Small businesses that borrowed $150K or less can soon apply for loan forgiveness directly through the Small Business Administration rather than their lender.WASHINGTON – The U.S. Small
Senate Passes Emergency Coronavirus (COVID-19) Aid ☘ Hoey Team ☘ eXp Realty
Dated: March 18 2020
Self-Employed, Small Business Included in Emergency Aid Measures. President Trump expected to sign legislation.
The Senate passed emergency legislation Wednesday afternoon to provide support to workers and families during the coronavirus pandemic.
The bill now goes to President Trump, who has said he will sign it into law.
Included in the bill are expansions of paid sick leave and family medical leave for workers. In addition, a refundable tax credit for small businesses is designed to offset 100% of the employer’s share of the new benefits.
Self-employed persons are also eligible for a refundable tax credit to cover sick and family leave.
“Last week, we urged Congressional leaders to include robust protections for small business owners and the self-employed in this bill,” said Shannon McGahn, senior vice president of government affairs at NAR. “This bill does both, and with the structure of the tax credits, financial relief will come quickly.”
“A stimulus measure is also in the works that could bring targeted relief to the economy, to certain industries, and to the American people. We are in constant contact with Congressional leaders in support of our 1.4 million members,” McGahn continued.
In addition to today's Senate action, the Federal Housing Finance Agency announced today that it will suspend foreclosures and evictions on Fannie Mae, Freddie Mac, and FHA-insured mortgages until April 30. Follow all of HUD's updates at hud.gov/coronavirus
Article content from our National Association of REALTORS (NAR) Newsletter Magazine, and from other sources including Freddie Mac, Fannie Mae.
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