CORONAVIRUS, PUBLIC POLICIES AND THE ECONOMY
March 6, 2021 - Senate Democrats passed an amended, $1.9 trillion pandemic relief package, The American Rescue Plan – that has now been sent back to the House for final passage before current unemployment benefits expire March 14.
See The Roundtable's document -- "Summary and Analysis of Key Economic Provisions in The American Rescue Plan."
February 27, 2021 - The American Rescue Plan Act of 2021 (H.R. 1319) was passed by the House of Representatives is a $195 trillion COVID-19 relief package that provides $638 billion in tax cuts, offset by $45 billion in tax increases, and represents over 2% of GDP in 2021.
The Roundtable COVID-19 Resource Center
COVID-19 - Policy Comment Letters
COVID-19 - Roundtable Weekly
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).
December 22, 2020 - Key Provisions Impacting Real Estate in the Bipartisan COVID-19 Omnibus Legislation
Other Resources : The Federal Reserve / U.S. Department of Treasury
Coronavirus Aid Relief and Economic Security (CARES) Act
Status of CARES Act passage [as of April 3, 2020]: 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:
Independent contractors, sole proprietors, and businesses with 500 employees or less
Businesses with 501 to 10,000 employees
Businesses with any number of employees over 500
The Real Estate Roundtable's 8-Point Plan to Reform the PPP
The Real Estate Roundtable's 8-Point Plan to Reform the PPP
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 Steven Mnuchin and Small Business Administrator (SBA) Jovita Carranza.
Download: 8-Point Plan to Reform the PPP
Payroll Protection Policy Comment Letters
- Business Coalition Supports Paycheck Protection Flexibility Act to Strike “75/25 Rule” and Extend Loan Forgiveness Period (May 21, 2020)
- Real Estate Organizations Seek PPP Clarity (April 16, 2020)
- The Real Estate Roundtable's 8-Point Plan to Reform the PPP ( Congressional Leadership) ( April 8, 2020)
- The Real Estate Roundtable's 8-Point Plan to Reform the PPP (U.S. Treasury & SBA) (April 8, 2020)
- Roundtable Urges Treasury, SBA to Clarify Rules for Small Business Payroll Protection Program (April 2, 2020)
- Roundtable Urges Congress to Expand Scope of CARES Act for Emergency Small Business Loans (March 24, 2020)
- Roundtable, Business Coalition Support Emergency Loan Program for Small Businesses Affected by COVID-19 Crisis (March 19, 2020)
Roundtable Testimony - Senate Banking, Housing and Urban Affairs
Roundtable President & CEO Jeffrey DeBoer testified remotely before the Senate Banking, Housing and Urban Affairs Committee on "The Status of the Federal Reserve Emergency Lending Facilities" on Sept. 9, 2020.
- Download DeBoer’s Written Statement for The Record of the hearing.
- The hearing focused on how the Federal Reserve’s Main Street Lending Program (MSLP) could be improved. The MSLP is a $600 billion loan facility established in March as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act to assist small and mid-sized businesses weather the COVID-19 economic crisis.
- The remote hearing is available to stream via Webex on the Senate Banking Committee’s website. All witnesses testimony is also available on their webpage.
DeBoer’s written statement also provides additional non-MSLP policy recommendations to provide critical assistance for renter households, business tenants, and the U.S. workforce during the COVID economic crisis. Roundtable President & CEO Jeffrey DeBoer testified remotely before the Senate Banking, Housing and Urban Affairs Committee on "The Status of the Federal Reserve Emergency Lending Facilities" on Sept. 9, 2020.
March 12, 2021
President Biden Signs Landmark COVID-19 Aid Legislation Passed by Congress in Near Party-Line Votes
March 5, 2021
Senate Advances Pandemic Relief Package as President Biden Pushes Infrastructure Plan
February 27, 2021
House Passes $1.9 Trillion Virus Relief Package; Fed Reports Concerns About CRE
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.