Coronavirus Relief Bill Provides Funding for Rental Relief and SBA Loans

The federal coronavirus relief bill was signed on Sunday evening, providing nearly $900 billion of support to millions of Americans before year’s end.

The National Association of Realtors® has encouraged many of the priorities, including rental assistance, a fresh round of funding and simplified forgiveness for small business administration loans and more direct payments to Americans.

PAR is reaching out to state contacts to determine how these changes will affect Realtors® in Pennsylvania and will provide the information as soon as it’s available.

Additionally, the federal coronavirus bill:

• Extends unemployment benefits to the self-employed
• Includes an additional $284 billion funding for the Paycheck Protection Program (PPP) loans and $20 billion for Economic Injury Disaster Loans (EIDL) grants
• Allows certain eligible businesses to receive a second PPP loan
• Creates a simplified forgiveness process for most PPP borrowers
• Allows for deductibility of business expenses paid for with PPP funds
• Provides $25 billion to the states through Sept. 30, 2022, for rental assistance and allows landlords to apply for funds on behalf of tenants
• Includes payments for rent in arrears, as well as utilities and other expenses related to housing
• Extends federal eviction ban through the end of January.

NAR has a detailed outline of the bill online.