Federal Issues & Legislation

SBA To Begin Processing PPP Forgiveness Applications

Federal

The U.S. Treasury Department has announced that the Small Business Association (SBA) will begin processing Paycheck Protection Program (PPP) loan forgiveness applications, following a delay that left many caught in a backlog.

Congress Extends Paycheck Protection Program (PPP)

Federal

In a surprise move on July 1, the U.S. Congress cleared legislation extending the Paycheck Protection Program (PPP), popular with REALTORS®, through August 8.

Deadline Relief for Like-Kind Exchange and Opportunity Zone

Federal

The IRS has granted relief from statutory deadlines with property owners involved in 1031 like-kind exchanges and opportunity zones.

2020 “Virtual” REALTORS® Legislative Meetings

Federal

While the Coronavirus has forced the 2020 REALTORS® Legislative Meeting to now be “virtual”, it will not stop our members from conducting committee meetings, key sessions, elections and meeting with members of Congress!

1031 Like-Kind Exchanges and Opportunity Zone Deadlines Extended

Federal

The IRS issued guidance to grant deadline relief for both 1031 like-kind exchanges and opportunity zone investments that are already underway. Both of these programs are designed to promote economic growth in communities, and NAR made the case that investors in these programs should not be harmed due to the effects of COVID-19.