Coronavirus: Resources for Property Owners
March 20, 2020
SBA Loans, FHA Programs, Fannie Mae & Freddie Mac (GSEs), Veterans Affairs, Real Estate Settlement Procedures Act (RESPA), TRID (TILA-RESPA Integrated Disclosure), Coronavirus, Rural Housing Programs
The following resources provide property owners with assistance during the COVID-19 crisis.
American Land Title Association (ALTA) has provided the following resources:
- County Record Office Closures (link is external): Real-time database of offices that are closing or reducing operations as a result of the coronavirus. Click on the link under County Office Closures.
- Title, Settlement Companies Develop Safe Closing Protocols (link is external)
- Visitor Health Screening Questionnaires: The NNA has developed health screening forms for the signing agent and borrower in order to protect all parties during a closing.
- Disaster Recovery and Business Continuity Plan (link is external): Having a business continuity plan is essential to keeping an operation going following any type of disaster or crisis.
- Common Issues Your Business May Encounter (link is external)
- Keep Your Workplace Safe (link is external)
- Keep Commercial Establishments Safe (link is external)
Bank Regulators have also instructed banks and servicers to be proactive in extending help to homeowners:
- Federal Deposit Insurance Corporation (FDIC) (link is external)
- Office of the Comptroller of the Currency (OCC) (link is external)
- Board of Governor of the Federal Reserve System (Fed) (link is external)
Banks have posted their own policies and ways for consumers to contact them for assistance:
NAR= March 15, 2020
Corona Virus Emergency Legislation-What REALTORS need to know
Congress is speeding toward passage of emergency corona virus legislation. The bill passed by a wide margin early Saturday in the House and is headed to the Senate next week, where it is expected to pass easily. You can find a summary prepared by NAR staff here.
Last week, NAR's advocacy team urged Congressional leaders to include support for self-employed professionals and other small business owners in this bill. We are pleased robust measures targeting these groups were included.
We expect few if any changes to the bill in the Senate, so here is where the measure stands now:
Family Medical Leave Expansion…
- Allows up to 12 weeks of certain virus-related family medical leave through the end of 2020
- Covers employees at businesses with between 50-500 employees
- Provides a refundable tax credit for eligible self-employed individuals equal to their qualified family leave equivalent
- Provides employers with a refundable tax credit equal to certain family leave wages paid to employees
Paid Sick Leave Expansion…
- Allows two weeks of certain virus-related paid sick leave through the end of 2020.
- Covers employees at businesses with fewer than 500 employees
- Provides a refundable tax credit for eligible self-employed individuals equal to their qualified sick leave equivalent
- Provides employers with a refundable tax credit equal to certain paid sick leave wages paid to employees
NAR: March 16, 2020 REALTOR Guide to Convid-19
Why is NAR issuing this guidance?
In response to the growing concerns about COVID-19, commonly referred to as coronavirus, NAR is providing this guidance to help REALTOR® associations respond to the coronavirus's impact on the real estate industry. As of March 16, 2020, the United States government has banned all travel from Europe, the United Kingdom and Ireland into the United States for a period of thirty (30) days. The U.S. Centers for Disease Control and Prevention (CDC) has issued Level 3 Travel Warnings for China, Iran and South Korea, and a Level 2 Travel Health Notice all other global travel. The situation is rapidly evolving. Be sure to refer to the CDC's website for up-to-date information about travel warnings(link is external), as well as information about the coronavirus' current impact in the United States(link is external). Daily updates about the coronavirus are also available from the World Health Organization(link is external).
What is Coronavirus?
COVID-19 is a novel coronavirus that has infected more than 142,000 individuals in 134 countries, causing the World Health Organization (WHO) to classify this outbreak as a pandemic on March 11, 2020. Symptoms include fever, cough, and shortness of breath. Anyone experiencing emergency signs such as difficulty breathing, persistent pain or pressure in the chest, new confusion or bluish lips or face should immediately seek medical attention.
What is the risk of exposure to coronavirus?
Older adults and people who have severe underlying chronic medical conditions like heart or lung disease or diabetes seem to be at higher risk for developing more serious complications from COVID-19 illness. The virus is thought to spread mainly from person-to-person and the best way to prevent illness is to avoid being exposed to this virus. The CDC urges citizens to monitor your health and practice social distancing. Social distancing means staying out of crowded places, avoiding group gatherings, and maintaining distance (approximately 6 feet) from others when possible. Visit the CDC's website(link is external) for latest updates.