COVID-19 Info & Resources
On June 3, the Senate passed the “PPP Flexibility Act” by unanimous consent. This bill, which the House passed last week by a vote of 417-1, amends the CARES Act to give more flexibility to PPP borrowers in how they can use their loan proceeds. Specifically, the bill makes the following positive changes to the program:
- Extends the PPP program through the end of this year. The application deadline remains June 30, 2020.
- Increases the amount of time borrowers have to use their loans from 8 to 24-weeks (borrowers who use it in 8 will not be penalized).
- Decreases the mandatory payroll amount of the loan from 75% to 60%.
- Extends the forbearance period for a PPP loan from six-months to a year.
- Extends the re-hire exemption for businesses from June 30 to December 31.
The bill has been sent to the President, and he is expected to quickly sign it into law. The SBA and Treasury will need to issue new guidance and new forms to reflect these changes to the program, which we anticipate will be top priorities for them. NAR is updating its resources to reflect these changes and will keep you apprised as we learn more from the Treasury and SBA going forward.
REMINDER: NAR provides general guidelines for REALTORS® . Know what the recommendations and guidelines are for our local area by checking out Montana DPHHS site.
MAR's Forms Screening Panel and MAR legal counsel have provided some forms for use at this time. Below are links to the COVID-19 Clause, Mutual Termination Form and a COVID-19 White Paper.
In order to view these forms, you will need to login to a secure page of MAR's website using your NRDS number as you username, and your last name with the First Letter Capitalized (ex. Smith) as your password.
MAR OFFICE IS OPEN
MAR is open and providing all services to MAR members. You can call us at 406-443-4032 or email us at firstname.lastname@example.org
NAR STATEMENTS AND RESOURCES
NAR has complied some great resources for you as well as guidelines to keep you and your business safe.
COMMERCIAL REAL ESTATE'S CCIM INSTITUTE COVID-19 RESOURCES March 31, 2020
COVID-19 INFORMATION FOR PROPERTY MANAGERS March 31, 2020
COMMERCIAL REAL ESTATE GUIDANCE March 30, 2020
NAR'S TRANSACTION GUIDANCE DURING COVID-19 March 24, 2020
NAR'S ADVOCACY WORK TOWARDS COVID-19 RELIEF March 21, 2020
NAR OPEN HOUSE GUIDANCE DURING COVID-19 March 20, 2020
CORONAVIRUS: A GUIDE FOR REALTORS® March 19, 2020
CORONAVIRUS: RESOURCES AND GUIDANCE FOR EMPLOYERS March 19, 2020
CORONAVIRUS: RESOURCES FOR PROPERTY OWNERS March 19, 2020
CORONAVIRUS: A GUIDE FOR REALTOR® ASSOCIATIONS March 19, 2020
MESSAGE FROM NAR PRESIDENT VINCE MALTA March 17, 2020
ONLINE EDUCATION RESOURCES
NAR, McKissock, The CE Shop and Interact CE are all great resources for online education, informative webinars and financial planning. You can find many trainings on how to use this current time to build your business.
NAR'S E-PRO CERTIFICATION COURSE - This course IS approved by MAR for 12 CE credits
In response to the growing concerns about COVID-19, Montana Association of REALTORS® (MAR) has created a guide of resources to help you stay informed. Information from Federal, State and local governments change daily (sometimes multiple times a day), so know what the recommendations are and reach out to your local public health officials if you have questions or concerns.
Agents, Brokers, and all office staff should be on the same page with safety precautions and guidelines that your office is following. Ultimately, you need to work with your clients to make sure they are comfortable in the process.
HELP FOR HOMEOWNERS, RENTERS AND BUSINESSES
Part of Montana's new $123 million emergency grant package, announced May 5th, includes emergency housing assistance for homeowners, renters and businesses.
If you are a homeowner who is struggling or unable to meet your loan obligations due to COVID-19, work with housing experts and your lender to find a solution. Below is a link to a brochure with resources and helpful information.