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Coronavirus Aid, Relief, and Economic Security Act: Provisions for REALTORS® and Their Consumers
Congress passed a $2 trillion COVID-19 economic relief package on March 27, 2020 with overwhelming bipartisan support. As more guidance is released by the Administration on how these new programs will be implemented, updates will be provided.
Congress Clears Coronavirus Rescue Bill Filled with REALTOR® Benefits
The U.S. House of Representatives passed a historic $2.2 trillion COVID-19 rescue package Friday, sending it to President Trump for his signature.
The bill contains numerous benefits for REALTORS® that NAR fought hard for during the past three weeks, including unemployment eligibility for the self-employed and independent contractors; unprecedented aid for small businesses; and a delay in business payroll tax payments.
“This bill will go a long way to help people through these next weeks until the economy can open up again,” said Shannon McGahn, senior vice president of government affairs for NAR. “This is the third and largest rescue package to-date, and we are already working with Congressional leaders on round four.”
“The real estate industry supports nearly 10 million jobs in the United States and makes up 17% of our economy,” McGahn continued. “Congress understands that a strong housing market will lead the economic recovery.”
COVID-19 RESOURCES AND GUIDANCE UPDATE MARCH 26, 2020
Mississippi REALTORS®, MAR Staff and General Counsel Ron Farris, have been working diligently through the Standard Forms Advisory Committee to draft and post forms designed to cover commonly occurring or anticipated scenarios caused by the current Novel Coronavirus (COVID-19) pandemic. Four new forms have been created and will be posted for member access on the MAR Web site and on zipForms and dotloop. The Addendum to the F1 Contract is currently accessible, and it is expected the other three forms will follow within 24 to 48 hours.
COVID-19 Addendum to the F1 Contract for the Sale and Purchase of Real Estate (F1)
COVID-19 Addendum to the Mississippi REALTORS® Residential Lease Agreement (F3)
COVID-19 Addendum to the Mississippi REALTORS® Listing Agreement (F4)
COVID-19 Disclosure and Waiver Regarding Physical Property Showing or Inspection
During this period of rapid change and uncertainty, we’re here to help you serve your customers while also keeping yourself, your family and community healthy and safe. The necessary restrictions in response to the COVID-19 pandemic make customary, in-person, interactions like Open Houses and Home Tours difficult if not impossible (or even illegal in some markets). Adapting to these restrictions while continuing to make the market work, many MLSs are cancelling in-person open houses and exploring all possibilities to hold “virtual” open houses online. To facilitate, we’ve added the ability for you to schedule virtual open houses and tours of homes in Flexmls Web.
Cases of COVID-19 continue to be identified in U.S. states and in Mississippi. This is a rapidly changing situation that is continually being monitored by the CDC and MSDH as more cases in the U.S. are expected.
Mississippians are advised to take health precautions to prevent the possible transmission of disease, and stay in touch for the latest information on the situation in Mississippi.