Residential And Commercial Real Estate Now Listed As Essential Service – March 28 5:30 P.M.
- L Pub
- Apr 1, 2020
- 3 min read
Updated: Apr 3, 2020
April 2, 2020 in Commercial Real Estate
Residential and Commercial Real Estate now included in essential services. In March 28, 2020 the U.S. Department of Home Security Cybersecurity and Infrastructure Security Agency (CISA) added residential and commercial real estate to the list of essential services during the coronavirus (Covid-19) pandemic. This includes settlement services. However, for cities or counties that have more restrictive standards or guidelines about what they can consider as essential services, those guidelines will be prioritized.
According to the memo released by CISA, the list includes:
“Staff at government offices who perform a title search, notary, and recording services in support of mortgage and real estate services and transactions”
“Residential and commercial real estate services, including settlement services.”
The complete list can be found on their website at:https://www.cisa.gov/sites/default/files/publications/CISA_Guidance_on_the_Essential_Critical_Infrastructure_Workforce_Version_2.0_Updated.pdf
Protecting the health and safety of clients and fellow real estate brokers, agents, and sales people. With the real estate services being listed as essential, it is still important to ensure that we adhere to the highest standards for safety and health when dealing with our clients and fellow licensees. It is important to follow the existing protocols for protecting against Covid-19. If the rules are not followed, the state guidelines could change to stop or restrict real estate activities. This is why it is very important for us in the real estate industry to conform with the health guidelines.
Here are some guidelines to follow:
No open houses
Keep showings virtual
Wear safety equipment such as masks, eye protection, etc
Hold online meetings with fellow licensees through Zoom, Skype, or Gotomeeting
Both C.A.R. and NAR have requested meaningful, long term relief to help the real estate market.As independent contractors, realtors do not have access to the usual safety net that are enjoyed by other industries, including unemployment benefits. This is why both C.A.R. and NAR have requested meaningful, long term relief to help the real estate market to sustain the workers , salesmen, and business owners in the Covid-19 pandemic.
CARES Act helps realtors with loans and pandemic unemployment assistant.With President Trump signing the $2 trillion stimulus package, there are now financial relief options for realtors which includes forgivable SBA loans and pandemic unemployment assistance. It includes the SBA Paycheck Protection Program (PPP) loans which allows businesses with fewer than 500 employees, sole proprietors, independent contractors, and self-employed individuals to have loans of up to $10 million. The U.S. Small Business Administration is also providing low-interest economic injury disaster loans (EIDLs) to small businesses. Small businesses may qualify for loans up to $2 million, with long term repayments of up to 30 years. You can only choose one type of loan, either the PPP loans or the EIDLs and not both.
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