Frequently Asked Questions and Quick Reference Guides from NAR

• Paycheck Protection Program Overview
• Paycheck Protection Program for Second-Draw Borrowers
• Paycheck Protection Program (PPP) Forgiveness
• Paycheck Protection Program for 501(c)(6) Organizations
• Coronavirus FAQs
• SBA CARES Act FAQs (PPP & EIDL)
• Unemployment Assistance FAQs (PUA)
• Housing Providers FAQs
• Mortgage & Personal Finance FAQs
• Health Insurance Quick Reference Guide
• Main Street Lending Program Quick Reference Guide
• Commercial Real Estate Guidance

Legislative Summaries

• 900-Billion COVID-19 Relief Package (signed into law on December 27, 2020)
• HEALS Act (Released by the Senate on July 27, 2020)
• Paycheck Protection Program (PPP) Extended Through August 8 (passed by the Senate on July 1, 2020)
• Paycheck Protection Program Flexibility Act (passed by the Senate on June 3, 2020)
• HEROES Act (introduced on May 12, 2020)
• CARES Act II (signed into law on April 23, 2020)
• CARES Act (signed into law on March 27, 2020)
• Families First Coronavirus Response Act (signed into law on March 18, 2020)

Infographics, Flowcharts, Flyers, and Checklists

• Flyer: The Intersection of SBA Loans and Unemployment Assistance
• Infographic: Paycheck Protection Program (PPP) vs. Economic Injury Disaster Loan (EIDL)
• Flowchart: Pandemic Unemployment Assistance (PUA) Benefits
• Checklist: Pandemic Unemployment Assistance (PUA) Benefits
• Flyer: How To Obtain and Remain Eligible for Pandemic Unemployment Assistance (PUA) Benefits
• Interactive Map: Pandemic Unemployment Assistance (PUA) By State

Videos

• How to Complete the PPP Loan Forgiveness Application Form 3508EZ
• How To Secure Your Business Through The CARES Act
• The Pandemic Unemployment Assistance Guide for REALTORS®

Forgivable Loans/Grants for REALTORS®

For more information, please view the links below:

• SBA Interim Guidelines
• Coronavirus: SBA CARES Act FAQs
• Paycheck Protection Program FAQs
• Paycheck Protection Program FAQs for Small Businesses
• Paycheck Protection Program Resources & Calculator from AICPA
• Coronavirus Emergency Loans Small Business Guide and Checklist
• The 100 most active SBA 7(a) lenders are listed here. You can also check with your bank to see if it is an SBA lender.  
• Washington Post Article: Here’s how to get a small business loan under the $349 billion coronavirus aid bill

Unemployment Benefits for REALTORS®

Guidance from SC DEW regarding unemployment assistance for Independent Contractors (PDF)

Latest update: Starting with claim week ending January 2, 2021, claimants who are eligible to receive at least $1 of an unemployment program will also receive an additional $300 on top of their weekly benefit amount. This supplemental FPUC payment, made available by the recent passing of the Continued Assistance for Unemployed Workers Act, will be provided to eligible claimants through claim week ending March 13, 2021.

• News Release (1/4/2021) S.C. Department of Employment and Workforce Begins Paying the $300 Federal Pandemic Unemployment Compensation on Eligible Claims as Part of the Continued Assistance for Unemployed Workers Act
• News Release (4/3/2020) from South Carolina Department of Employment & Workforce:  Benefits Paid and More on the Way
• Coronavirus: Unemployment Assistance CARES Act FAQs
• South Carolina Department of Employment & Workforce website
• Guidance from SC DEW regarding unemployment assistance for Independent Contractors

Forms and Extensions

There are a lot of transactions hitting speed bumps due to the unavailability of resources and/or service providers. Many members have been drafting some sort of contract extension language and have been asking SCR for a coronavirus addendum or form.The SCR Forms Committee, and staff counsel met to review various forms options.Without getting into all the details, the committee decided there’s a delicate balance between speed and comprehensiveness, and we want to make sure we’re not going to write something that actually adds confusion to the market. SCR’s Legal department has published a short legal update on the coronavirus and offers some practical advice on how to address issues that may arise.If your transaction needs extended time frames, there’s already a form for that. The two best ways to extend a deadline include doing a pen and ink change on the actual form, or using Form 390. Be sure to have both parties initial and date the change. Form 390 can also be used for any change that needs to be made to a contract. If you need to extend a deadline the best practice is to copy the relevant language from the contract and simply change the date. Remember to not draft any language without having it cleared by legal counsel.Do not use COVID-19 contract language found on the internet, on social media, or from colleagues unless your attorney reviews and approves the language.

Open House Guidance

NAR has issued guidance on open houses during the COVID-19 outbreak.

FREE Online Mediation Now Available

Now more than ever, it’s important to try and work through differences. SCR is here for you, and so are your fellow Realtor® mediators. The following volunteers are currently offering FREE socially-distanced video conference mediation as an alternative dispute resolution. SCR sends a special thank you to these Realtor® members who are using their own equipment and time to offer this FREE assistance during these difficult times. Click here to view the list.

Additional Resources

• NAR Coronavirus Resources
• Coronavirus: A Guide for REALTORS^®
• Coronavirus: Resources for Property Owners
• COVID-19 Resources and Information for Property Managers
• American Society of Home Inspectors Recommendations for Inspection Process
• Appraisal Institute COVID-19 Guidance
• US Small Business Administration Loan Information
• Q & A Regarding NAR COVID-19 Federal Advocacy
• Sample Preparedness Plan: Do you know how to handle the situation if an agent/licensee or staff of a brokerage reports a case of COVID-19? NAR has prepared a Sample Preparedness Plan for these circumstances that any real estate brokerage may adopt and implement in their workplace.
• Coronavirus: A Guide for REALTOR^® Associations
• CDC’s website for the latest updates
• US Department of Housing & Urban Development COVID-19 Information and Resources
• Freddie Mac Selling Guidance Related to COVID-19
• Fannie Mae Guidance on Appraisals
• Department of Veterans Affairs Valuation Practices during COVID-19
• Title, Settlement Companies Develop Safe Closing Protocols
• South Carolina Governor Press Releases
• South Carolina Department of Labor, Licensing and Regulation
• South Carolina S.C. Department of Health and Environmental Control 
• South Carolina Department of Employment & Workforce
• South Carolina Emergency Management Division – Closings and Delays
• South Carolina Association of Counties COVID-19 Information Page
• FHA/HUD Foreclosure and Eviction Moratorium
• FDIC COVID-19 Information for Banks and Consumers
• Mortgage Bankers Association COVID-19 Resources
• CCIM Coronavirus (COVID-19) Resources & Guidance
• NAR Coronavirus Guidance: Commercial Real Estate
• Video Conferencing Best Practices from SCR (PDF)
• South Carolina REALTORS® Youtube Channel for recordings of webinars & town-halls.
• Legal Update: Governors Home or Work Order (PDF)
• Protect your Investment: A Guide for At Risk Homeowners (PDF)
• Slides from Facebook Live – Coronavirus Relief NAR Advocacy January 2021 (PDF)