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Roundtable Video Alert Focuses on Tax Policy Pandemic Responses and Priorities; Industry Asks Treasury to Clarify Like-Kind Exchange Deadlines
The Real Estate Roundtable on Tuesday released a video alert focused on tax policy efforts aimed at mitigating the COVID-19 pandemic’s economic impact on commercial real estate. Roundtable President and CEO Jeffrey DeBoer introduces the video with a report on the organization’s various policy efforts ...Full story: Roundtable Video Alert Focuses on Tax Policy Pandemic Responses and Priorities; Industry Asks Treasury to Clarify Like-Kind Exchange Deadlines -
Policymakers Replenish Paycheck Protection Program, Consider Framework for Larger Economic Response Package; Treasury Questions Public Companies’ PPP Loan Eligibility
A supplemental coronavirus emergency aid measure enacted today replenishes the Paycheck Protection Program (PPP), which ran out of money after its launch on April 3 due to high demand. A recent Small Business Administration (SBA) report shows real estate, rental and leasing businesses were approved for 79,784 PPP loans totaling more than $10.7 billion (figures through April 16).Full story: Policymakers Replenish Paycheck Protection Program, Consider Framework for Larger Economic Response Package; Treasury Questions Public Companies’ PPP Loan Eligibility -
IRS Grants Safe Harbors for Loan Modifications by Servicers of Mortgage-Backed Securities
The IRS on April 13 issued rules that will help facilitate mortgage modifications and debt work-outs between borrowers and lenders when a loan is held in a mortgage-backed security. The IRS guidance is consistent with the Roundtable’s request on March 20 that Treasury and the IRS take steps to protect private parties from the tax consequences of restructuring debt during the extraordinary and unanticipated COVID-19 pandemic.Full story: IRS Grants Safe Harbors for Loan Modifications by Servicers of Mortgage-Backed Securities -
Industry Requests TALF Expansion to Include a Broader Range of Commercial Real Estate Assets, CMBS; Congressional Efforts Seek to Address Pandemic Business Interruption Insurance Policies
Six real estate industry organizations, including The Real Estate Roundtable, wrote to federal regulators on April 14 to communicate the urgent and growing need to include a wider range of investment grade commercial real estate debt instruments in the Fed’s Term Asset-Backed Securities Loan Facility (TALF) credit facility. Currently, TALF eligible collateral is limited to triple-A rated tranches of outstanding (legacy) commercial mortgage backed securities (CMBS), commercial mortgage loans and newly issued collateralized loan obligationsFull story: Industry Requests TALF Expansion to Include a Broader Range of Commercial Real Estate Assets, CMBS; Congressional Efforts Seek to Address Pandemic Business Interruption Insurance Policies -
Real Estate Roundtable Members Stanley Chera and Mayer Greenberg Pass
Real Estate Roundtable members Stanley Chera and Mayer Greenberg, both from New York, passed away this month.Full story: Real Estate Roundtable Members Stanley Chera and Mayer Greenberg Pass -
High Demand Depletes Small Business Loan Program as Congress Negotiates More Funding; President Trump Announces “Guidelines to Open Up America Again”
The Small Business Administration (SBA) yesterday announced that the Covid-19 Paycheck Protection Program (PPP) hit its $349 billion limit after successfully processing more than 1.6 million loans since the program launch on April 3. The PPP – funded by the Coronavirus Aid, Relief, and Economic Security (CARES) Act for small businesses struggling with the economic shocks of the pandemic – was quickly depleted as Congress continued negotiations over how to replenish funding.Full story: High Demand Depletes Small Business Loan Program as Congress Negotiates More Funding; President Trump Announces “Guidelines to Open Up America Again” -
IRS Guidance Ensures Real Estate Businesses Benefit from Phase Three Tax Relief
This week, the IRS issued two revenue procedures that will help real estate businesses maximize the amount of tax relief they receive under the “Phase 3” CARES Act. The IRS actions are consistent with recent Real Estate Roundtable recommendations.Full story: IRS Guidance Ensures Real Estate Businesses Benefit from Phase Three Tax Relief -
House Democrats Propose Pandemic Risk Insurance Program Modeled on TRIA; Senate Attempts to Break Stalemate on “Phase 4” Coronavirus Relief Package
House Financial Services Committee Democrats this week proposed a federal reinsurance program for pandemic risks as part of the next round of congressional coronavirus relief. The draft package’s reinsurance program proposal would be “similar to the Terrorism Risk Insurance Program ... "Full story: House Democrats Propose Pandemic Risk Insurance Program Modeled on TRIA; Senate Attempts to Break Stalemate on “Phase 4” Coronavirus Relief Package -
Roundtable Unveils 8-Point Plan to Improve the PPP; Roundtable Member Discusses Successful PPP Funding
The Real Estate Roundtable on April 8 submitted an 8-Point Plan to clarify and improve the Payroll Protection Program (PPP) to congressional leadership, Treasury Secretary Mnuchin and Small Business Administrator (SBA) Jovita Carranza.Full story: Roundtable Unveils 8-Point Plan to Improve the PPP; Roundtable Member Discusses Successful PPP Funding -
Federal Reserve Launches $2.3 Trillion in New Credit Facilities, Expands TALF to Existing AAA CMBS and Commercial Mortgage Loans
The Federal Reserve yesterday announced the establishment of $2.3 trillion in new credit lending facilities in an effort to restore liquidity and steady economic shocks from the Covid-19 pandemic. These actions include the expansion of its Term Asset Lending Facility (TALF) to include AAA-rated commercial mortgage-backed securities (CMBS) and commercial mortgages as eligible collateral...Full story: Federal Reserve Launches $2.3 Trillion in New Credit Facilities, Expands TALF to Existing AAA CMBS and Commercial Mortgage Loans -
Roundtable Requests Industry Regulators to Suspend Mark-To-Market Accounting Rules and Suspend New CECL Accounting Standard to Prevent Exacerbating Economic Crisis
The Real Estate Roundtable this week submitted two requests to the Financial Accounting Standards Board (FASB) and securities regulators this week to prevent exacerbating the destructive economic repercussions of the coronavirus crisis.Full story: Roundtable Requests Industry Regulators to Suspend Mark-To-Market Accounting Rules and Suspend New CECL Accounting Standard to Prevent Exacerbating Economic Crisis -
Phase 4 Congressional Package May Provide Additional Direct Relief; Roundtable Urges New Pandemic Recovery Fund and Clarifications to Small Business Loan Issues
Leading policymakers floated ideas on a “Phase 4” coronavirus relief package this week immediately after the CARES Act (Phase 3) was signed into law last Friday.Full story: Phase 4 Congressional Package May Provide Additional Direct Relief; Roundtable Urges New Pandemic Recovery Fund and Clarifications to Small Business Loan Issues -
Roundtable Launches Covid-19 Call to Action, Intensifies Legislative and Regulatory Outreach; Debuts Video Blog on Pandemic Policy Efforts
The Real Estate Roundtable today debuted a Covid-19 Video Alert, detailing how the industry has switched into high gear, focused on legislative and regulatory policies aimed at repairing frozen liquidity conditions that threaten the entire American economic system.Full story: Roundtable Launches Covid-19 Call to Action, Intensifies Legislative and Regulatory Outreach; Debuts Video Blog on Pandemic Policy Efforts -
President Trump Signs Historic $2 Trillion Coronavirus Relief Package; Roundtable Analyzes Loan Programs, Tax Relief, Federal Reserve Actions
A massive $2.2 trillion emergency Coronavirus relief bill was signed into law today by President Trump shortly after passage by the House of Representatives, following unanimous approval on March 25 by the Senate. The historic legislative package—the Coronavirus Aid, Relief, and Economic Security (CARES) Act—comes as the United States registered the largest amount of coronavirus cases in the world and a record 3.3 million jobless claims in one week.Full story: President Trump Signs Historic $2 Trillion Coronavirus Relief Package; Roundtable Analyzes Loan Programs, Tax Relief, Federal Reserve Actions -
Federal Reserve Expands Emergency Capital Liquidity Facilities; Industry Coalitions Urge Inclusion of Non-Agency CMBS & Relief for COVID-19 Loan Modifications
The Federal Reserve took unprecedented actions this week to aggressively support markets in an attempt to contain the economic damage of the coronavirus pandemic – announcing it is “committed to using its full range of tools to support households, businesses and the U.S. economy overall in this challenging time.”Full story: Federal Reserve Expands Emergency Capital Liquidity Facilities; Industry Coalitions Urge Inclusion of Non-Agency CMBS & Relief for COVID-19 Loan Modifications -
Coronavirus Aid, Relief and Economic Security (CARES Act) and Implications for U.S. Real Estate
Coronavirus Aid, Relief and Economic Security (CARES Act) and Implications for U.S. Real Estate, profiles the loan programs, tax relief, and Federal Reserve actions within the $2.2 trillion emergency coronavirus relief package.Full story: Coronavirus Aid, Relief and Economic Security (CARES Act) and Implications for U.S. Real Estate -
NEWS: The Real Estate Roundtable Urges All Building Owners to Proactively Assist Residential and Business Tenants Adversely Affected by COVID-19; Coordinated Federal Regulatory Support Is Critical
The Real Estate Roundtable which represents owners of approximately 14 billion square feet of office and industrial space, nearly 3 million apartments, 3 million hotel rooms and other rental buildings totaling nearly $5 trillion today calls on all owners and operators of business and residential rental real estate to voluntarily proactively work in a positive and constructive manner with their COVID-19 impacted tenants respecting current rent obligations.Full story: NEWS: The Real Estate Roundtable Urges All Building Owners to Proactively Assist Residential and Business Tenants Adversely Affected by COVID-19; Coordinated Federal Regulatory Support Is Critical -
Central Banks Expand Liquidity As Coronovirus Economic Toll Expands; Trump Meets With Hotel CEOs
The Federal Reserve and central banks around the world conducted urgent large-scale interventions in capital markets this week to ease strains on economies and investors as the economic toll of the coronavirus expanded dramatically in the U.S.Full story: Central Banks Expand Liquidity As Coronovirus Economic Toll Expands; Trump Meets With Hotel CEOs -
Tax Changes Affecting CRE in Senate “Phase 3” Coronavirus Package; Roundtable Submits Request for Administration to Waive COD Income
Senate Majority Leader Mitch McConnell (R-KY) unveiled a “Phase III” coronavirus economic stimulus proposal on March 19 that includes a number of tax provisions important to real estate – including a temporary reinstatement of the net operating loss carryback; relaxation of the current-law restrictions business interest deductions; and long-sought technical corrections to several provisions in the 2017 tax code overhaul (e.g. qualified improvement property).Full story: Tax Changes Affecting CRE in Senate “Phase 3” Coronavirus Package; Roundtable Submits Request for Administration to Waive COD Income -
Policymakers Enact Second Coronavirus Response; Senate GOP Unveils Additional $1 Trillion-Plus Economic Package; Roundtable Urges Focused Policy Action
Policymakers raced this week to complete a massive economic response to stem the spiraling public health and economic toll of the Coronavirus pandemic. As infection and death rates continued to grow, jobless claims soared, hotels and malls temporarily closed world-wide, and President Trump invoked rarely used emergency powers to fight what he called a “medical war.”Full story: Policymakers Enact Second Coronavirus Response; Senate GOP Unveils Additional $1 Trillion-Plus Economic Package; Roundtable Urges Focused Policy Action