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How The New Stimulus Bill Will Impact Real Estate
UPDATE, DEC. 28, 10:26 A.M. ET:
President Donald Trump signed the stimulus bill into law on Dec. 27. He had delayed signing as he pushed for an increase in the direct payments to Americans from $600 to $2,000, but the bill went through with the $600 agreed on by Congress last week.
Congressional leaders have completed negotiations on a large stimulus bill that will provide $900B in coronavirus pandemic relief, along with a $1.4 trillion omnibus spending package.
The relief measure, expected to be passed by the House and then the Senate as early as Monday, includes a number of provisions that will help various sectors of the real estate business though it is missing key programs industry groups lobbied for.
Editor-in-Chief
The hotel industry is greeting the $900 billion COVID economic relief package passed by both houses of Congress with guarded optimism.
The measure is the result of bipartisan compromise and cooperation among Congressional leadership and the administration, plus input from the incoming Biden administration. It was carried over the goal line by a group of moderate legislators from both parties. As a result, of course, no one is 100% satisfied. But the stimulus package is seen as a short-term solution to support individuals and businesses over the next few months.
For hotel operators and employees, the big takeaways are:
The return of the Paycheck Protection Program, with $280 billion allocated for loans
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Further details emerged Monday of a $900 billion bipartisan coronavirus economic relief measure announced over the weekend. Congress appeared to deliver several items on the hotel industry’s lobbying wish list.
But the recovery fight is far from over, says the industry’s leading trade group.
“We’re not done yet. There’s much more to do,” said American Hotel & Lodging Association CEO Chip Rogers. “While the Paycheck Protection Program is helpful in creating that bridge to help people travel again, there are still lingering debt issues that will need to be resolved.”
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