Stimulus 4/5 Explainer and Hill letter

On July 27, 2020, the Senate released a series of bills that will offer relief to individuals, families, and businesses still facing hardships posed by the pandemic. Eight bills make up the Health, Economic Assistance, Liability protection and Schools (HEALS Act) and a summary of those provisions can be found here. NAR sent a letter this week to Congressional Leadership outlining provisions in the HEALS plan supported by NAR. Included in the Republican plan are more direct payments to Americans, liability protection for businesses that reopen (including independent contractors), another round of Paycheck Protection Program funding (with the ability to apply for a second loan for some), money for schools, and a continuation of Pandemic Unemployment Assistance (PUA), with a reduction in payments from an extra $600 a week to $200. NAR sent a letter to Congressional leadership on July 17, with proposals to help support the housing and real estate industry, and several of the priorities were included in the Republican plan.

The House of Representatives passed the HEROES Act in May (read the summary), and now Congress will negotiate the provisions included in these bills over the next few weeks for a final bill that will likely be signed into law.

------------------------------ Joseph M. Ventrone Vice President, Federal Policy and Industry Relations | Advocacy Group NATIONAL ASSOCIATION OF REALTORS® | 500 New Jersey Ave NW | Washington, DC 20001 Email: | Office: 202-383-1095 | Mobile: 202-841-6181 Twitter: @JoeVentrone ------------------------------

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