News Ticker

COVID-19 News Round-up for April 14

Credit: AZCentral

Policy & Stimulus News 

Legislators’ Wish Lists for 4th Stimulus Bill 

As partisan bickering continues to plague discussions over a fourth round of stimulus and relief measures to offset fallout from the COVID-19 pandemic, Arizona legislators are making their wishes known in the halls of power and pushing their priorities. (Source: AZCentral) 

1031 Exchange Deadlines Extended 

Requests from Commercial Real Estate groups have been granted — the IRS has released Notice 2020-23, which extends 1031 deadlines to July 15th, 2020. Thomas Title & Escrow will host a webinar on Wednesday, April 15th, to discuss the extension. Space is limited. (Source: Thomas Title & Escrow) 

Economic News 

Tenants Need Post-Eviction Moratorium Plan 

Tenants comforted by Arizona Gov. Doug Ducey’s executive order halting evictions for small businesses and nonprofit organizations should use the time to plan for financial obligations when the moratorium lifts, according to Scottsdale real estate executive Jonathan Kaiser. (Source: Phoenix Business Journal)  

Taylor Morrison Execs Taking Pay Cuts 

Taylor Morrison is instituting executive pay cuts and other cost-cutting measures in the face of the COVID-19 crisis. Executives are taking a 25 percent deferral of their base salaries during the national emergency, while CEO Sheryl Palmer is canceling her recent $3M special equity award. (Source: Phoenix Business Journal) 

Homebuilders Trying to Find ‘New Normal’ 

Home sales have come to an abrupt halt due to COVID-19. Real estate expert Jim Belfiore said builders are looking at how to reboot sales after the pandemic and social distancing subsides. (Source: Rose Law Group Reporter) 

Resources 

Valley Partnership Updates Resource List 

Valley Partnership has updated its Coronavirus Resources for Arizona Businesses Page. Check back frequently for the latest news and information. (Source: Valley Partnership) 

Rio Nuevo Economic Relief Assistance Program 

The Rio Nuevo District Board has approved a temporary funding assistance program available to locally operated small businesses within the TIF District in response to the COVID-19 pandemic. Businesses can apply for the program that will assist in providing funds for employee payroll, rent, utilities and other hardships they experience during this crisis. Details are available here. (Source: Rio Nuevo) 

Prestamos CDFI Launches New Micro Loan Product 

Prestamos CDFI, a division of Chicanos Por La Causa, announced the launch of a COVID-Micro Loan Product for up to $25KFunds can help business owners access working capital for expenses such as payroll, rent, electricity bills and other monthly liabilities. (Source: Prestamos CDFI) 

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