Both American and Canadian federal governments have fast-tracked legislation to help industries, businesses, and individuals during the COVID-19 pandemic. Here are some ways these interventions will help real estate professionals and brokerages across the continent.
U.S.
There are a variety of measures included in the $2-trillion stimulus package that will help real estate professionals. According to the National Association of REALTORS®, these measures include:
- An expansion of unemployment insurance to include self-employed and individual contractors
- Loans for small businesses (under 500 employees) to cover various costs, such as rent and utilities
- One-time payments to individuals and families
Elsewhere, the California Association of REALTORS® is pushing Gov. Newsom to include real estate as an essential service. CAR has also launched a new site to provide regular updates for Realtors during the COVID-19 pandemic. You can view the site here.
CANADA
The Canadian government passed a $70-billion emergency aid package on Wednesday. Included in the package:
- $2,000 a month for four months for individuals who are without an income as a result of the pandemic
- This relief includes self-employed Canadians and part-time contractors, individuals who are typically not eligible for employment insurance
- The federal government will also provide small businesses with a 75% wage subsidy (rather than the 10% that was originally reported). A full list of eligible employers can be found here.
In Ontario, where real estate has been deemed an essential service, the Toronto Regional Real Estate Board (TRREB) is advising its members to avoid open houses and in-person meetings with clients. Full recommendations, as well as a FAQ document, can be found here.
