We have been aggressively working the Hill on behalf of our members responding to a flurry of legislative activity aimed at providing economic relief from the COVID-19 virus.  We are committed to ensuring that lawmakers continue to take into consideration the real estate industry, including independent contractors and small business owners.  Below is a compilation of the letters we have sent this past week as well as the work we are doing with state associations to classify real estate services as essential services in emergency declarations.  We are also working with the Department of Labor to get clarification on calculation of employer thresholds for paid leave passed in the Families First Coronavirus Response Act.  The discussions with lawmakers will continue into next week and we appreciate any feedback you can give us on the impact of COVID-19 on your businesses and communities.  We had calls this week with several General Counsels from your firms as well as with representatives from your affiliated mortgage companies and their feedback has been very valuable.  We hope you and your families are staying safe.

• Families First Coronavirus Response Act: Congress passed a bill this week that created emergency paid sick leave, as well as paid family leave in the case of school closures, for working families impacted by COVID-19.  Click here for impact on real estate industry.  NAR is working with industry partners and DOL to understand the calculation of employer thresholds for some of these paid leave benefits.

• Relief for small business/ICs:  NAR sent a letter to Congressional leaders urging them to include support for self-employed professionals and other small business owners as well as a follow-up letter on this issue as Congress considers additional relief packages.  NAR also signed a coalition letter that would encourage Congress to provide readily accessible, unsecured credit to employers and self-employed individuals ofall sizes to ensure they have the cash to pay their workers, rent, and other costs during this crisis; 
  • suspend the filing of business returns and the payment of allbusiness taxes to the federal government for the duration of the pandemic; and amend the Tax Code to, among other items, restore the ability of businesses to carryback any net operating losses against previous year tax payments;
  • suspend the application of the Section 163(j) limitation on interest expense deductions for tax year 2020 to avoid penalizing businesses for borrowing during this crisis; and
  • suspend the Section 461(l) loss limitation on pass-through businesses to allow businesses to full deduct any losses they incur this year. 

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