Ohio REALTORS is providing news and highlights from the real estate industry and governmental entities to keep you up-to-date on the COVID-19 (coronavirus) pandemic.
LATEST VIDEO: President Chris Reese on safety and COVID-19 / March 31, 2020
Daily Rundown: April 9, 2020
Yesterday, the PUCO took action to authorize utilities in the state of Ohio to obtain loans from the Federal Paycheck Protection Program, which authorizes up to $349 billion in forgivable loans to small businesses to retain their employees during the COVID -19 crisis. This program will allow small utilities to apply for federal loans without seeking approval from the PUCO.
Additionally, the order extends the Commission's March 12 order, which allowed for the suspension of requirements that may impose a service continuity hardship on residential and business customers or create unnecessary risks of social contact. The extension will be for an additional 30 days, unless otherwise ordered by the PUCO.
The National Association of REALTORS has released findings from its April 5-6, 2020 “Flash Survey: Economic Pulse” gauging the impact of the coronavirus pandemic on the real estate market. Additionally, the organization has published its “Weekly Housing Market Monitor.”
Read NAR’s Washington Report focusing on the Small Business Administration’s Paycheck Protection Loans, with program details and access to an application.
The Federal Reserve Board announced that it will temporarily and narrowly modify the growth restriction on Wells Fargo so that it can provide additional support to small businesses. The change will only allow the firm to make additional small business loans as part of the Paycheck Protection Program, or PPP, and the Federal Reserve's forthcoming Main Street Lending Program.
Freddie Mac has updated its COVID-19 FAQ guidance.
Daily Rundown: April 8, 2020
NAR Leadership Live: Real time. Real experts. Real answers.
Reminder: Today -- April 8, 2020, at 1:00 pm ET
Find out how the National Association of REALTORS advances issues that are most important to members through legislative action and timely, free-to-member resources.
During this week’s Leadership Live event members will have the opportunity to connect with NAR leadership and industry experts to learn how to utilize the CARES Act and stimulus package to leverage financial benefits for themselves and their agents.
Now, more than ever, it is critical that we provide members one-on-one access to real estate industry and advocacy experts, who can:
Lt. Governor Jon Husted announced the creation of the Office of Small Business Relief to better coordinate efforts to identify and provide support for Ohio’s nearly 950,000 small businesses. This office will be housed within the Ohio Development Services Agency (DSA).
The Small Business Administration (SBA), in consultation with the Department of the Treasury, is providing timely additional guidance to address borrower and lender questions concerning the implementation of the Paycheck Protection Program (PPP), established by the CARES Act.
Attached is a common COVID-19 “Myths Versus Facts” document that the Ohio has created.
Daily Rundown: April 7, 2020
Leadership of the National Association of REALTORS will be hosting an event to break down the CARES Act and stimulus package to help independent contractors and small business owners leverage benefits and resources that you may be entitled to. REALTORS are encouraged to participate this Wednesday, April 8, at 1 p.m. ET on Leadership Live, a Facebook Live event where NAR Leaders and industry experts will answer your questions and address your concerns during this interactive and impactful exchange. Join NAR and register now.
NAR announced a Members TeleHealth program, providing two months of telemedicine at no cost for members who lack access to the service. Members must register by April 15. This program comes as part of NAR’s larger “Right Tools, Right Now” initiative, which is making numerous valuable resources available to the Association’s 1.4 million members at reduced or no cost.
Over the weekend, NAR joined a coalition including the MBA, NAHB, small lenders, and consumer groups in a press release asking the Fed, Treasury, and FHFA to take action to alleviate problems in the servicing industry. This press release echoes a letter that NAR sent to the same regulators on March 27. Instability in mortgage servicing has risen as a result of the unprecedented demand on servicers to extend principle and interest payments on mortgages in forbearance. This instability has resulted in credit score, DTI, and reserve overlays and hurt many transactions. NAR will continue to work this issue.
NAR has produced a Commercial Real Estate & COVID-19 Advocacy Fact Sheet detailing some of the property relief available to commercial real estate – including information on SBA loan programs, 1031 Like-Kind Exchange deadline extension, Qualified Opportunity funds, multi-family housing and more.
A broad coalition of organizations representing the financial industry and affordable housing advocates, including NAR, released a statement calling on government regulators to provide a source of liquidity to those mortgage servicers that may need additional capacity to support homeowners and renters impacted by COVD-19.