In response to the current coronavirus situation, DRK and Company is taking every precaution to maintain the safety of our staff and communities by eliminating non-essential travel and in-person group meetings. We are all following a rigorous hygiene policy that is aligned with CDC guidance.
We recognize the uncertainty of the circumstances and assure you, our clients and colleagues, that we are prepared to meet these immediate challenges with best practices and provide our team with real-time support as required to keep it “business as usual” as we continue to monitor and adjust as appropriate.
DRK is taking advantage of the latest technology to allow our staff to work without interruption and provide project deliverables on schedule.
We appreciate your continued open communication and please pass along any concerns or suggestions that you may have in the coming weeks. All of us at DRK wish you and your loved ones a safe and successful transition toward a quick resolution to the COVID-19 pandemic.
RENTAL ASSISTANCE PART OF NEW RELIEF MEASURE
Congressional leaders struck a deal Sunday on a nearly $900 billion coronavirus relief bill that will bring a new round of support to millions of Americans before year’s end.
The agreement contains many priorities championed by NAR, including rental assistance, a fresh round of funding and simplified forgiveness for SBA loans, and more direct payments to Americans.
"Through this bill, our members will continue to have access to unemployment and small business assistance. But perhaps one of the biggest wins is rental assistance, which we have fought hard for since the last major COVID-19 bill was passed in April. It will bring instant relief to both mom-and-pop property owners and American families in danger of going over a financial cliff at the end of the year," says Shannon McGahn, chief advocacy officer for NAR.
"While this bill hit more traditional political obstacles than the ones passed earlier this year, it was always a must-pass bill," McGahn says. "One in five of our members took out a PPP loan. We made sure that Congress knew these items were critical to America’s 1.4 million REALTORS®️️ and the economy as a whole."
Specifically, the agreement reportedly:
- Provides a new round of direct stimulus payments of $600 to most Americans including dependents
- Extends all unemployment assistance, including the Pandemic Unemployment Assistance (PUA), through April 19, 2021, with a $300 weekly boost in payments through March 14.
- Unemployment benefits are extended to the self-employed
- Provides an additional $284 billion for Paycheck Protection Program (PPP) loans and $20 billion for Economic Injury Disaster Loans (EIDL) grants
- Allows certain eligible businesses to receive a second PPP loan
- Creates a simplified forgiveness process for most PPP borrowers
- Provides $25 billion to the states through Sept. 30, 2022, for rental assistance and allows landlords to apply for funds on behalf of tenants
- Includes payments for rent in arrears as well as utilities and other expenses related to housing
- Extends federal eviction ban through the end of January
- Provides $7 billion to states for broadband expansion, including $300 million for rural broadband
- Provides new money for schools and vaccine distribution
Congressional leaders will begin consideration of the agreement Monday alongside a $1.4 trillion spending bill to fund the government through September 2021.
The government funding bill reportedly contains several items of importance to NAR, including:
- Extension of a group of tax breaks known as tax extenders, some permanently or for multiple years
- Increase in fair housing funding
- Two-year expansion of the business meals deduction
- Extension and expansion of the Employee Retention Tax Credit
- Permanent extension of the Section 179D deduction for energy efficient commercial buildings, with some enhancements
- Five-year extension of the mortgage debt forgiveness exclusion
- Expansion and improvement of the Low-Income Housing Tax Credit
CITY OF WESTERVILLE HAS EXPANDED WESTERVILLE COVID ASSISTANCE NOW GRANT PROGRAM
The City of Westerville has expanded their Westerville COVID Assistance Now (WeCAN) GRANT program for small businesses. You are receiving this email as the contact for property within the City that may contain small business tenants who would benefit from this grant.
WeCAN is a 50% matching grant of up to $3,500 to assist eligible small businesses for unexpected costs associated with COVID 19 such as job creation and retention costs, renovation costs, advertising, technology upgrades, personal protective equipment purchases and rent. The program is designed to assist small businesses (fewer than 40 full-time employees) by providing recovery assistance to meet the challenges of the COVID-19 pandemic. Businesses that employ fewer than 40 full-time employees at a location within the City may be eligible for assistance. Costs incurred prior to filing an application are costs ARE eligible.
The Westerville Industry and Commerce Corporation (WICC), the City’s community improvement corporation, will administer the program and provide grants to eligible applicants after an evaluation of the program criteria as detailed on the application. All businesses who believe they may be eligible are highly encouraged to apply. The first round of applications will be reviewed by WICC on November 11th. The deadline is December 11th, though I encourage your businesses to apply as soon as possible because funds are limited. If funds expire we will close the application period early. The applications are reviewed in the order received.
WeCAN applicants are asked to complete this application before 5 p.m. on Friday, Dec. 11.
INTERIM FINAL RULE ON REVISIONS TO FIRST INTERIM FINAL RULE (DUE TO FLEXIBILITY ACT)
"This interim final rule revises SBA’s interim final rule posted on April 2, 2020, by changing key provisions, such as the loan maturity, deferral of loan payments, and forgiveness provisions, to conform to the Flexibility Act. SBA also is making conforming amendments to the use of PPP loan proceeds for consistency with amendments made in the Flexibility Act. Several of these amendments are retroactive to the date of enactment of the CARES Act, as required by section 3(d) of the Flexibility Act."
Here are the key highlights:
- Effective Retroactively to 3/27/2020 For Loan Forgiveness
- Loans made before 6/5/2020 maturity is 2 years
- Loans made after 6/5/2020 maturity is 5 years.
- Covered Period to 12/31/2020 from 6/30/2020
- Deferral Period of PPP Loans is viable to start after the date on which the SBA remits the loan forgiveness amount (within 10 months after the end of the covered period).
- The requirement of 60% for payroll is updated to reflect a proportional limit on nonpayroll costs as a share of the borrower’s loan forgiveness amount, rather than as a threshold for receiving any loan forgiveness
- The amount of loan forgiveness can be up to the full principal amount of the loan and any accrued interest
- Interest payments on any other debt obligations that were incurred before February 15, 2020
- EIDL loans refinanced into a PPP loan can be forgiven and are subject to the same 60%/40% limitations as the PPP loans.
COVID-19 RESPONSIBLE PROTOCOLS FOR ALL BUSINESSES
- Require face coverings for employees and recommend them for clients/customers at all times.
- Conduct daily health assessments by employers and employees (self-evaluation) to determine if "fit for duty."
- Maintain good hygiene at all times – hand washing, sanitizing and social distancing
- Clean and sanitize workplaces throughout workday and at the close of business or between shifts.
- Limit capacity to meet social distancing guidelines.
- Establish maximum capacity at 50% of fire code.
- And, use appointment setting where possible to limit congestion.
TAKE THE FOLLOWING ACTIONS WHEN A COVID-19 INFECTION IS IDENTIFIED
- Immediately report employee or customer infections to the local health district.
- Work with local health department to identify potentially exposed individuals to help facilitate appropriate communication/contact tracing.
- Shutdown shop/floor for deep sanitation if possible.
- Professionally clean and sanitize site/location.
- Reopen in consultation with the local health department.
ECONOMIC RESOURCES FOR COLUMBUS REGION COMPANIES
This resource is designed to help the economic development leaders, employers and the workforce in the Columbus Region respond to the challenges of COVID-19. One Columbus would like to help those seeking answers, as well as help to protect health in the community.
Columbus Business First has compiled a list of state resources to help businesses during the outbreak. Please visit their website for more information.