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Details on New COVID-19 Relief Package for REALTORS®

Posted on
December 22nd at 9:23am.

On December 21st a new COVID-19 Relief Package was agreed upon that will provide additional direct payments, extend Pandemic Unemployment Assistance, and rental assistance. The Relief Package is a $900B package and weighs in at 5,593 pages. Below is a high level overview of what is included.

For Individuals:

  • $600 direct stimulus payment
  • Pandemic Unemployment Assistance extended to April 19, 2021 with an additional $300 through March 14, 2021

For recipients of PPP loans:

  • Allows for certain businesses to receive a second PPP loan
  • Simplifies the process for PPP loan forgiveness
  • Includes deductibility of business expenses paid with PPP funds

For renters and investment property owners:

  • Federal eviction moratorium extended to January 31, 2021
  • Allows investment property owners to apply for rental payment assistance on behalf of tenants

You can read more details about what is included in the package, including fair housing funding, broadband extension, and a 5-year extension of the mortgage debt forgiveness exclusion, here.