Author: www.nar.realtor - Washington Report

This bipartisan bill extends the Paycheck Protection Program (PPP) deadline to apply for an additional two months, through May 31, and gives SBA lenders an additional 30 days to process those applications.

This bipartisan bill creates a safe harbor for federally-insured financial institutions to provide services to cannabis-related businesses in states that have legalized the substance.

NAR provided a statement for a congressional hearing focused primarily on protecting consumers during the pandemic and matters related to mortgage forbearance, debt collection practices, student loan debt relief, credit scoring, small business support and more.

The legislation extends the deadline to apply for a PPP loan through May 31, 2021, and gives SBA lenders an additional 30 days (through June 30) to process those applications. The bill now goes to the Senate.

NAR commented on a proposed rule making for how the FHFA and GSEs should plan for the resolution of either Enterprise in the case of their insolvency.

In addition to extending the Paycheck Protection Program deadline through May, the bill states that applications received by the deadline would get an additional 31 days to be processed.

NAR, as part of a coalition, sent a letter to the HUD Secretary seeking reforms to improve the approval process for FHA condominium loans.

Litigation and new federal and state legislation continue to threaten workers’ ability to be classified as independent contractors, including many real estate professionals.

The SBA announced updates to the Paycheck Protection Program (PPP) to reflect announced changes from the Biden Administration to loan calculations for borrowers who are independent contractors, sole proprietors, or self-employed (“Schedule C borrowers”).

NAR focused on concerns related to risk in the valuation space, the role of technology, and discrimination in appraisals and other valuation products.