Official Guidance for NJ Real Estate
In Governor Murphy’s press conference yesterday, he made two updates to Executive Order 107, clarifying which businesses may be allowed to operate during the COVID-19 pandemic. “Realtors® can operate and show houses to prospective buyers on a 1-on-1 basis or to immediate family members. There is still a prohibition on open houses,” said Murphy.
Additionally, NJ Realtors is currently working on a buyers’ and sellers’ COVID-19 release form, which will be updated in your forms package as soon as it is available.
NJ Realtors – View Updated FAQs Here
Paycheck Protection Program
The Paycheck Protection Program was announced yesterday, and it was designed to provide a direct incentive for small businesses to keep their workers on payroll by providing each small business a loan up to $10 million for payroll and certain other expenses. If all employees are kept on payroll for eight weeks, the Small Business Administration will forgive the portion of the loans used for payroll, rent, mortgage interest, or utilities. Up to 100 percent of the loan is forgivable. Find out more information on this program here.
The National Association of Realtors just released information from the US Senate Small Business Committee (including for charitable non-profits) on how to apply for loans for this program, click here to see more.
From CORE’s legal counsel, Greenbaum, Rowe, Smith & Davis, LLP: Here’s an excellent overview of the Paycheck Protection Program, click here to see.
Bright MLS Market Stats
The rapidly evolving COVID-19 crisis means rapidly evolving effects on the marketplace. Bright MLS has launched new reports to provide real-time data on market activity, which are posted as they are released. Access these reports here.