December 18, 2020
Federal COVID Relief Bill Contains Significant Provisions for CRE and Multifamily Finance
On December 14, 2020, a bipartisan group of U.S. Senators released a summary and draft text of the Bipartisan Emergency COVID Relief Act of 2020 ( the Act ). The Act remains under negotiation among the House, the Senate and the White House. CREFC has highlighted important provisions for CRE and multifamily finance as follows:
Benefits for CRE and Multifamily
Extension of all unemployment assistance for 16 weeks, with supplemental $300 per week.
Second Round of Paycheck Protection Program (PPP): $300 Billion
Second Round PPP for Small Business, including 501c6 organizations, restaurants, live venues, and EIDL grants;