COVID-19 News Round-up for October 16th

Credit: Construction Executive

Budget, Policy & Stimulus News 
SBA Makes Some Smaller Loan Forgiveness Easier 
The Small Business Administration released a streamlined Paycheck Protection Program loan forgiveness application for some loans under $50K — but small-business groups and experts say it still leaves many borrowers out in the cold. The new application provides a safe harbor for the smallest of PPP borrowers with one or more employees other than the owners who could not maintain the same level of full-time employees during their loan’s covered period. (Source: Phoenix Business Journal) 
Economic News 
CRE Rebound May Be Taking Hold 
According to SIOR’s monthly Snapshot Sentiment Survey, member transaction volume reached the highest level since the pandemic began, and broker confidence bounced back after a dip in July. Brokers report 56.7 percent of deals are completing on time, up from 26.1 percent in April. Meanwhile, on-hold transactions, third-party delays and cancellations continue to decrease. (Source: GlobeSt.com) 
NMHC: Oct. Rent Payments Hit 79 Percent 
More than 79 percent of U.S. rental households have made rent payments as of Oct. 6, according to a report on rent collections from the National Multifamily Housing Council. (Source: Multi-Housing News) 
Affordable Housing Model Holds Through Downturn 
Affordable housing has historically outperformed other asset classes during economic downturns. The pandemic-fueled recession has been no different. This is welcome news as many experts were uncertain about the stability of the affordable housing niche because this recession has uniquely impacted the service sector. However, through the pandemic, occupancy, rent collections and asset valuation has all remained stable. (Source: GlobeSt.com) 

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