Inside this issue
  SBA, Treasury release PPP loan forgiveness application  
  WASHINGTON -The Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application last Friday. 

The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).  SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.

The form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:
  • Options for borrowers to calculate payroll costs using an "alternative payroll covered period" that aligns with borrowers' regular payroll cycles
  • Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan
  • Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
  • Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30
  • Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined
The PPP was created by the CARES Act to provide forgivable loans to eligible small businesses to keep American workers on the payroll during the COVID-19 pandemic.  The documents released today will help small businesses seek forgiveness at the conclusion of the eight week covered period, which begins with the disbursement of their loans. Click here to view the application and instructions.

NAR has also updated its SBA FAQs to reflect the new information.


  2021 Budget, MLS Policy, NAR campaign changes among NAR BOD actions  
  The National Association of REALTORS® Board of Directors today passed new advocacy and MLS policies; approved the 2021 budget and funded important legislative and legal programs; ushered in the next slate of association leadership, and honored long-time leaders. And they did it all virtually at a meeting that capped off the 2020 REALTORS® Legislative Meetings.

NAR CEO Bob Goldberg captured the tenor of the meetings, quoting rocker Frank Zappa: "Without deviation from the norm, progress is not possible," he said. "We have certainly deviated from the norm and we have certainly had progress." In fact, more than 28,000 members registered for this year's meetings. In a typical year, 9,000 to 10,000 members attend the Legislative Meetings in Washington, D.C., in May.

Goldberg also reported that 108,000 members had taken advantage of NAR's new Right Tools, Right Now program, providing free or discounted programs and services to members for a total of $12 million in value. Included in the program is the Members Telehealth benefit, available until May 31: two free months of telemedicine. Goldberg said 30,000 members had already enrolled.

Click here for a summary of board actions.

Top Are we in recession or depression? How each would affect housing  

The past two coronavirus-ravaged months have left many folks wondering if the nation is in the throes of another deep recession-or maybe even a repeat of the Great Depression of the 1930s. Which of these bleak scenarios is more likely? And what's the difference between them, anyway.

Most economists consider a recession to be a period of time with at least two consecutive quarters of negative growth. Translation: There's high unemployment and a whole lot of financial pain. (It's a little more complicated than that, but we'll get into that later.) Whole generations are still scarred from the Great Recession, which was just over a decade ago and still fresh in the memories of many who lost their jobs, their savings, or their homes during the downturn. Click here to read the full article.