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Self-Employed, Small Business Included in Emergency Aid Measures

The Senate passed emergency legislation Wednesday, March 18th, 2020 to provide support to workers and families during the coronavirus pandemic.

The bill has gone to President Trump, who signed it into law.


 
NAR has published a comprehensive guide to the $2 trillion, 880-page bill educating REALTORS® on the many benefits of the recently passed CARES Act and how they might affect you and your business.

 
These include:
•   $350 billion for the Small Business Administration 7(a) loan program, allowing eligible small businesses to secure up to $10 million toward mortgage interest, rents, utilities, and payroll costs. 
 
•   A significant expansion of unemployment insurance for the self-employed and independent contractors that could provide benefits for up to 39 weeks. These workers are not usually covered under traditional state unemployment benefit programs.
 
•   An employee retention tax credit estimated to provide $50 billion to companies that retain existing employees.
 
•   Rebates of $1,200 to single filers and $2,400 to joint filers, plus $500 for each child, subject to income limitations.
 
•   A 60-day foreclosure moratorium and up to 1 year of mortgage forbearance.
 
Among a host of other initiatives, NAR is also working with lawmakers to expand access to remote online notary services and provide direct rental assistance for families who have income loss due to COVID-19. COVID-19 Advocacy FAQ
 

View Legislation Details 

Impact on NAR members