Coronavirus Updates and Information

Coronavirus Updates and Information

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: June 8, 2020

The National Association of REALTORS sent a letter to the White House last week, urging further relief during the COVID-19 pandemic. The letter included a number of provisions to help REALTORS and real estate remain a strong force in our economy. The proposals included:

  • Reforms to the PPP program (some of which were subsequently addressed in the "PPP Flexibility Act," which passed this week and is expected to be signed by the President).
  • A reduction in the minimum loan amount for financial relief under the Federal Reserve Main Street Lending Program to allow more small businesses and non-profits to access yet another avenue of financial assistance that may better fit their business needs.
  • Support for liability protections for businesses that reopen following federal and state guidelines.
  • Housing relief for renters including emergency rental assistance, as well as relief for rental housing providers.
  • Expansion of forbearance and unemployment assistance.
  • Reforms to the opportunity zones program to encourage investment.
  • Elimination of the marriage penalty in the State and Local Tax (SALT) deduction.
  • Support for remote notarization legislation.

NAR continues to work with the Administration and Congress on common sense solutions that provide relief during these unprecedented times.

DAILY RUNDOWN: June 2, 2020

NAR worked with two of the country's leading experts in public opinion, Rich Thau, President of Engagious, and Jon Last, President of Sports & Leisure Research Group, to provide REALTORS with key insights about how consumers want to safely navigate home sales transactions in the midst of the on-going COVID-19 health crisis. The recorded webinar and slide presentations explore the precautions buyers and sellers expect to take during real estate transactions as well as the precautions they expect real estate professionals to take. The research also looks at how virtual tours are perceived in this new normal as well as the valuable role real estate agents and brokers play during the home sale process. Please see the resources, free to REALTORS, at NAR's Right Tools Right Now 

DAILY RUNDOWN: May 29, 2020

The House of Representatives just passed the "Paycheck Protection Program Flexibility Act," which makes several amendments to the CARES Act to make PPP loans more helpful to small businesses by increasing flexibility. The changes include:

  • Extending the program sunset to December 31, 2020;
  • Extending the length of time businesses can use the loans from 8 to 24 weeks, or until the end of the year (whichever is earlier) (note: businesses that have used it in 8 will not be penalized);
  • Removal of the requirement that 75% of the loan go toward payroll costs;
  • Makes PPP recipient businesses eligible for the delayed payment of employer payroll taxes in the CARES Act; and
  • Creates an exception to the rehire requirement for employees that were let go due to COVID-19 if a business can show that they are unable to return to normal operations due to compliance with federal government rules or guidelines based on maintaining sanitation, social distancing, or worker/customer safety requirements related to COVID-19.

NAR sent a letter of support for the bill, which you can read here. The Senate is expected to consider similar legislation next week, although there may be some differences in its legislation. NAR will continue to advocate for improvements to this program so it can be more responsive to the needs of small businesses and independent contractors during this crisis, and to ensure that the maximum number of them are able to reopen when it concludes.

Additionally, NAR has updated its PPP loan forgiveness infographic based on recently released guidance from the SBA.

As the PPP Flexibility Act moves through Congress and the federal agencies provide new guidance on the program, NAR will continue to update its resources for members at its SBA page.

Previous Daily Rundowns: May | April | March