Congressional leaders have finally reached a deal on a $900 billion coronavirus stimulus package. The bill is expected to pass the chamber today.
We have reviewed the proposed legislation to distill how the long awaited agreement helps the real estate world. The importance of the federal funding cannot be overstated. It will help office and residential tenants stay current on their rent.
- $319 billion for small businesses, including $284 billion for loans given through the Paycheck Protection Program. Theater operators and owners of small performance venues will be be eligible for $15 billion in grants
- $300 per week in enhanced unemployment insurance for 11 weeks.
- $25 billion in rental assistance and an extension of the eviction moratorium.
- Ability for businesses to deduct restaurant meals to help the ailing industry. [WSJ]