Its hard to believe so much of our lives has changed so radically in only three weeks’ time. But here we are. Some of us are struggling to keep our business at a basic survival activity level, and others are still doing a lot of business and closing transactions. Whichever group you find yourself in, this podcast will try to shine some clarifying light onto some of the biggest federal government initiatives affecting us and our clients.
On March 27th I launched a 48-hour survey asking you some specific questions. Over 550 members responded representing the full spectrum of our membership and geography.
Shortly after this survey was conducted WeSERV Education announced live Zoom CE classes. You can find those at the WeSERV.REALTOR website under education.
Families First Corona Virus Response Act – The Families First Act became effective April 1st. One of the main components of this legislation was the pushing down of The FMLA requirements to business of all sizes. FMLA mandates that employees be provided with up to 10 weeks of paid leave and included any employee that had been employed for at least 30 days and who must care for a child because school has been closed and the employee is unable to telework.
The Emergency Paid Sick Leave Act was another provision of this legislation. From April 1 to December 31, 2020 businesses must provide paid sick leave for employees meeting certain COVId-19 parameters.
NAR has provided a guide to the Families First Act related to REALTORS and the U.S. Chamber of Commerce has a “What Business Needs to Know” article worth reading.
Part of the Coronavirus Aid, Relief and Economic Security Act, also known as CARES Act, is the EIDL loans and grants. Economic Injury Disaster Loans, also known as EIDL loans, have been around for a long while and usually are used during hurricanes, earthquakes and other natural disasters.
PNC bank has a comparison chart of EIDL loans and Paycheck Protection Loans. The Senate Banking Committee put together an easy to read Q&A guide to help you through small business debt relief, EIDL loans and the Paycheck Protection Program.
The Paycheck Protection Program, also known as PPP, was another element in the CARES Act.
April 3rd the PPP program went into effect. Unfortunately, the SBA didn’t issue guidance to lenders until late the night before, so by the dawn of April 3rd there was still confusion.
The PPP is based on payroll expenses and is designed to cover payroll and benefits expenses during the 8-week period of February 15 – June 30, 2020.
NAR released a synopsis of the program and the U.S. Chamber of Commerce released a helpful decision maker tool.
Also contained in the CARES Act is the ability for self-employed, small business, Independent contractors and sole proprietors to access unemployment insurance.
The Arizona Department of Economic Security will be managing the Arizona program.
We have a WeSERV member update on Friday, April 10th via Zoom. You must register to attend.
WeSERV GAD: Advocating for private property rights, the right to private contract and YOUR business!