December 2020 issue of Broker Insights Newsletter

Industry Leaders Summary (1/15/21)

• Housing Market & Economy – here is Jordan’s PPT presentation.
• REALTOR® Relief/CARES Act II – earlier this week, our legal team conducted a comprehensive webinar on REALTOR Relief, access presentation here and recording here. Our Broker and Agent FAQs are updated as we receive new guidance and information, those are found here. Please note, the Biden Administration takes office on January 20th and we will keep you apprised of any changes affecting you and/or your agents.
  •  PPP Loans – there are PPP funds available for a draw up to $20,833 for individual with no employees if you did not already participate (see FAQ for other eligibility).  These funds are currently available through community banks and credit unions and will be available through all SBA lenders next Tuesday (1/19).
    • You can take deductions for expenses paid with forgiven funds (we advise that you talk to tax advisor).
    • IRS official ruling, overwriting the PPP deductibility is found here.
    • EIDL advance will not count against forgiveness; if previously deducted from forgiveness
    • In addition, second draw PPP funds are available through community banks and credit unions and will be available through all SBA lenders next Tuesday (1/19). However, you must demonstrate at least a 25 percent reduction in gross receipts for any one of the quarters in 2020 relative to the same quarter of 2019. Funds available are up to $2 million for eligible applicants.
    • FAQ found here.
  • CA Relief Grants – the first window to apply has closed. We do not when the second window for applications will drop but will share that with you as soon as we know. In the meantime, there is a great presentation on how to apply here.
  • PUA - California Employment Development Department (EDD) is expediting the expansion of federal unemployment benefits under CARES II. For weeks starting December 27 through the week ending on March 13, claimants for Pandemic Unemployment Assistance (PUA) and traditional unemployment can expect to receive a supplemental $300 per week. In addition, PUA — which benefits small business owners, independent contractors and the self-employed — now offers a total of up to 57 weeks of benefits, representing an 11-week extension. CARES Act extended PUA by 11 weeks, through as late as 4/10. (Note: They also added $100 Mixed Earners Unemployment Compensation (MEUC)  for those with traditional UI but also had at least $5k self-employment income. )
    • The updated FAQ on Pandemic Unemployment Assistance (PUA) is found here.
    • Please note, the EDD is still rolling out changes so you can check out their press release here. And news coverage here.
  • For Employers - Paid Sick Leave – The  CARES Act II does not extend requirement employers provide leave but does extend tax credit (payroll tax or self-employment tax) for doing so. Please refer to our FAQ on Guidance for Employers here.
• Code of Ethics – Prohibition on Hate Speech - On November 13, 2020 the NAR Board of Directors voted to make some significant changes to its professional standards policies to Prohibit Hate Speech by REALTORS®, see all of the changes and answers to your questions here.
• Legal Resources:
  • Prop 19  - State Board of Equalization legal opinion letter is attached and found here. Please note – this document is definitely a step in the right direction but does not have the force of law (and is subject to change) until there is implementing legislation. Once we get final confirmation we will let you know.
  • Home Fire Hardening Disclosure Law Legal Q&A found here. Legal Live Webinar recording on 2021 New Laws including the New Home Fire Hardening Law and Disclosure as well as information on the revised COP form is found here. And according to the chat from today, the most reliable place to determine whether property is in a high or very high fire hazard area is: https://egis.fire.ca.gov/FHSZ/
  • AB 685 Employee/Worker COVID Notification – Legal Q&A found here. 
  • PEAD-V Guidance – Quick guide is found here.
  • AVID Limited Access to Properties Guidance – Quick guide is found here.
  • Our Legal Matters podcast featuring our very own Jana Gardner is found here.

For more information on these and other financial relief programs, see the REALTOR® Relief page on C.A.R.’s coronavirus microsite. C.A.R.’s coronavirus microsite.

The Industry Leaders Call is designed for Brokers and Industry Executives.  Calls take place bi-weekly on Fridays.  For additional information or to request access, please send your contact information and job title to Paula Green, Executive Assistant, at (213) 739-8337 or [email protected].

For more information regarding Industry & Broker Relations, please contact Sara Sutachan, Industry & Broker Relations Senior Vice President, at (213) 739-8224 or [email protected].

Broker Education Resources

The New Broker's Benchmark: Prepare and Perform! Course Bundle - ONLINE ANYTIME

Nuts and Bolts: The Broker’s Day-to-Day - ONLINE ANYTIME

Teams 2.0: The Team Leader - ONLINE ANYTIME

California Human Resource Law for Brokers/Teams - ONLINE ANYTIME

Administrative Staffing: The Human Side of Human Resources - ONLINE ANYTIME

Resources for Office Managers

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