Trump signs massive omnibus spending, coronavirus relief package

Specifically, regarding property management, the bill includes the following:

• $25 billion in rental assistance pushed out through state and local governments.
• Landlords can apply on behalf of tenants.
• Can cover back rent and up to 3 months prospectively.
• CDC eviction moratorium extended to January 31, 2021.
• Carbon monoxide detectors required for federally-assisted rental housing.

Here are some additional items included in the legislation:

• Allocates $284.45 billion for a second round of PPP loans for eligible businesses (300 employees or fewer and a decline in gross receipts of 25% or more in 2020 versus a comparable quarter in 2019).
• Extends the PPP “covered period” deadline to September 30, 2021.
• Allows you to deduct expenses paid with PPP funds.
• Up to $600/person in stimulus payments. These payments start to phase out at $75,000 for individuals, $112,500 for heads of households, and $150,000 for married couples filing jointly.
• Provides an extension of Pandemic Unemployment Assistance through March 14, 2021 (and the receipt of benefits through April 5, 2021 for folks in the system as of March 14 who have not reached the maximum number of weeks), an increase in the number of eligible weeks from 39 to 50, and an additional $300/week in unemployment assistance through March 14, 2021.
• Changes the Employee Retention Tax Credit to bump it to 70% of qualified wages (was 50%), increasing the creditable wages four-fold ($10k per quarter vs. $10k per year), lowering the eligibility threshold to a 20% gross decline in year-over-year gross receipts (was 50%), and extend the credit to June 30, 2021.

This is likely not the last word on the issues addressed in this legislation, particularly on issues related to rental assistance and evictions. We will continue to follow these issues closely.