IRS Extends Deadlines For 1031, Opportunity Zone Investors
The National Association of Realtors told its members the decision benefits investors who are involved in 1031 exchanges or opportunity zone investments. With 1031 exchanges, investors who have to either identify or close on a property between April 1 and July 15 now have until July 15.
Although many experts called for the IRS to extend these deadlines, what the agency released Thursday night was met with more confusion than applause. It doesn't address like-kind exchanges or opportunity zone investments specifically, but tax experts agreed they are covered under the broadening of the extension.
“Lots of really smart and really knowledgable people are just scratching their heads on this," said Suzanne Goldstein Baker, the general counsel of Investment Property Exchange Services Inc.
Dear Friend,
South Jersey now has several Coronavirus testing sites. These locations are for residents of the counties, by appointment and having met certain criteria for testing. We will keep you posted as additional sites open.
Atlantic County: Hamilton Mall parking lot
https://www.atlantic-county.org/news/details.asp?ID=4600
Cape May County: By appointment.
https://www.capemaycountyherald.com/lifestyle/health_and_wellness/article_95e4b1e8-7692-11ea-8c38-ab40cb9ffda5.html
Cumberland County: By appointment.
https://www.completecarenj.org/request-an-appointment/
Guidance for Unemployment Assistance Frequently Asked Questions 04022020
Please click here for a PDF
A joint statement from the Ocean City Board of REALTORS® and the Ocean City Real Estate Brokers
Dear Friends;
We hope this letter finds you well, safe and at home.
As America’s Greatest Family Resort, Ocean City, NJ is committed to keeping ALL families safe in the face of the Covid-19 pandemic. We in the real estate community in Ocean City are following all of the guidelines from the state and federal government during this unprecedented time. Most of our offices are still operating with limited staff, but closed to the public.
Our real estate agents are still working. You can contact us online or through our cell phones. We are still booking rentals for the summer. We are still listing homes for sale. We are still able to show homes on a one on one basis, if they are available to show.
As REALTORS, we are members of the small business community too. We rely on the summer months the same as every other small business at the shore. We also live here, dine here, shop here, go to the beach here, ride the rides here, enjoy the boardwalk here. We are in this together and we are doing our part.
Treasury Releases SBA 7(a) Paycheck Prot'n Program loan application; Applications open 4/3 and 4/10
Good afternoon: Today, the Treasury Department released the application for the SBA 7(a) Paycheck Protection Program (PPP) loans, which you can access here. [If that link is not working, please check back - there seems to be a technical issue at the moment.] It also released a summary guide of the program for borrowers, here.
Small businesses and sole proprietors can apply beginning this Friday, April 3; independent contractors and the self-employed can apply beginning next Friday, April 10. Applications go directly to SBA lenders, which you can find through the SBA site here.
This is a new program created by the CARES Act to provide small businesses (500 employees or fewer), sole proprietors, and the self-employed/independent contracts who are impacted by COVID-19 with loans of 2.5x their average monthly payroll expenses (up to $10 million) to cover payroll, mortgage interest, rent, and utilities for an 8-week period during the crisis. Employers who maintain payroll levels of at least 75% of their average and the same number of employees are eligible for loan forgiveness. You can learn more about the loan program in NAR's CARES Act FAQdocument and the CARES Act Summary.
From the Mayor.....Ocean City, NJ
March 31, 2020
Dear Friends,
I want to thank local real estate professionals for their cooperation in fighting the spread of coronavirus. Yesterday, I joined the mayors of Cape May County in urging the elimination of all short-term rentals for the duration of the governor’s executive orders, and I noted in an update this weekend that local leaders in the real estate industry have agreed to do the same. I want to clarify that most Ocean City real estate professionals will not accept any new rental agreement with check-in before May 1. I urge all private owners to do the same. It will be necessary to extend this suspension of new rentals beyond April if the governor’s orders continue.
The city’s message to renters and visitors must be clear: Don’t come to Ocean City during the State of Emergency.
I also signed a proclamation this afternoon that prohibits the operation of online marketplaces for arranging lodging for stays during the month of April. If the State of Emergency continues into May, so will this prohibition.