Policy Issues
Status of CARES Act passage [as of April 3]: The Senate passed the CARES Act on Wednesday, March 25, by a 96-0 vote. The House passed the bill on Friday, March 27, and President Trump signed the bill into law that afternoon. On Thursday, April 2, the Small Business Administration released “final interim regulations” to implement the program.
The Coronavirus Aid, Relief and Economic Security (CARES) Act is the $2 trillion rescue bill that intends to respond to public health and economic issues caused by COVID-19 outbreak.
It has been called “the biggest economic stimulus in American history.” The CARES Act is also called “Phase III,” because it follows other COVID-19 responses that became law on March 6, 2020 and March 18, 2020.
Under the CARES Act, hospitals and the medical workforce get $100 billion for products, medicine, and equipment to help address the capacity surge in patients. As an effort to alleviate the economic fallout from the pandemic, the CARES Act massively expands unemployment support, and directs cash payments to individuals and families. It also provides loans, grants and other financial assistance to state and local governments, and all types and sizes of U.S. businesses.
For the business community, a number of financial programs are available depending on how many workers are employed by a given business concern. See summaries of provisions for:
Small Business Emergency Loans Under the "Paycheck Protection Program"
Independent contractors, sole proprietors, and businesses with 500 employees or less
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Federal Reserve 13(3) Lending Programs and Facilities
Businesses with any number of employees over 500
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March 12, 2021
President Biden Signs Landmark COVID-19 Aid Legislation Passed by Congress in Near Party-Line Votes
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March 5, 2021
Senate Advances Pandemic Relief Package as President Biden Pushes Infrastructure Plan
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February 27, 2021
House Passes $1.9 Trillion Virus Relief Package; Fed Reports Concerns About CRE
Broad Business Coalition Highlight the Economic, Social, and Environmental Benefits of Like-Kind Exchanges
The Real Estate Roundtable, along with 30 other national real estate, housing, environmental, farming, ranching, forestry, and financial services-related organizations, wrote to key policymakers on March 16 to underscore the vital importance of real estate like-kind exchanges.
The letters to Treasury Secretary Yellen and the chairmen and ranking members of the congressional tax-writing committees underscore the many benefits of like-kind exchanges to the U.S. economy, the health of real estate markets, the supply of housing, retirement security, environmental conservation, and the preservation of family-owned farms and ranches.
The coalition letter describes how like-kind exchanges under section 1031 of the tax code helped stabilize property markets at the height of the COVID-19 lockdown, and will continue to facilitate repurposing of real estate assets in the post-COVID economy.
