April 2, 2020
Good Morning WMVR!
Today’s topic is How does the C.A.R.E.S Act help REALTORS? Here are 5 essential resources for you:
- EIDL – SBA Economic Injury Disaster Loan – most notable feature – $10,000 EIDL advance grants are eligible for forgiveness if the borrower spends them on specific business expenses – Click Here for more info: https://www.nar.realtor/political-advocacy/coronavirus-sba-cares-act-faqs
- PPP – Paycheck Protection Program – THIS IS A LOAN – compensation to or the income of a sole proprietor or independent contractor that is a wage, commission, income, net earnings from self-employment, or similar compensation is eligible. Click Here for more info: https://www.nar.realtor/political-advocacy/coronavirus-sba-cares-act-faqs
- PUA – Pandemic Unemployment Assistance – THROUGH THE STATE OF IDAHO – Currently being developed, but when complete this will allow for independent contractors to be able to file for Unemployment, if necessary. STAY TUNED FOR ADDITIONAL DETAILS. Click here for information: https://www.nelp.org/publication/unemployment-insurance-provisions-coronavirus-aid-relief-economic-security-cares-act/
- Here is updated information for the PUA. https://idahoatwork.com/2020/03/18/faqs-about-unemployment-insurance-and-covid-19/
- Here are a couple points.
- “What if I‘m temporarily laid off because the place where I work is temporarily closed due to the COVID-19 virus?
- An individual temporarily laid off may qualify for benefits if he or she was able, available for and actively seeking work or returning to work with their employer.
- UPDATED March 31: Are independent contractors or self-employed workers covered?
- The CAREs Act expanded the unemployment insurance programto include Pandemic Unemployment Assistance (PUA). This program allows payment for individuals who are not eligible for regular benefits, particularly self-employed individuals. We are working with the U.S. Department of Labor on further details so we can implement these changes, which could take several weeks. Please apply for benefits online at labor.idaho.gov/claimantportal and continue to submit your weekly certifications. Enter your work history on the online application as self-employment. We will inform you of any changes that will potentially affect your unemployment benefit claim.”
- “Updated April 3: Will I be required to look for work if I am temporarily out of for work because of coronavirus (COVID-19)?
- If you are unemployed due to COVID-19 related reasons and will be returning to work with your employer, you are not required to seek work or register for work with us. Answer ‘yes’ to the question asking if you are returning to work on your unemployment application. You are still required to submit your weekly reports and to maintain contact with your employer.”
There is much more available on the website. Be sure to check it out.
- Tools For Brokers in Response to COVID–19 Webinar – Friday April 3rd at 11:00 AM – FREE – Click here to register:
- Mortgage Forbearance – CARES Act can request up to 360-day payment forbearance without proof of hardship. No additional fees, interest, or penalties can be assessed for the forbearance. THIS MUST BE PAID BACK, it is a FORBEARANCE not FORGIVENESS. Click Here for More Information: https://www.nar.realtor/political-advocacy/coronavirus-aid-relief-and-economic-security-act
As always, be the source of the source, and not the source! With that being said, I advise you to speak with your financial / legal counsel prior to making any decisions or recommending anything with your clients!
Stay safe everyone!