Biden signs American Rescue Plan into law
Today, President Biden signed the American Rescue Plan into law. This legislation is the sixth measure of its kind to be enacted since the beginning of the COVID-19 crisis began a year ago. This bill provides another $1.9 trillion for additional COVID-19 relief for Americans. The National Association of REALTORS® (NAR) pointed out that moneys continue to be available to causes of importance to REALTORS® including:
- Rental assistance
- Small business loans
- State and local funding
- More unemployment benefits
- Housing counseling
- Housing assistance funding
As has been the case since the outset of COVID-19 relief legislation, self-employed persons, independent contractors and sole proprietors continue to be included in groups eligible to participate in these programs. NAR notes that one-fifth of its members have taken part in the Paycheck Protection Program (PPP) during the course of the crisis. The PPP is scheduled to receive an additional $7.25 billion.
NAR provides information and highlights of the American Rescue Plan, including additional stimulus checks, more unemployment assistance and rental assistance.
In Illinois, the Illinois Housing Development Authority (IHDA) is the agency charged with distributing Emergency Rental Assistance (ERA) funds to tenants and housing providers as the eviction moratorium comes to an end. Illinois’ residential eviction moratorium remains in place until April 3, 2021, under Governor Pritzker’s most recent Executive Order. IHDA has stated that it is planning to have ERA applications available by May 1, 2021. Illinois REALTORS® will continue to monitor any continuation or termination of Illinois’ rental eviction moratorium.
Cook County recently released its information regarding the application process for rental assistance for those residing in Cook County, exclusive of the City of Chicago.
The City of Chicago is expected to have applications for rental assistance soon.
For information regarding unemployment assistance in Illinois, go the Illinois Department of Employment Security.
For information on the small business loan programs, such as the Paycheck Protection Program (PPP) and the Emergency Injury Disaster Loans (EIDL) go here:
Illinois REALTORS® continues to monitor the ever-changing landscape of COVID-19 relief measures and legislation aimed at easing the burdens of those affected. Check back often for updates. Also, check locally for information pertaining to these measures and how they will be implemented where you live and work.