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On July 27, 2020, the Senate released a series of bills that will offer relief to individuals, families, and businesses still facing hardships posed by the pandemic. The eight bills make up the Health, Economic Assistance, Liability protection and Schools (HEALS Act).1 The House of Representatives passed the HEROES Act in May, and now Congress will negotiate the provisions included in these bills over the next few weeks for a final bill that will likely be signed into law. Below is a summary of the HEALS Act provisions that most directly impact REALTORS®, consumers, and the real estate industry as a whole.
Housing Provisions
Business Provisions
Tax Provisions
Other Provisions
Additional Resources
1 The eight bills include the Emergency Appropriations provisions; the Safeguarding America’s Frontline Employees to Offer Work Opportunities Required to Kickstart the Economy (SAFE TO WORK) Act; the American Workers, Families, and Employers Assistance Act; the Continuing Small Business Recovery and Paycheck Protection Program Act; the Safely Back to School and Back to Work Act; the Supporting America’s Restaurant Workers Act; the Restoring Critical Supply Chains and Intellectual Property Act; and the Time to Rescue United States Trusts Act of 2020 (TRUST Act).
