Realtor® group prepared comprehensive overview of stimulus package to educate membership on its impact

Washington, D.C. – March 27, 2020 (nar.realtor) As the House of Representatives’ voted Friday to send a historic COVID-19 relief package to President Trump, the National Association of Realtors® published a comprehensive guide to the $2 trillion, 880-page bill educating Realtors® on the many benefits secured by NAR. The nation’s largest trade association is also offering separate, evolving guidance to help its members navigate the crisis.

“This bipartisan relief bill delivers a much-needed win for the American people and for our nation’s 1.4 million Realtors®,” said NAR President Vince Malta. “Over recent weeks, NAR has worked tirelessly with Congressional leaders to ensure small business owners, the self-employed and independent contractors were included in the federal response to this national crisis. With every two home sales generating one job in this country, the real estate industry will represent a key piece of our national recovery, and NAR will continue fighting for key provisions in a fourth relief package expected in the coming weeks.”

The measure includes:

• $350 billion for the Small Business Administration 7(a) loan program, allowing eligible small businesses to secure up to $10 million toward mortgage interest, rents, utilities and payroll costs. 
• A significant expansion of unemployment insurance for the self-employed and independent contractors that could provide benefits for up to 39 weeks. These workers are not usually covered under traditional state unemployment benefit programs.
• An employee retention tax credit estimated to provide $50 billion to companies that retain existing employees.
• Rebates of $1,200 to single filers and $2,400 to joint filers, plus $500 for each child, subject to income limitations.
• A 60-day foreclosure moratorium and up to 1 year of mortgage forbearance.

Among a host of other initiatives, NAR is also working with lawmakers to expand access to remote online notary services and provide direct rental assistance for families who have income loss due to COVID-19.

The National Association of Realtors® is America’s largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.

Program from 2009-10 being revived to offer resources and guidance to NAR members during COVID-19 crisis

Chicago, IL – March 27, 2020 (nar.realtor) The National Association of Realtors® announced the return of its ‘Right Tools, Right Now’ program, which will make numerous business-critical resources immediately available to all of the association’s 1.4 million members at reduced or no cost. Originating in response to the financial crisis, nearly one million Realtors® accessed $54 million worth of similar NAR products and services between March 2009 and December 2010. In light of the circumstances surrounding the COVID-19 pandemic, NAR is re-engaging the program in an effort to support its members through trying times.

“The well-being of our members, their families and their businesses is of paramount importance to NAR’s Leadership Team, myself and our staff,” said NAR CEO Bob Goldberg, who also issued a corresponding video announcement to NAR members(link is external). “Effective immediately, I would like to announce that NAR is re-launching the Right Tools, Right Now program for all members – agents and brokers. This initiative, which was activated in 2009 in another time of unique need, will make new and existing NAR products and services immediately available to Realtors® at reduced or no cost. I want NAR members to know we will continue fighting so every Realtor® has the tools and information they need to emerge from this crisis stronger and more prepared for their future.”

Among the resources now widely available, members can access webinars with tips for managing finances in uncertain times; educational resources to build or hone professional skills; and a free copy of the widely used Profile of Home Buyers and Sellers.

“Over the past two weeks, we have seen the direct and often significant impact this crisis has had on our members,” said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, CA. “With that uncertainty hanging over all of our heads, NAR is striving to present solutions that will bring Realtors® relief and allow them to continue living their lives and conducting business with as much normalcy as possible.”

Visit this link to view a full collection of the programs and resources available to members through RTRN. The page will be updated regularly. In addition, NAR is offering evolving guidance to help its 1.4 million members navigate the coronavirus crisis.

The National Association of Realtors® is America’s largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.