The federal government is scrambling to deliver economic help to the American economy under difficult circumstances. A key step is getting the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) up and running. SBA posted its interim final rule to govern the program last Thursday. There have been some glitches, but the SBA began granting loans last Friday, and banks are continuing to work this week to process additional loan applications. Information on the SBA’s loan programs and application information is located here.

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NAIOP commends the U.S. House for today's passage of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), following the U.S. Senate's passage on Thursday. We expect President Donald Trump to sign it into law shortly.\

The CARES Act will provide critical relief as businesses and individuals strive to manage the economic challenges created by the COVID-19 pandemic. We look forward to continuing our work with elected leaders on next steps, as well as supporting our members and the industry as we weather this crisis and plan for the future. 

Items in the legislation important to NAIOP members and commercial real estate include:

• An aggressive loan program for small businesses, many of which are commercial real estate tenants, that is designed to help them meet their financial obligations and keep their employees on payrolls over the next few months. The loans, which are forgivable, will provide many of our tenants with needed liquidity to keep them operating during the crisis.
   
• A much needed technical correction in the tax code for leasehold improvements, or Qualified Improvement Property (QIP). The Tax cuts and Jobs Act (TCJA) mistakenly made QIP depreciable over 39 years instead of 15, and ineligible for bonus (100% depreciation). The CARES Act fixes that, ensuring that those who made these investments in 2018 and 2019 can file amended returns and recover any overpaid taxes.
   
• Net Operating Loss (NOL) rule changes allow businesses to carry back for 5 years any losses from 2018, 2019 and 2020, and losses carried forward can offset 100% of taxable income.

Additional provisions in the CARES Act and other federal actions already taken will be much-needed help for our economy.

Senate lawmakers cancelled a planned recess and will instead remain at work in Washington, D.C., this week, where they will take up a bill passed by the House of Representatives last week that seeks to provide immediate economic relief from the effects of the novel coronavirus, COVID-19. 

The House voted overwhelmingly, 363-40, to approve the measure, for which President Donald Trump had signaled support. The Wall Street Journal reported: “The new measure would still provide two weeks of sick leave to a wide swath of workers affected by the pandemic, including those who are in quarantine, caring for family members with Covid-19, and those who have children whose schools or day-care centers have closed.” The bill would also make free testing for the coronavirus available.

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Originally published on March 17, 2020. 

Senate lawmakers cancelled a planned recess and will instead remain at work in Washington, D.C., this week, where they will take up a bill passed by the House of Representatives last week that seeks to provide immediate economic relief from the effects of the novel coronavirus, COVID-19. 

The House voted overwhelmingly, 363-40, to approve the measure, for which President Donald Trump had signaled support. The Wall Street Journal reported: “The new measure would still provide two weeks of sick leave to a wide swath of workers affected by the pandemic, including those who are in quarantine, caring for family members with Covid-19, and those who have children whose schools or day-care centers have closed.” The bill would also make free testing for the coronavirus available.

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Posted on October 31, 2019

The Real Estate & Building Industry Coalition (REBIC) has published their 2019 Voter Guide for the General Elections of Mecklenburg and Iredell Counties.  You can access the Voter Guide on REBIC's blog "The Loop" and here.