COVID-19 Resources

The team at Breeden Commercial wanted to inform you that we have implemented a work-from-home policy in our office. Rest assured, we are well-equipped to support you remotely, with the level of engagement and service you have come to expect. During this time, our office will be closed to the public. Our agents will work individually with you, our clients, to hold necessary meetings via video or audio-conference, limiting in-person meetings as parties see fit. When in-person meetings are held, our agents will follow a safety protocol in the effort to minimize risk for you both.

COVID-19 has presented extraordinary challenges that we could not have imagined just a few months ago. We know that you are grappling with the same issues in your work environment as well as at home with your families. We stand ready to provide guidance and support through this unprecedented time.

Together we can and will weather this storm.

Please don’t hesitate to contact us if we can be of assistance.


Below is a wealth of resources we believe could be helpful for our clients and website visitors. If you need any assistance with anything related to COVID-19 and how it affects commercial real estate owners, sellers, buyers, landlords and tenants, don’t hesitate to reach out to one of our agents or call (812) 376-9300.

Government Resources

Small Business Administration

The $2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act) allocates $350 billion for a new SBA small business forgivable loan program called the Paycheck Protection Program. The CARES Act also expands the Economic Injury Disaster Loan program. NAR has published a comprehensive FAQ on both these SBA programs.

Small businesses and sole proprietors can apply for PPP loans beginning on Friday, April 3. Independent contractors and the self-employed can apply beginning next Friday, April 10.

VIEW PPP APPLICATION

IRS and Treasury Department

IRS Tax Payment Extension: A three-month extension has been made for tax payments. Individuals will be able to defer up to $1 million without interest or penalties, and corporations can defer up to $10 million.

Commercial Paper Funding Facility: The Federal Reserve Board recently announced that it will establish a Commercial Paper Funding Facility (CPFF) to support the flow of credit to households and businesses.

FEMA

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.

Legislative Initiatives

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.”

Advocay Initiatives

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.

Check out NAR’s comprehensive list of its advocacy work toward COVID-19 relief.

CDC and WHO Resources

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.

Guidance for Owners, Operators, and Property Managers

View CCIM Institute’s guide on rent relief requests and other commercial real estate tenant/landlord issues:

VIEW GUIDE

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.

VIEW ARTICLE

COVID-19: Impacts on Appraisals and Building Management Webinar from NAIOP
Join four expert CRE practitioners, led by K.C. Conway, ARCE Director of Research & Corporate Engagement, Chief Economist, CCIM Institute, for their perspectives and guidance on these topics.