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Thursday, April 9, 2020

Three for Thursday 4/9/20 – Government Affairs Update

Here’s your Thursday Government Affairs Update! Just a reminder, we’ve temporarily suspended the “three” from our “Three for Thursday” Government Affairs Update.

Columbus REALTORS® Economic Leadership Forum

Columbus REALTORS® is producing a video series on how the COVID-19 crisis is impacting real estate in central Ohio. This first video, linked above and below, is an interview with Kenny McDonald (CEO, One Columbus), Emmanuel Remy (Columbus City Council Member, REALTOR®), and Andy Mills (2020 President, Columbus REALTORS®) addressing commercial real estate, economic development in central Ohio and what the City of Columbus is doing.

Commercial real estate and economic development in central Ohio

Next Up – Residential Leadership Forum to address the impact of the COVID-19 virus on residential real estate and the title and mortgage industries in central Ohio. The Forum will be taped and distributed for viewing.

In preparation, we want to know what questions you would like our panelists to answer. Send questions to ResidentialLeadershipForum@columbusrealtors.com

Panelists:

Louise Potter, Principal Broker, Sr. Regional VP, HER, Realtors®

Michael Jones, REALTOR®, Coldwell Banker; 2020 President-Elect, Columbus REALTORS®

Daniel Prond, 2020 President, Columbus Mortgage Bankers Association

Dave Dewey, Mortgage Sales Manager, VP, Huntington Bank

Scott Stevenson, Esq., CEO/Principal, Northwest Title Family of Companies

Ohio License renewal; reactivation deadlines extended - By Peg Ritenour, Ohio REALTORS Vice President of Legal Services

Emergency legislation passed last month by the Ohio legislature provides for an extension of any license renewal due on or after March 9 -- the date the Governor issued his emergency order. Under HB 197, the renewal deadline is extended to 90 days after the date the Governor’s emergency ends or Dec. 1, 2020, whichever occurs first. Again, this only applies to anyone with a renewal deadline on or after March 9 -- the date the Governor issued his emergency order.

Read more at: https://www.ohiorealtors.org/blog/1283/license-renewal-reactivation-deadlines-extended/

This content is copyright 2020 Ohio REALTORS

Ohio Unveils Ohio Office of Small Business Relief

The Office of Small Business Relief (OSBR) is focused on identifying and providing direct support to the state's nearly 950,000 small businesses to help during the current public health crisis and to position them for a strong rebound.

If you have additional questions, please send us a message at BusinessHelp@Development.Ohio.Gov. To be connected to the Small Business Administration or your local Manufacturing Extension Partnership organization, Procurement and Technical Assistance Center, Minority Business Assistance Center or Small Business Development Center, please call 1-833-BIZ-OHIO (1-833-249-6446).

Ohio House starts task force with the goal of getting ready to reopen the state after coronavirus via Columbus Dispatch

When businesses reopen and folks return to both work and school, state lawmakers want Ohio to be ready to meet their needs.

That’s why 24 members of the Ohio House of Representatives have started meeting as a virtual Ohio Economic Recovery Task Force.

Gov. Mike DeWine, a Republican, and Ohio Department of Health Director Dr. Amy Acton are the ones with the authority to lift the state’s stay-at-home order, but state lawmakers can support them by moving funds, relaxing rules and creating aid programs that target specific areas of the economy such as childcare providers or physicians in rural areas.

As Forbearance Requests Rise, NAR Dispels Myths via REALTOR® Magazine

Forbearance requests, which delay mortgage payments, have increased exponentially over the past month, according to new data released by the Mortgage Bankers Association Tuesday.

Following a 1,270% increase between the weeks of March 2 and March 16, latest figures show an even more dramatic spike—a 1,896% increase in forbearance requests over the most recent two-week period—from borrowers who are seeking mortgage payment assistance.

While these numbers are undeniably concerning, many unsubstantiated claims have circulated over recent days. The National Association of REALTORS® has increased regular communication with its members to help separate fact from fiction.

NAR Leadership Live Forum

Leadership Live was held yesterday, and NAR Leaders and industry experts answered questions and addressed concerns during this interactive and impactful exchange.

Click the link to watch the replay!

Updated NAR FAQ’s  A LOT of new information was added last night to these documents!

It’s important to remember that your individual circumstances (income, tax status, employees, etc.) will dictate which assistance, if any, is best for you. Please be sure to connect directly with the SBA, SBA lender, your account and/or financial planner to determine which resources and assistance are best for you.

NAR FAQ on unemployment benefits

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) signed into law on March 27, 2020, provides relief to families, small businesses, and individuals who are self-employed and independent contractors. A key provision in the law creates a temporary “Pandemic Unemployment Assistance” program that extends unemployment benefits to those not traditionally eligible, including self-employed individuals. Below is a summary of the program, including updates from Advisories issued by the U.S. Department of Labor (DOL) to state workforce agencies implementing the program.

NAR FAQ on SBA Loans  

NAR has been working closely with Congress and the Administration to ensure the interests of REALTORS® and their clients are protected in any federal action in response to COVID-19. Many REALTORS® are small businesses, or work with them as clients. In the most recent relief package passed into law, the "Coronavirus Aid, Relief, and Economic Security Act" or CARES Act, there were significant provisions aimed at assisting small businesses during this difficult time. The CARES Act appropriates more than $360 billion total for new Small Business Administration (SBA) programs - the 7(a) Paycheck Protection Program loans and the Economic Injury Disaster Loans (EIDL) advance grants program. Provided below are a number of Q&As to address frequent questions about what these programs are, who is eligible and how to apply. We continue to learn more about these relief measures daily and will update this document as events warrant.

NAR Coronavirus Guidance: Commercial Real Estate

IRS speeds up coronavirus check printing, delivery ahead of schedule; Cash strapped consumers may catch a break via FOXBusiness

FOX Business has learned that the Internal Revenue Service has sped up its process and is now targeting “early next week” for the direct deposit checks.

The first checks could be directly deposited as early as Monday or Tuesday with the first paper checks mailed starting April 20.

For anyone needing to adjust their direct deposit information, the IRS will be providing that option by the end of the week.

NAR Funds Telehealth for REALTORS
In response to the current health crisis, NAR is funding 2-months of access to Members TeleHealth at no cost to our members, via the Right Tools, Right Now program. Members TeleHealth provides access to a network of more than 2,300 board-certified physicians, who can address non-emergency medical issues via smartphone, tablet or computer. Read More Details…

REALTORS® can begin applying now for several aid programs created by the $2 trillion dollar coronavirus relief package

Small businesses and sole proprietorships can apply now for forgivable Paycheck Protection Loans through existing Small Business Administration lenders to cover payroll and certain other expenses. The program opens to the self-employed and independent contractors on April 10.

“The Paycheck Protection Program is open for the first round of applications, and many local SBA banks are racing to meet the high demand. We encourage members to keep trying, as the applications will be awarded on a first-come, first-serve basis,” says Shannon McGahn, senior vice president of government affairs for NAR.  “These benefits are unprecedented, generous, and designed to help REALTORS® weather this temporary crisis.  The application is simple and less than two pages, so I would urge anyone who is applying to fill them out right away.”

Read NAR’S guidance on the Paycheck Protection Program.
Included in this same law is a significant expansion of unemployment insurance for the self-employed and independent contractors, who are not usually covered under traditional state unemployment benefit programs. REALTORS® may be able to apply now for this benefit through their state’s unemployment office, though some states may be waiting for further guidance from the Department of Labor.  

Read NAR’s comprehensive Pandemic Unemployment Assistance FAQ guide, which should answer many of your biggest questions.

These documents from the Small Business Administration, Department of Labor, and Treasury Department may be useful to you as well:

Treasury Department Paycheck Protection Program Information Sheet

SBA 7(a) Paycheck Protection Program Application 

SBA Interim Final Rule

DOL List of State Unemployment Offices

DOL Unemployment Benefits Guide 

See the latest news from NAR at nar.realtor/coronavirus.

Additional Key Resources:

Columbus REALTORS® COVID – 19 Information Page

Columbus REALTORS® COVID-19 Addendum to Purchase Agreement Extension

Columbus Chamber Combatting COVID-19 Updates and Information

Ohio Chamber of Commerce COVID-19 Business Resources

National Association of REALTORS® Resource Guide

United States Chamber of Commerce COVID-19 Business Resources

United States Chamber of Commerce: Coronavirus Aid, Relief, and Economic Security Act: What Small Businesses Need to Know

Small Business Administration COVID-19 Economic Injury Disaster Loan Program Application

 If you'd like to receive the weekly email, please contact, Brent Swander, Vice President of Government Affairs. 

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