It’s December 18 and funding for the government runs out at midnight tonight. Despite the four corners (Leaders McConnell, Schumer and McCarthy and Speaker Pelosi) all professing they are close, there are still no final details on a COVID relief package or government funding deal.
While broad agreement has been reached on an overall price tag (once a sticking point), and state and local funding and liability protections have been set aside for consideration at a later date, disagreements remain on a number of provisions. Namely, lawmakers are negotiating who is eligible for the next round of stimulus checks, how to spend money for health care and disaster relief funds and if to wind down the Federal Reserve’s emergency lending program. Members are set to work through the weekend to get a deal done.
Despite the continued dysfunction in Washington, there has been some encouraging news on several of NMHC’s priorities. As reported last week, a bipartisan group worked diligently to come to an agreement on a package. That package includes many of NMHC’s priorities and has served as a starting point for leadership.
It is reported that the final deal may include a newly crafted rental assistance program, additional unemployment benefits and funding for a new round of Paycheck Protection Program (PPP) loans. The $25 billion rental assistance funds will be distributed through the Treasury’s Coronavirus Relief Fund (CRF). Reportedly, the package also includes a straight one-month extension through January 31, 2020, of the CDC eviction moratorium.
We remain hopeful that rental assistance, additional unemployment and PPP funds will be part of the final COVID Relief package. NMHC will continue to work with policymakers through the weekend to push for this critical assistance for residents and property owners. Once the final package is released, NMHC will provide details to members of the included provisions and their potential impact on the industry.
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