (ACRE), Accredited Luxury Home Specialist (ALHS)Accredited Staging Professional (ASP)Certified Distressed Property Expert (CDPE),  Property Marketing Expert (PME), Real Estate CyberSpace Specialist (RECS), and Senior Real Estate Specialist (SRES).

Michelle is an internationally-published freelance writer with over 1,200 traditional articles in print and online, co-author of two books on Silicon Valley-specific real estate as well as over 68,000 blog posts on Blogger, ActiveRain, Examiner, FaceBook, Realtor, Trulia, RealBird and others. She enjoys reading, traveling, animals, nature, family, dancing, staging, consulting, coaching and praying. Check out her blog at www.activerain.com/results or visit her online at www.michellejudycarr.com. For RE$ult$ ... Just Call ... (408) 252-8900.

 

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Rainmaker
3,106,721
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Michelle.

I have some agents that can really benefit from this passage.  Time will tell, if it was the right decision

Mar 26, 2020 01:10 AM #1
Rainmaker
3,492,160
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Michelle. Some worried about the people. Some worried about themselves and ego. Happy to see those who worried about the people finally prevailed. Unfortunately they had to provide pork for the idiots! Enjoy your day!

Mar 26, 2020 04:35 AM #2
Rainmaker
1,340,995
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi MichelleCherie Carr Crowe Just Call...408-252-8900 - Thanks for sharing this information with us.  I have not heard how it helped REALTORS©.

Mar 26, 2020 07:06 AM #3
Ambassador
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MichelleCherie Carr Crowe Just Call...408-252-8900
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

Thanks all for commenting. Sherri here's how it helps REALTORS "The self-employed and independent contractors are also included in a dramatic expansion of unemployment insurance that could provide benefits for up to 39 weeks."

Mar 26, 2020 03:51 PM #4
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