The president had delayed signing the bill for several days after Congress approved the relief package early last week. Trump had disagreed with extra unrelated COVID relief spending measures contained in the bill and had urged more money than $600 for individuals.

The bill was also attached to a $1.4 trillion spending measure to keep the government running through September. Funding for the operation of the federal government would have run out at midnight on Monday without the approval of the measure.

The National Association of REALTORS® has applauded several items that will assist its members and help homeowners and landlords in the bill. NAR championed several provisions within the bill, including rental assistance. An updated FAQ for landlordsand a quick reference guide are available.

“Through this bill, our members will continue to have access to unemployment and small business assistance,” Shannon McGahn, chief advocacy officer at NAR, said last week when Congress approved the bill. “But perhaps one of the biggest wins is rental assistance, which we have fought hard for since the last major COVID-19 bill was passed in April. It will bring instant relief to both mom-and-pop property owners and American families in danger of going over a financial cliff at the end of the year.”

The bill will bring $25 billion in rental assistance to states through Sept. 30, 2022, allowing landlords to apply for funds on behalf of tenants. It includes payments for rent and for other costs related to housing, such as utilities and similar expenses.

The new bill also extends the federal eviction ban through the end of January.

Also, the bill will provide an additional $284 billion for the Paycheck Protection Program and creates a more simplified forgiveness process for borrowers who take part in the loan program. One in five REALTORS® took out a PPP loan after Congress approved the program in the spring soon after the initial outbreak of the coronavirus in the U.S.

The relief package also provides up to $600 in direct stimulus checks to millions of Americans.

The relief package includes:

• Provides a new round of direct stimulus payments of $600 to most Americans including dependents
• Extends all unemployment assistance, including the Pandemic Unemployment Assistance (PUA), through April 19, 2021, with a $300 weekly boost in payments through  March 14.
• Unemployment benefits are extended to the self-employed
• Provides an additional $284 billion for Paycheck Protection Program (PPP) loans and $20 billion for Economic Injury Disaster Loans (EIDL) grants
  • Allows certain eligible businesses to receive a second PPP loan
  • Creates a simplified forgiveness process for most PPP borrowers
  • Allows for deductibility of business expenses paid for with PPP funds
• Provides $25 billion to the states through Sept. 30, 2022, for rental assistance and allows landlords to apply for funds on behalf of tenants
  • Includes payments for rent in arrears as well as utilities and other expenses related to housing
  • Extends federal eviction ban through the end of January
• Provides $7 billion to states for broadband expansion, including $300 million for rural broadband
• Provides new money for schools and vaccine distribution

Congressional leaders will begin consideration of the agreement Monday alongside a $1.4 trillion spending bill to fund the government through September 2021.

The government funding bill reportedly contains several items of importance to NAR, including:

• Extension of a group of tax breaks known as tax extenders, some permanently or for multiple years
• Increase in fair housing funding
• Two-year expansion of the business meals deduction
• Extension and expansion of the Employee Retention Tax Credit
• Permanent extension of the Section 179D deduction for energy efficient commercial buildings, with some enhancements
• Five-year extension of the mortgage debt forgiveness exclusion
• Expansion and improvement of the Low-Income Housing Tax Credit