CORONAVIRUS, PUBLIC POLICIES AND THE ECONOMY
|President Trump on March 27 signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, the $2 trillion rescue bill that responds to public health and economic issues caused by the COVID-19 outbreak.|
While the world’s experts work around the clock to solve the health related issues related to the COVID-19 pandemic, The Real Estate Roundtable is actively working on a variety of policy responses focused on issues that will help:
- employers maintain payrolls,
- assist businesses access new or restructured debt,
- encourage banking and other regulators to exercise discretion in loan examinations,
- support new credit facilities from The Fed to assist the CMBS market, and
- work with federal tax authorities to ease transaction deadlines, lower tax penalties in debt modification and broaden the ability to use operating losses (among other measures).
This webpage includes a list of our coverage of policy developments from our eNewsletter Roundtable Weekly, along with recent Roundtable policy comment letters sent to lawmakers and regulators, and a variety of other industry resources.
Recently, The Roundtable sent a series of letters to government officials and Congress supporting various measures, including:
- deferral of income tax payments (COD),
- The Keeping Workers Paid and Employed Act and
- broader goverment economic stimulus efforts
Roundtable President and CEO Jeffrey DeBoer stated, “Owners and managers of all types of buildings are taking actions to better understand the potential contagion and how to best help building occupants, visitors and employees prevent further spread of the coronavirus. This viral threat to lives, businesses and economies is a top concern for our industry and we stand ready to assist public health officials as they recommend.”
In the coming weeks, further policies from Congress and the Administration are expected to address longer-term stimulus of the U.S. economy through measures such as infrastructure investment, workforce development, increased lending for small businesses, and stabilizing the capital markets. The Roundtable will continue to work with our colleague partner associations to unify the real estate industry’s message as policymakers develop and implement measures to mitigate the COVID-19 pandemic.
Other Resources listed below:
The Federal Reserve -- Press Releases, Speeches, Testimony
Other resources include:
- The Centers for Disease Control and Prevention (CDC) web page includes an interim guidance based on what is currently known about the Coronavirus Disease 2019 (COVID-19). The interim guidance may help prevent workplace exposures to acute respiratory illnesses, including nCoV, in non-healthcare settings. The guidance also provides planning considerations if there are more widespread, community outbreaks of COVID-19.
- National Real Estate Investor: Commercial Real Estate Industry Coronavirus Resource Center
- The World Health Organization (WHO) main information page on the virus.
- ICSC: “Epidemic Crisis Best Practices”
- Hotel Management: “How hotel companies are working to lessen coronavirus impact”
Other Resources - U.S. Department of the Treasury - CARES ACT
For more information on the CARES Act, visit https://home.treasury.gov/cares
ASSISTANCE FOR SMALL BUSINESSES
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.
- For a top-line overview of the program CLICK HERE
- If you’re a lender, more information can be found HERE
- If you’re a borrower, more information can be found HERE
- The application for borrowers can be found HERE
March 27, 2020
President Trump Signs Historic $2 Trillion Coronavirus Relief Package; Roundtable Analyzes Loan Programs, Tax Relief, Federal Reserve Actions
March 27, 2020
Coronavirus Aid, Relief and Economic Security (CARES Act) and Implications for U.S. Real Estate
March 24, 2020
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
April 2, 2020
The Real Estate Roundtable Urges Treasury, SBA to Clarify CARES Act Small Business Loan Issues
March 30, 2020
Roundtable Requests Financial Accounting Standards Board (FASB) Suspend Mark-to-Market Accounting
March 25, 2020
Industry Request for Clarification of Life Risk-Based Capital Treatment of Mortgages Affected by COVID-19
The Roundtable’s Homeland Security Task Force (HSTF) is co-chaired by Dan Kennedy (URW) and Charlie McGonigal (Brookfield). The HSTF includes senior security and risk management managers from a range of ownership, investment and management firms as well as staff from affiliated real estate trade organizations.
Senior Vice President