Video Summary (with direct links)
0:33 – Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) Round 2 – Additional $300 billion for small businesses!
2:51 – Two new bills being circulated through congress; the Emergency Money for the People Act ($2,000 per person per month), and the Rent and Mortgage Cancellation Act (free rent and mortgage for everyone)
4:42 – Mike’s property listings
5:43 – Commercial real estate update (including a CRE lending update)
7:19 – 10 reasons to be optimistic about retail after COVID-19
My hair is getting really long!!
In this video, I talk about the second round of funding for the Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP). If you missed out on applying last time before the funds ran out, then make sure to apply this time! Funds will run out quickly!
I also discuss two bills that are being circulated through congress. The first is the new stimulus bill, called the Emergency Money for the People,. It proposes to give $2,000 to each qualified American, or $4,000 per married couple, per month, for at least 6 month, possibly up to 12 months. Families with children get an additional $500 per month, up to $1500. The income limits for this round of stimulus would be higher than the previous round, and would include anyone over the age of 16 and earn less than $130,000/yr, or $260,000 per married couple.
This is still being passed around congress, but there has been a lot of talk about it, so be on the lookout if that becomes law.
There is another bill that has been introduced called the Rent and Mortgage Cancellation Act, which only affects residential properties.
If this is approved, it would result in a nationwide cancellation of rent payments and home mortgage payments for everyone. It would be a full forgiveness with no need to pay it back, no penalties, and with no impact on anyone’s credit.
If you own rental properties that have a mortgage, and the tenants don’t have to pay rent anymore, there would be a relief fund set up for landlords in this situation, but the restrictions to tap into those funds are very strict. Some of these restrictions include not being able to raise the rent for 5 years, and not being able to screen new tenants based on arrest record or credit history.
I have a short clip in the video highlighting a few of my commercial real estate listings for sale. I am an active commercial real estate broker, and I am very grateful to be busy during this time.
I also have a commercial real estate update where I talk about what types of retail properties are still selling and which are not, and what’s happening in the commercial lending sector.
Here are some links I discuss in the video:
Text of the Emergency Money for the People Act ($2000 to every American): https://bit.ly/stimulusround2
Text of the Rent and Mortgage Cancellation Act: https://bit.ly/rentcancellationact
10 reasons to be optimistic about retail after COVID-19: https://www.retaildoc.com/blog/10-reasons-to-be-optimistic-about-retail-after-covid-19
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