COVID-19 News Round-up for November 6th

Budget, Policy & Stimulus News 

New SBA Forms Raise Concerns 

The Small Business Administration wants approval to send revised Paycheck Protection Program loan questionnaires to businesses that received more than $2M under the program. Some experts have expressed concern the forms may be used to deny loan forgiveness or as a basis for potential fraud investigations. (Source) 

Economic News 

Affordable Housing Rent Delinquencies Up 

With the expiration of expanded unemployment benefits under the CARES Act, affordable housing developer and operator Community HousingWorks saw an increase in rent delinquencies. The organization’s pre-crisis nonpayment rate was one percent, which increased to three percent in August and five percent in September. Other affordable housing operators are reporting up to 11 percent rates of either late- or non-payment. (Source) 

Sound Stage Market Benefitting from Crisis 

Because of the surge in online content streaming, sound stages – known in CRE circles as “production real estate” – have benefitted from the COVID-19 pandemic, according to research from CBRE. The total national space for the sector is approximately 11MSF, and occupancy has been consistent at 90 percent. The growth in demand has fostered format and operational standardization, and some investors are converting vacant warehouse space to meet the growing need. (Source)