The CARES Act legislation offers financial assistance to many affected by the COVID-19 pandemic, including small business owners, self-employed workers and independents contractors. However, many additional provisions exist that affect not only real estate professionals, but their clients as well.
Housing and mortgage. The economic relief package offers mortgage forbearance of up to 360 days for borrowers of government-backed mortgages, like Fannie Mae, Freddie Mac, HUD, VA and USDA.
Retirement fund withdrawals. Special rules have been enacted for withdrawals from retirement funds related to Coronavirus, including a waiving of the 10% extra tax on early withdrawals from IRAs.
Student loans. During this pandemic, federal student loans will not accrue interest, and payment is not due.
The National Association of REALTORS® (NAR) has created an expansive resource that thoroughly outlines the details of these provisions, as well as additional ones, like family and medical leave, credit reporting and tax changes. REALTORS® are encouraged to familiarize themselves with this legislation not only for benefits applicable to them, but also for their clients.