Government Policy, Real Estate and You! with Liz Recchia

On June 5th, 2020 President Trump signed the Paycheck Protection Program Flexibility Act of 2020, also known as the PPPFA or PPP Flexibility Act.

Why was this needed? Because with delayed guidance, imperfect roll-outs, delays in funds being received and an increasingly burdened small business community, Congress recognized the very program designed to aid small business was about to endanger small business.

Keep in mind there will be no PPP loan applications accepted after June 30, 2020. In the meantime, here is a quick list of what’s new and suggestions for consideration before you apply for a PPP loan:

There is a new PPP application, so make sure you down load a copy of the correct application to apply. I have a link to the update PPP application in the show notes of this podcast.

If you already have a PPP loan, there is an updated PPP Loan Forgiveness Application.

Newly applying small businesses will have the covered period extended to begin on the date of the origination of the covered loan and end 24 weeks later or Dec. 31, 2020 whichever comes first.

If you already have a PPP loan, then you can choose to keep the original 8-week period or switch to the 24-week period.

There is a significant amount of documentation required both for forgiveness and for tax purposes. Marcum Tax Accountants and Advisors hosted a webinar on June 12th with lots of information and the changes highlighted in red for easy reference.

The tax considerations center around IRS Notice 2020-32 regarding the taxability of PPP funds.

For those of you wondering what all that means, some of the tax deductions you may be counting on may no longer be available to you if you took PPP funds.

Secretary Mnuchin’s announcement on June 8th highlighted some of the new elements, but we are still waiting for more guidance from Treasury, so watch for that guidance and consult with your CPA or Attorney.

Go to www.weservgad.org to read the blog post on the PPP Flexibility Act with links to resources and information.

Cities and Towns: As Arizona cities and towns open back up, it is good to see that large economic development projects did not slow down. Casa Grande Mayor McFarland emailed me a copy of Comeback S.M.A.R.T. Casa Grande, a brand-new brochure highlighting Casa Grande City Services as the City comes back with in person services. I have a link to this helpful brochure providing information on City and Community Services, Fire and Police information, information on the Courts, and other City Services in the show notes for this podcast.

You can listen to the city updates from El Mirage Mayor Hermosillo, Goodyear Mayor Lord, Maricopa Mayor Price and Avondale Mayor Weise at www.weservgad.org under podcasts.

Government Affairs Advisory Council Meeting: The West Valley Chapter Government Affairs Advisory Council Meeting will be via Zoom on June 25th from 1pm to 3pm. Our big project update will be on Government Programs and Resources available to help you with your business and some big projects bringing jobs and development to Pinal and West Valley.

Our special speakers will be West Valley Government Affairs Advisory Council Chair Susan Nicolson and our Chair-Elect for 2021 Garnett Sailor. Learn how these two successful REALTORS have built, sustained and grown their businesses – even during the COVID-19 shutdown. They will give you tools, strategies and resources so you can think differently about your business to grow and prosper.

WeSERV GAD: Advocating for private property rights, the right to private contract and YOUR business!

Song Credits:

WEPA Song Credits: "Wepa" Kevin MacLeod (incompetech.com), Licensed under Creative Commons: By Attribution 3.0 License, http://creativecommons.org/licenses/by/3.0/

WERQ Song Credits: "Werq" Kevin MacLeod (incompetech.com), Licensed under Creative Commons: By Attribution 3.0 License, http://creativecommons.org/licenses/by/3.0/

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El Mirage Mayor Alexis Hermosillo was able to join me by phone a couple of weeks ago to discuss her city now and in the future. I want to thank Mayor Hermosillo for taking time out of her busy day to provide us with an update on El Mirage. 

Links:

El Mirage

El Mirage City Council

El Mirage Facebook

El Mirage Twitter

El Mirage LinkedIn

WeSERV Association of REALTORS®

WeSERV GAD

WeSERV Store

WeSERV Office Hours

Song Credits:

WEPA Song Credits: "Wepa" Kevin MacLeod (incompetech.com), Licensed under Creative Commons: By Attribution 3.0 License, http://creativecommons.org/licenses/by/3.0/

WERQ Song Credits: "Werq" Kevin MacLeod (incompetech.com), Licensed under Creative Commons: By Attribution 3.0 License, http://creativecommons.org/licenses/by/3.0/

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Goodyear Mayor Georgia Lord gives us a quick update on Goodyear services, the budget future of Goodyear and the ongoing Economic Development going forward.

Good News! The City is financially healthy, providing services and working with business to keep big projects on track and new jobs coming to the City.

Goodyear az

Goodyear economic development

Song Credits:

WEPA Song Credits: "Wepa" Kevin MacLeod (incompetech.com), Licensed under Creative Commons: By Attribution 3.0 License, http://creativecommons.org/licenses/by/3.0/

WERQ Song Credits: "Werq" Kevin MacLeod (incompetech.com), Licensed under Creative , commons: By Attribution 3.0 License, http://creativecommons.org/licenses/by/3.0/

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On April 16th I was able to have a short conversation with Mayor Christian Price of Maricopa. Mayor Price updated me on city services, city resources, economic development and the overall financial health of his city.

The good news is, the City of Maricopa is still the vibrant city the Mayor described to us last year at our Coffee with Mayor Price event.

You can listen to the part 1 and part 2 of that event as a podcast or watch the video at www.weservgad.org.

WeSERV GAD: Advocating for private property rights, the right to private contract and YOUR business!

Song Credits:

WEPA Song Credits: "Wepa" Kevin MacLeod (incompetech.com), Licensed under Creative Commons: By Attribution 3.0 License, http://creativecommons.org/licenses/by/3.0/

WERQ Song Credits: "Werq" Kevin MacLeod (incompetech.com), Licensed under Creative Commons: By Attribution 3.0 License, http://creativecommons.org/licenses/by/3.0/

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On April 10th 2020, I was able to have a short conversation over Zoom with Mayor Kenn Weise of Avondale. He gave us a short update on the city, economic development, city services and resources. You will notice my audio changes part way through the podcast. Unfortunately, my initial Zoom audio was choppy making it difficult to understand my questions to Mayor Weise, so I re-recorded those questions.

I hope you enjoy this short, informative conversation with Mayor Weise.

Links:

City of Avondale, Az

Avondale Economic Development - Avondale Edge

Coffee with Mayor Weise Video 2018

WeSERV GAD: Advocating for private property rights, the right to private contract, and YOUR business!

Song Credits:

WEPA Song Credits:

"Wepa" Kevin MacLeod (incompetech.com)

Licensed under Creative Commons: By Attribution 3.0 License

http://creativecommons.org/licenses/by/3.0/

WERQ Song Credits:

"Werq" Kevin MacLeod (incompetech.com)

Licensed under Creative Commons: By Attribution 3.0 License

http://creativecommons.org/licenses/by/3.0/

Learn more about your ad choices. Visit megaphone.fm/adchoices

On April 10th, Matt Ortega and I held an online update on the then new government programs contained in the phase 2 and phase 3 Corona Virus federal legislation. April 10th was the first day Independent Contractors and Self-employed could apply for the PPP or Paycheck Protection Program loans.

On that same day, WeSERV sent a letter to Representative Lesko outlining member experiences with the PPP loan, EIDL loan and $10,000 advance, and the Unemployment Program.

PPP/Paycheck Protection Program – Originally envisioned as a tool for small business, self-employed and Independent Contractors to preserve payroll and pay themselves, this program started out with $350 billion and two start dates. April 3rd was for small business applicants, April 10th was for self-employed and Independent Contractors. April 3rd had a rocky start as the SBA and Treasury did not provide guidance to lenders until a few hours before the program start. Add to that they changed the program from the 10 year, up to 4% interest, forgivable loan program set in legislation to a 2-year, 1% interest program making it difficult for lenders to make the loans and break even. 

EIDL Loan and EIDL Loan advance – The EDIL loan was designed to help with businesses hard costs such as rent, mortgage, utilities, some taxes, accounts payable, etc. As part of the CARES Act legislation, a $10,000 forgivable loan advance or grant was installed.

Unemployment Insurance – At the time of our GAD Update on April 10th, the number one question was “How do I apply for Unemployment”. Already members who had applied had received denial notices. The problem was, unemployment insurance for W-2 employees is a state run, long established process and system. For the first time ever, it was being extended to self-employed, independent contractors and small business owners.

The new employer/business owner/IC program is a federal program requiring federal guidance to the state. 

Arizona REALTORS® Government Affairs Director, Matthew Contorelli was updated by the Arizona Department of Economic Security (DES) and told it would be a “handful of weeks” before the program would be up and running. As a note: Rep. Lesko’s office is attempting to aid in the communications between DES and the federal government.

The Arizona Chamber of Commerce in conjunction with the asba (Arizona Small Business Association), provide a very helpful set of video webinars and access to lenders participating in these programs. You can access the CARES Act Readiness Program for Small Business here.

West Valley Government Affairs Advisory Council - April 30th will be our next Government Affairs Advisory Council meeting, this time instead of your usual hybrid live/and live streamed event, it will be a 100% live Zoom event. All members, regardless of chapter, are invited to attend.

WeSERV GAD: Advocating for private property rights, the right to private contract and YOUR business!

Song Credits:

WEPA Song Credits: "Wepa" Kevin MacLeod (incompetech.com), Licensed under Creative Commons: By Attribution 3.0 License. http://creativecommons.org/licenses/by/3.0/

WERQ Song Credits: "Werq" Kevin MacLeod (incompetech.com), Licensed under Creative Commons: By Attribution 3.0 License. http://creativecommons.org/licenses/by/3.0/

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WeSERV Education announced live Zoom CE classes. You can find those at the WeSERV.REALTOR website under education.

Families First Corona Virus Response Act - Became effective April 1st and pushed the FMLA rules to all business.

The Emergency Paid Sick Leave Act - Effective April 1 - December 31, 2020.

NAR Families First synoposis - What Business Needs to Know

EIDL loans and grants - PNC Bank Comparison Chart - Senate Banking Committee

Paycheck Protection Program - PPP lender list - NAR Synopsis - Chamber decision maker tool

Unemployment Insurance - Az Dept. of Economic Security

GAD Member Update April 10, 2020 at 11am

Song Credits:

WEPA Song Credits: "Wepa" Kevin MacLeod (incompetech.com), Licensed under Creative Commons: By Attribution 3.0 License, http://creativecommons.org/licenses/by/3.0/

WERQ Song Credits: "Werq" Kevin MacLeod (incompetech.com), Licensed under Creative Commons: By Attribution 3.0 License, http://creativecommons.org/licenses/by/3.0/

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New Laws in Arizona:

SB 1145: Temporary irrigation efficiency projects fund -This new law pertains to the Phoenix AMA only. It adds a requirement that only CAP surface water was delivered in 2017. This bill was signed by the Governor on Feb. 18th and is effective immediately.

HB 2686: Building permits; Utilities; restrictions; prohibitions - Prohibits municipalities and counties from establishing restrictions on issuing building permits based on developer’s choice of utility provider. This bill was signed into law Feb. 21st and becomes effective 90 days after the legislative session ends.

HB 2749/SB 1666: Endangered species conservation; confidential information - This new law mandates that information collected by or on behalf of a state agency in an endangered species survey or as part of research is considered confidential information. A civil penalty of $25,000 will be accessed for each violation. Requires confidential species information to be collected through a standardized form by which the property owner gives express written permission to the survey. This bill was approved by the Governor on March 10th and becomes effective Dec. 31, 2020.

HB 2771: tax credits; qualified facilities; extension -This bill extends the existing tax credits for qualified facility and research investments. The Arizona Commerce Authority (ACA) manages the process and system to approve the income tax credit for qualifying facilities. This bill was approved by the Governor on March 13th and the extension is through December 31, 2031. This bill was sponsored by WeSERV member, Rep. Ben Toma.

The phase 3 Corona Relief package was passed by Congress and signed by the President last Friday. There are many provision to help Independent Contractors, the Self-Employed and Small Business:

SBA Small Business Loans - Paycheck Protection Program

SBA Lender Match Portal

U.S.Senate Committee on Small Business & Entrepreneurship

U.S Chamber of Commerce Synopsis

SBA Lender Website

NAR Government Affairs Synopsis

IRS.gov/coronavirus

Arizona Department of Economic Security

Song Credits:

WEPA Song Credits: "Wepa" Kevin MacLeod (incompetech.com), Licensed under Creative Commons: By Attribution 3.0 License, http://creativecommons.org/licenses/by/3.0/

WERQ Song Credits: "Werq" Kevin MacLeod (incompetech.com), Licensed under Creative Commons: By Attribution 3.0 License, http://creativecommons.org/licenses/by/3.0/

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Glendale and Surprise are updating their city plans. Casa Grande and other cities are in the beginning stages of this process as well. Keep your eyes on your local cities and towns. Let me know if you are concerned about proposed changes and why. It is best if we engage in conversation during this process rather than try to amend an ordinance once it is passed. If you would like to be on the Surprise or Glendale re-zoning task force, please email me at [email protected] or call me at 623-931-9294.

Dougals Election Results from the March 10th election are confirmed. You can find them with a link to the City of Douglas City Clerk’s office at www.weservgad.org.

You can read more about NAR’s efforts at their dedicated website for COVID-19 Relief updates at the nar.realtor website.

AR has a COVID-19 website as well dedicated to bringing you updates and providing practical FAQs for conducting your business during this time.

You can apply to be a part of a 2021 NAR committee, applications are now open to June 1, 2020.

You can find links to some of the supply chain, health care, customer service, pharmacy, maintenance and other jobs in Arizona at www.weservgad.org, or at arizonaatwork.com. The Maricopa Community Colleges and Arizona at Work have teamed up to bring you virtual job training to become a Computer Support Tech. You can find more details at www.weservgad.org or at the Maricopa Corporate College website.

The Federal Housing Finance Agency, also known as FHFA, has directed Fannie Mae and Freddie Mac to suspend single family mortgage foreclosures and evictions for at least 60 days. They are also offering forbearance agreements.

You can read more about HUD foreclosure and eviction suspension and access resource information at HUD.org.

The Military Times has an article related to VA Loans and the VA’s efforts to help those with VA loans. You can also access information at the VA website or speak with your lender.

Bankrate.com has a list of large lenders and their resource pages. 

If you would like to be on our Luke AFB Strategic Growth Initiative Housing Implementation Task Force or be on our Candidate Training Academy, email me at [email protected] or call me at 623-931-9294.

WeSERV GAD: Advocating for private property rights, the right to private contract YOUR business!

Song Credits:

WEPA Song Credits: "Wepa" Kevin MacLeod (incompetech.com), Licensed under Creative Commons: By Attribution 3.0 License, http://creativecommons.org/licenses/by/3.0/

WERQ Song Credits: "Werq" Kevin MacLeod (incompetech.com), Licensed under Creative Commons: By Attribution 3.0 License, http://creativecommons.org/licenses/by/3.0/

Learn more about your ad choices. Visit megaphone.fm/adchoices

Governor Ducey’s Emergency Declaration and Executive Order here in Arizona following CDC recommendations. County Case Counts can be found at the Arizona Department of Health Services website. Maricopa County website.

Cochise County has a dedicated Covid Corona Virus health hub. Surprise has cancelled or postponed several events. You can find a more detailed list of cancelled or postponed events at the City of Surprise Website. City of Glendale list of services, events and gatherings affected by the Corona Virus at the City of Glendale Website. City of Peoria: Peoria announced it is postponing city events, programs and sports leagues into the month of April. You can find a list of cancelled and suspended activities at the Peoria website.

El Mirage announced they are closing the Senior Center, but meals will still be delivered. The iCount Festival and Spring Faire are cancelled. You can find more information about El Mirage at the City Website. Tolleson announced it postponing water shut offs to ensure residents have access to water.  You can find a list of cancelled and postponed events at the City website.

Avondale is canceling or postponing several sports and city events. You can read more about program and City services at the City of Avondale website. Goodyear Library is closed and all recreation programs are cancelled through the end of April. Check the City of Goodyear website for updated information.

Litchfield Park has cancelled all city events until April 1st. You can get further information and update at the Litchfield Park website. Youngtown has cancelled several events, the Town Council Meeting and Easter Egg Hunt. To find more information about Youngtown go to the City website. Buckeye Utility Billing customer service counters at City Hall will be closed as are the libraries. You can find more information about cancelled and postponed events at the Buckeye City website. 

Gila Bend has canceled play groups and other events For more information on hours of operation and program changes, see the Gila Bend website. Casa Grande has closed the Community Recreation Center, Libraries, the Senior Center and the Len Colla Recreation Center. To see more information about program postponements and closures go to the Casa Grande website.

The Douglas Mayor has issued a Proclamation of Emergency. Water accounts can be paid by dropping off at the drop box, paying online or by phone. To find more information on postponed and cancelled events go to the City of Douglas website. 

WeSERV GAD: Advocating for private property rights, the right to private contract and YOUR business!

Song Credits:

WEPA Song Credits:

"Wepa" Kevin MacLeod (incompetech.com)

Licensed under Creative Commons: By Attribution 3.0 License

http://creativecommons.org/licenses/by/3.0/

WERQ Song Credits:

"Werq" Kevin MacLeod (incompetech.com)

Licensed under Creative Commons: By Attribution 3.0 License

http://creativecommons.org/licenses/by/3.0/

Learn more about your ad choices. Visit megaphone.fm/adchoices