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Coronavirus Relief Bill Provides Funding for Rental Relief and SBA Loans

By: Kim Shindle on in

The federal coronavirus relief bill was signed on Sunday evening, providing nearly $900 billion of support to millions of Americans before year’s end.

The National Association of Realtors® has encouraged many of the priorities, including rental assistance, a fresh round of funding and simplified forgiveness for small business administration loans and more direct payments to Americans.

PAR is reaching out to state contacts to determine how these changes will affect Realtors® in Pennsylvania and will provide the information as soon as it’s available.

Additionally, the federal coronavirus bill:

  • Extends unemployment benefits to the self-employed
  • Includes an additional $284 billion funding for the Paycheck Protection Program (PPP) loans and $20 billion for Economic Injury Disaster Loans (EIDL) grants
  • Allows certain eligible businesses to receive a second PPP loan
  • Creates a simplified forgiveness process for most PPP borrowers
  • Allows for deductibility of business expenses paid for with PPP funds
  • Provides $25 billion to the states through Sept. 30, 2022, for rental assistance and allows landlords to apply for funds on behalf of tenants
  • Includes payments for rent in arrears, as well as utilities and other expenses related to housing
  • Extends federal eviction ban through the end of January.

NAR has a detailed outline of the bill online.

Supreme Court Ends CDC’s Eviction Moratorium

The Supreme Court’s decision means landlords are now able to evict tenants based on non-payment of rent, unless there is a local eviction moratorium in place. Landlords should consult with an attorney to determine any local restrictions on evictions.

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Comments (2)

Comments

  • Thomas Toole   January 3, 2021 at 6:00 pm

    Under the new act as said they are trying to assist landlords – recently we had a landlord take a $ 19,000. loss on rents owed to her for a
    period of just shy of a year when her tenant stopped paying rent and utilities. The Tenants lease was expiring and the landlord was forced to put the home on the market – does the landlord have any recourse as the municipality refused to entertain any action under the Covid 19 ruling. Will there be any oppurtunity for any landlord to get additional relief from the government state or federal?

    Reply to Thomas Toole
    • Lerner, Hank   January 4, 2021 at 10:37 pm

      The new law contains money that would aid landlords who have been hit with non-payment of rent. The general rules for the program will have to be created at the Federal level then distributed through states, so we don’t yet know the specifics. That said, it’s likely to be similar to the prior rental relief program that would offer certain limited rental payments with approved applications. It’s not going to allow every landlord to recover every bit of unpaid rent from the government program.

      Reply to Lerner, Hank

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