Federal Aid Granted to Independent Contractors
$2 Trillion Stimulus Bill Passed by Senate
A two trillion-dollar stimulus package was passed by the Senate on Wednesday, March 25. The Coronavirus Aid, Relief and Economic Security Act (CARES Act) is intended to help businesses, households and independent contractors during this pandemic. The National Association of REALTORS® played a major roll in procuring aid for independent contractors.
Realtors can now benefit from this relief package, which includes direct payments from the U.S. Government to individuals and households, unemployment insurance, expanded sick and paid family leave and no/low-interest rate loans. Other benefits include student loan relief, tax payment relief/deferrals, mortgage payment and foreclosure relief and insurance premium relief. See a complete list of the financial benefits here.
The CARES Act now includes the Paycheck Protection Program (PPP), which helps businesses keep their employees employed.