Coronavirus (COVID-19) Resources for REALTORS®
Corona Virus Tracker by John Hopkins University and Medical:
Brochure Encourages Homeowners to Work With REALTORS®
Help homeowners who are struggling to meet their loan obligations by sharing the Protect Your Investment brochure. This informational brochure encourages homeowners to work with REALTORS® and housing counselors and offers guidance on options provided by lenders. VIEW & PRINT BROCHURE
Access to telemedicine is essential as we continue to stay home and stay safe. NAR members’ response to the recently announced NAR-funded, 2-month TeleHealthSM benefit has been so tremendous so they are now making the opportunity available through May 31st. Simply put, nothing is more important than the health and welfare of our members. If you need telemedicine, it’s here for you. *Upon the conclusion of the free period, members will be able to continue their coverage for just $7/month (a 50% savings), so they can continue to rely on effective virtual healthcare and protect themselves and their loved ones. As an additional benefit, the prior activation fee is also waived. Telehealth Offer
4/24/20 FAQ on the SBA Loan Program:
The FAQ specifically focuses on the new 7(a) Paycheck Protection Program loans and the Economic Injury Disaster Loan program with the $10,000 advance grant. It includes information on which businesses are eligible, how much they can get from each program, what the loans can be used for, forgiveness requirements, and where and how businesses can apply. There are links to resources from the federal government, the loan and application websites, as well as information from other organizations.
Download the pdf here: https://www.ndrealtors.com/wp-content/uploads/2020/04/3624.pdf
New Info → FEMA extends flood insurance renewal period for economic hardship
FEMA is extending the grace period to renew flood insurance policies from 30 to 120 days in order to help NFIP policyholders experiencing financial hardships.
Strongly Discouraging in-person Open Houses
The North Dakota Association of REALTORS® (NDAR) joins NAR in strongly discouraging in-person open houses during this time of social distancing. We encourage you to be sure your brokerage/team and fellow agents are in sync about your approach, as you continue to work with clients in creative ways through technology and online marketing tools.
NDAR Develops a Form For Members
Unfortunately, COVID-19 has the potential to create unavoidable problems with many real estate transactions.
Contract law has an established doctrine, called Force Majeure, which allows a party to a contract to suspend performance if such performance would be impossible or impracticable, under circumstances which were generally unforeseeable at the time of contracting and are beyond the control of the party. COVID-19 events probably qualify as Force Majeure events.
The North Dakota Association of REALTORS® has developed a form for the use of members in addressing this issue. With this form, the parties have the opportunity to agree that, in the event that persons essential to the real estate transaction are affected by a COVID-19 event, such as quarantine, hospitalization, unavailability of necessary professional and government services, and other causes directly related to COVID-19, either party will have the right to trigger an extension, for a length as agreed by the parties at the time of signing the form, for any yet-unexpired deadlines in the purchase agreement and for closing. At the end of the agreed extension, if the COVID-19 event is not yet resolved, either party can terminate the agreement (subject, of course, to the right of the parties to agree to another extension).
The form can be used as an addendum in future purchase agreements but is also set up so that, if parties so desire, the form can be used as an amendment to an existing purchase agreement. In either event, members are reminded to make specific reference to the addendum form in the agreement.
ADDENDUM & MEMORANDUM – Can both be found at this link https://www.ndrealtors.com/membership/services/
*You will need your log in info for the NDAR site to access the forms, or can contact your local board office. Please note: The NDAR website user name would be your member ID & the password is universal for all – which is: NDAR01701
Licensees traveling Between MN and ND:
With Minnesota added to the list of states that require self-quarantine if you are traveling to North Dakota some questions have arisen regarding our industry. With the real estate industry listed as an essential service in MN (safe practices of real estate that is) and ND not having a list, we are to follow the Dept of Homeland Security – Cybersecurity and Infrastructure Security Agency (CISA) order. This order does list real estate under “Other CommunityFunctions”.
*Please see memo from NDAR Legal Counsel Casey Chapman here:
The National Association of REALTORS® is providing guidance to help REALTORS® respond to the coronavirus’s potential impact on the real estate industry. Any updates from NAR and its response to the coronavirus emergency will be collected on this page. https://www.nar.realtor/coronavirus outlines various key components of NAR’s coronavirus response, related legislative initiatives and other logistical matters.
PPP Loan Forgiveness Application: The Small Business Administration and U.S. Treasury Department have released an application for business owners to have their Paycheck Protection Program loan forgiven. Real estate professional who received a PPP loan should complete and submit the application, which was released Friday, to their PPP lender.
The program was created through the CARES Act to provide forgivable loans to eligible small businesses during the COVID-19 pandemic. The PPP is a way to offer financial aid to small businesses and incentivize them to keep employees on their payrolls. The SBA outlines the form and instructions, including some of the following measures – read here
Of note, NAR has issued information and guidance on the following:
realtor.com → COVID-19 REALTOR® Resource Center
From the US Senate Small Business Committee
More and even better info (including for non-profits) on how to apply for loans here:
Coronavirus Resources for Property Owners
Provides homeowners with information about assistance during the COVID-19 crisis. I’ve also attached the PDF. This will be updated regularly, if not daily, as new assistance plans are created.
Sample Preparedness Plan – a step-by-step plan for communicating about a COVID-19 case on staff.
NAR’s Federal Advocacy team has been working closely with Congress and the Administration to ensure the interests of REALTORS® and their clients are protected in any federal action in response to COVID-19, in addition to minimizing transaction disruptions during these very difficult circumstances. As the actions out of Washington evolve daily, below are a number of Q&As to address the ongoing fixes being proposed and implemented in response to the pandemic. Congress has passed an $8 billion stimulus package providing emergency funding to fight COVID-19, the Families First Coronavirus Response Act (FFCRA), and is currently working on a third stimulus package – the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). More legislative packages targeted at specific industries are expected after the third phase. We will update this document as events warrant.
PDF link to doc: narfocus.com/billdatabase/
NEW → Small Business Guide to Emergency Loans:
NEW → SBA Disaster Loan Application – specific to Covid-19
GNDC (North Dakota Chamber):
GNDC (ND Chamber) – COVID-19 Business Information hub page. This page has the latest information and resources, including links to existing state and federal resources, summaries of COVID-19 bills passed or proposed by Congress and the White House, and a whole host of other useful information. We have also partnered with the North Dakota Dept. of Commerce and Gov. Burgum to host weekly COVID-19 ND Business Briefs, so you can hear directly from experts about tools available to help businesses through this uncertain time. https://www.ndchamber.com/
Economic Impact Payment
Low-income people are eligible to get an Economic Impact Payment, COVID Tax Tip 2020-51, May 5, 2020
What people really want to know about Economic Impact Payments, COVID Tax Tip 2020-55, May 12, 2020
Filing and Paying Deadlines:
Taxpayers have until July 15 to file and pay their taxes, COVID Tax Tip 2020-52, May 6, 2020
People First Initiative (changes to installment agreements, levies, audits, etc)
IRS People First Initiative provides relief to taxpayers facing COVID-19 issues, Tax Tip 2020-56, May 13, 2020
IRS People First Initiative provides relief to taxpayers, Tax Tip 2020-57, May 14, 2020
What is NOT extended:
• This does not apply to 1065 and 1120-S returns that were due on 3-16-2020. Those needed to be filed or extended.
• Form 941 (employment tax) is still due on 4-30-2020.
• W-2’s, 1099’s, 1095’s, etc: “No extension is provided in this notice for the filing of any Federal information return.”
• Each state is making their own decision. The IRS urges taxpayers to check with their state tax agencies for those details. More information is available at https://www.taxadmin.org/state-tax-agencies
Department of Commerce:
ND League of Cities:
Resource page with trusted information for cities in North Dakota when managing municipal resources during the COVID-19 (coronavirus) outbreak.