Coronavirus (COVID-19) Resources and Guidance
CCIM Institute is continuing to monitor the COVID-19 (coronavirus) situation, as well as prepare for contingencies to prioritize the health and safety of our members, course participants, instructors, and staff.
CCIM Institute prepared the following resource page for commercial real estate professionals to provide additional professional guidance around this issue. This page will be updated as more information becomes available.
- Practical Tools for Your Clients and Your Business
- The Impact of Coronavirus on the Industry
- Advocacy and Public Policy Updates
- Additional Resources
April 16, 2020
Practical Tools for Your Clients and Your Business
Guidance for Landlords, Tenants, and Lenders
View CCIM Institute's guide on rent relief requests and other commercial real estate tenant/landlord issues:
Loan Relief and Commercial Real Estate’s Response to the COVID-19 Pandemic
Loan relief is another pressing issue. Commercial Investment Real Estate magazine put together a loan relief checklist and a brief Q&A detailing one portfolio manager’s view on the situation as a whole.
IREM® Pandemic Guide for Real Estate Managers – Resources for Reopening Your Property
As talk of reopening the economy becomes more commonplace, IREM has put together a comprehensive guide for preparing to reopen your property in a way that ensures tenants and residents are safe.
Government Aid For Your Clients Or Your Business
COVID-19 Legislative Update for Commercial Real Estate
Download the accompanying presentation.
PPP Application and Guidelines
Businesses with 500 or fewer employees, sole-proprietorships, independent contractors, and self-employed individuals are eligible for Small Business Association 7(a) Paycheck Protection Program ("PPP") loans. These loans are used for maintaining payroll, rent, mortgage interest, and utilities, and can reach up to 250% of the previous year’s average monthly payroll costs (capped at $10 million) to cover eight weeks of expenses. Businesses can have 100% of their loans forgiven by maintaining 75% of their payroll levels and keeping employee headcounts the same.
CARES Act Guidance
The Paycheck Protection Program is part of the $2 trillion Coronavirus, Aid, Relief, and Economic Security (CARES) Act, which allocates $350 billion for this new SBA 7(a) loan program. The CARES Act also expands the existing SBA Economic Injury Disaster Loan (EIDL) program which allows small businesses to receive advances of up to $10,000. Economic Injury Disaster loans are available for up to $2 million, but only the $10,000 advance is forgivable. Economic Injury Disaster loans are administered directly by the SBA.
See the CCIM/IREM CARES Act summary below for an outline of the provisions impacting the commercial real estate industry and individuals. For in-depth guidance, please visit NAR’s SBA CARES Act FAQs page.
The CARES Act provisions provide further relief in its tax provisions, including an employee retention tax credit. The Real Estate Roundtable CARES Act Tax Policy Guide details the tax implications of the CARES Act.
IRS and Treasury Department
Deadline Extended for 1031 Exchanges: The IRS has issued guidance that indicates that the 45-day and 180-day deadlines for 1031 like-kind exchanges that would have expired from April 1 to July 14 will now expire on July 15. Watch for further details soon.
Deadline Extended for Opportunity Fund Investments: Specifically, if an investor who sold a capital asset planned to roll over the gain into an Opportunity Fund and the 180-day deadline falls between April 1 and July 15, 2020, they can make the investment on July 15 regardless of the 180-day deadline. Watch for further details soon.
Deadline to File and Pay Taxes Extended: A three-month extension has been made for tax filing and payments. Individuals will be able to defer up to $1 million without interest or penalties, and corporations can defer up to $10 million.
FEMA Flood Insurance Renewal Extension: FEMA is extending the grace period to renew flood insurance policies from 30 to 120 days. If a policy has an expiration date between February 13, 2020 and June 15, 2020, then the NFIP insurer must receive the appropriate renewal premium within 120 days of the expiration date to avoid a lapse in coverage. Likewise, if a policyholder receives an underpayment notice dated between February 13, 2020, and June 15, 2020, then the NFIP insurer must receive the additional premium amount requested within 120 days of the date of the notice.
Federal Reserve Main Street Lending Program: The Federal Reserve Board is establishing a Main Street Lending Program to enhance support for small and mid-sized businesses that were in good financial standing before the crisis by offering 4-year loans to companies employing up to 10,000 workers or with revenues of less than $2.5 billion. Principal and interest payments will be deferred for one year. Eligible banks may originate new Main Street loans or use them to increase the size of existing loans to businesses.
Commercial Paper Funding Facility: The Federal Reserve Board will establish a Commercial Paper Funding Facility (CPFF) to support the flow of credit to households and businesses.
Facility to Facilitate Loans for Paycheck Protection Program: The Federal Reserve Board will establish a facility to facilitate lending to small businesses via the SBA's Paycheck Protection Program (PPP) by providing term financing backed by PPP loans.
Real-World Solutions from CCIM Institute’s Chief Economist
CCIM Institute Chief Economist K.C. Conway, MAI, CRE, on cross-discipline solutions during the coronavirus pandemic.
CCIM Institute Chief Economist K.C. Conway, MAI, CRE, on coronavirus and tenant/landlord issues.
CCIM Institute Chief Economist K.C. Conway, MAI, CRE, on coronavirus and government finance interventions.
CCIM Institute Member Resources
Complimentary Designee-Only Refresher Courses Now Available
To ensure designees are as prepared as possible to tackle the tough challenges ahead, the institute is offering free designee-only core refresher courses with optional CE credit. Fill out the online form below to register.
Site To Do Business Resources and Professional Development
To assist in your professional development during this time we have developed a series of short videos that highlight some of the new capabilities available in your Site To Do Business toolkit.
Discover CCIM.net Email with Google G Suite
CCIM designees get a custom CCIM.net email along with Google G Suite tools for working on the go. G Suite is a set of apps that allow you to collaborate with associates, quickly share information with clients, and get work across devices - wherever you are. To get acquainted with a specific G Suite product, sign up for our on-demand webinars or visit the tips and tricks pages that correspond to each product.
NAR’s Right Tools, Right Now
The National Association of REALTORS® Right Tools, Right Now initiative makes new and existing NAR products and services available for free or at significant discounts and is available to REALTORS® and REALTOR® Associations.
The Impact of Coronavirus on the Industry
CCIM Institute's 2020 Economic Update for Commercial Real Estate Professionals
Download the accompanying presentation.
Roxana Isaiu, director of ESG and real estate at GRESB, a leading sustainability benchmark for real estate and infrastructure investments across the globe, details how environmental, social, and corporate governance initiatives differ in Europe and North America for commercial real estate. She also outlines how ESG will be impacted by the COVID-19 pandemic.
Michael Beckerman, CEO of CREtech, a leading event, data, and content platform focused on tech in commercial real estate, discusses how technology can help the industry respond to our rapidly changing world. He also shares how the staggering effects of the coronavirus pandemic may actually accelerate the adoption curve for new technologies and boost investment in potential solutions.
In this special episode of the Commercial Investment Real Estate podcast series, CCIM Institute Chief Economist K.C. Conway discusses the pandemic, how CRE practitioners can weather the storm, and how to future-proof new investments. For an edited excerpt of this episode, read the Commercial Investment Real Estate magazine online exclusive article.
NAREIM's Rent Relief Survey
According to a NAREIM member survey conducted between March 24 and 26, "85 percent of real estate investment managers invested in retail assets had experienced rent relief requests. More than half of managers in the office sector had been asked for concessions, while 42% of multifamily managers were fielding abatement requests."
Advocacy and Public Policy Updates
Three coronavirus emergency legislative packages have been enacted:
Coronavirus Preparedness and Response Supplemental Appropriations Act: This $8.3 billion emergency relief package, signed into law on March 6, is focused on funding health care preparation to fight the virus, as well as vaccine research.
Families First Coronavirus Response Act: Signed into law March 18, this $183 billion-plus package expands Medicaid and unemployment benefits, provides free coronavirus testing, and mandates paid sick leave and childcare leave for certain employees. Learn more about how the act affects real estate professionals.
Coronavirus Aid, Relief, and Economic Security Act (CARES Act): This $2 trillion package, enacted on March 27, provides relief to businesses and individuals. Learn more about how the act impacts real estate professionals. For a finance perspective, read the CRE Finance Council's "Alert: Key Commercial Real Estate Related Provisions in $2 Trillion Stimulus Deal."
CCIM has joined NAR and other industry organizations on multiple letters addressing issues we would like to see addressed either legislatively or through administrative action:
Main Street Response to COVID-19: CCIM Institute, along with NAR, IREM, and RLI, joined more than 70 associations to call on policymakers to enact legislation and regulations that will help secure the short- and long-term vitality of the U.S. economy during this unprecedented disruption. The letter requests immediate relief by:
- providing immediate and readily accessible unsecured credit to businesses of all sizes;
- suspending the filing of business returns and the payment of all business taxes to the federal government for the duration of the pandemic; and
- amending the Tax Code to assist with losses.
- Extension on 1031 Exchanges: Sent to both the Treasury Department and IRS, the letter encourages relief on the 180-day deadline and the 45-day period for identifying possible properties as exchange candidates.
- Extension on Opportunity Zone Deadlines: NAR recently sent a second letter urging the extension of certain deadlines for the opportunity zone program.
- Rental Assistance and Mortgage Forbearance: A coalition of national organizations, including CCIM Institute, sent a letter to congressional leaders to provide an emergency rental assistance fund, to urge the use of caution when issuing blanket moratoriums on evictions, and to allow for mortgage forbearance for rental property owners.
- Business and Employee Continuity and Recovery Fund: A coalition of national organizations, including CCIM Institute, sent a letter to congressional leaders supporting the creation of a COVID-19 Business and Employee Continuity and Recovery Fund to facilitate the distribution of federal funds and liquidity to businesses and their employees impacted by the pandemic. The requested relief would be designed to help businesses retain and rehire employees, maintain worker benefits, and meet operating expense obligations.
- Aid for Associations: CCIM Institute joined 2,800 associations and trade organizations in a letter to both congressional leadership and Secretary Mnuchin urging the inclusion of 501(c)(6) organizations in the next coronavirus relief legislative package.
Check out NAR’s comprehensive list of its advocacy work toward COVID-19 relief.
- CCIM Institute encourages you to monitor the information provided by the Centers for Disease Control and Prevention (CDC) and World Health Organization (WHO) for the ongoing safety of you and your family.
- NAR: Coronavirus: A Guide for REALTORS®
- NAR: Commercial Real Estate and COVID-19 Advocacy
- IREM: COVID-19 resources and information for property managers
- NREI: Commercial Real Estate Industry Coronavirus Resource Center
- Chamber of Commerce: Emergency Loan Guide for Small Businesses
- ICSC: FAQs on CARES Act
- Treasury Department: Paycheck Protection Program FAQ