President Biden has signed a $1.9 trillion stimulus bill that will provide direct payments and extended unemployment benefits to struggling Americans and badly needed funds for struggling homeowners, housing providers and small businesses, including REALTORS®.
C.A.R. has advocated for many of the provisions that would provide meaningful relief to REALTORS® including extensions of Pandemic Unemployment Assistance (PUA) benefits and additional funding for the Paycheck Protection Program (PPP). The law will also provide direct payments of $1,400 to most Americans and mortgage and rental assistance.
Specifically, the law will:
Unemployment Benefits and Direct Payments
• Provide $1,400 stimulus checks to most Americans, phased out for higher earners. Individuals making up to $75,000 and married couples filing jointly making up to $150,000 will receive the full $1,400 per person, which will be phased out for higher incomes up to $80,000 for individuals and $160,000 for married couples filing jointly.
• Extend the Pandemic Unemployment Assistance program and increased Pandemic Unemployment Compensation of $300 weekly through Sept. 6, 2021.
• Expand the child tax credit to $3,600 for each child under age 6 and $3,000 for each child age 6-18. Currently, qualifying families can receive a credit of up to $2,000 per child under age 17.
Paycheck Protection Program (PPP)
• Provide an additional $7 billion for forgivable PPP loans.
• Provide $15 billion for the Emergency Injury Disaster Loan (EIDL) program, which provides long-term, low-interest loans from the Small Business Administration. Severely impacted small businesses with 10 or fewer employees will be given priority for some of the money.
Housing and Rental Assistance
• Provide $21.55 billion to states and local governments for rental assistance on top of the $25 billion allocated in December.
• Provide $10 billion for mortgage assistance. For more information on these and other financial relief programs, see the REALTOR® Relief page on C.A.R.’s coronavirus microsite.
SBA Updates PPP Loans for Schedule C Filers
The SBA also announced updates to the Paycheck Protection Program (PPP) to reflect announced changes from the Biden Administration to loan calculations for borrowers who are independent contractors, sole proprietors, or self-employed (“Schedule C borrowers”). Under the updated system, those borrowers are eligible to use either net profit or gross income when calculating the total loan amount they are eligible for. Click here for more.
Also related from REALTOR® Magazine: New Rules for PPP Loans Open Funding Up to Smaller Businesses.
Redondo Beach Municipal Election Results:
As of March 12, 2021
City Council District 1:
City Council District 2:
City Council District 4:
Zein Obagi, JR.
Michael W. Webb
Members of the Board of Education:
Rachel Silverman Nemeth
Rolf Curtis Strutzenberg
C.A.R. Sponsored Legislation
C.A.R. is supporting legislation which corresponds to C.A.R.’s policy priorities and opposing that legislation which is adverse to those priorities. Click here to see C.A.R.’s policy agenda.
Fair Housing and Equity:
The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today unveiled a Fair Housing and Equity legislative package designed to help address ongoing fair housing and equity issues that persist, especially for communities of color. The package is part of C.A.R.’s Californians Need Housing Now initiative, which urges the Legislature to enact policies that address California’s worsening housing affordability and availability crisis with increased housing supply and fair housing reforms. Specifically, the bills address the historic and ongoing inequities facing Black, Indigenous and people of color (BIPOC) that have made it harder for these communities to access and afford housing in California. Click here to learn more about C.A.R.’s package of fair housing bills.
I think we all realize that logic and facts don’t win arguments; stories do. Long after most of us forget facts and figures, we remember the way a story made us feel about an issue—and that matters when we are trying to convince legislators at any level to vote our way. We want to collect those stories from you and your clients! Maybe you have a client who has a particularly good story about how homeownership changed their life, a story about how tax portability (as in Prop 19) is making it possible for a senior homeowner to move to a more suitable home, or a story about how homeownership incentives like the Mortgage Interest Deduction made a difference to someone they know.
We want to hear stories about Prop 19, fair housing, mortgage interest deduction, affordable housing, owner-occupied workforce housing, and just about any policy issue we work on!
If the story is about Prop 19, please use this link: https://ai360.aristotle.com/AI360FormBuilder/Form.aspx?dbid=2e166870-894a-423a-a6f7-6560a8904c6c&page_id=8602
If the story is about anything else real estate related, please use this link: https://ai360.aristotle.com/AI360FormBuilder/Form.aspx?dbid=2e166870-894a-423a-a6f7-6560a8904c6c&page_id=8615
Homeowner’s Exemption and other resources from the Assessor:
If you own and occupy your home as your principal place of residence, you are eligible for a Homeowners’ Exemption that reduces your property tax by about $70 annually. You will be sent an application about three to four months after your deed is recorded.
Click here to learn more.
Click here to access Tools for Real Estate Professionals
Prop. 19 Resources:
In November 2020, California voters passed Proposition 19, which makes changes to property tax benefits for families, seniors, severely disabled persons, and victims of natural disaster. These changes will become effective in February and April 2021, depending on the component of the measure.
Click here for C.A.R.’s official Prop 19 resources page.
Click here for more information on Prop 19 from the Los Angeles County Assessor.