Published March 27, 2020
By Henry Chamberlain and Scott Jones
During these uncertain times, it is inspiring to see the BOMA community coming together, rising to the occasion by sharing insights, experiences, resources and support to make a difference. In the midst of this crisis, BOMA also has continued to advocate on your behalf on the federal, state and local levels.
In response to the growing COVID-19 pandemic, the U.S. Congress has just passed the Coronavirus Aid, Relief and Economic Security (CARES) Act. This historic bill, the third legislative response to COVID-19, provides more than
$2 trillion for economic relief to businesses and individuals, as well as much-needed resources to state and local governments.
While the bill has sweeping measures for many industries, BOMA International staff focused their efforts on the following enacted measures, which may affect your businesses, employees and tenants. The bill:
- Provides $357 billion in loans for small businesses—up to $10 million per business. Payroll, rent and other related expenses for the next two months can be converted into a grant.
- Allows for a business net operating loss carryback of five years for tax years 2018, 2019 and 2020.
- Provides a $5,000 refundable tax credit for retaining employees—not limited to small business.
- Delays payroll tax payments for employers through the remainder of the year.
- Includes a technical fix for qualified improvement property (QIP), which would allow BOMA members, as well as the restaurant and retail sectors, to fully expense tenant improvements.
- Issues direct cash payments of $1,200 to most adults and $2,400 to most married couples.
Our advocacy team (John, Emily, Ken, Meg and Maria) will continue partnering with BOMA local associations and national real estate association allies to advocate before Congress on the pressing concerns that you and your businesses are facing. We anticipate there will be additional federal legislative packages depending on the severity and length of the pandemic. BOMA local associations are already advocating on behalf of the industry in their states and cities, and we are supporting those efforts as well. A more comprehensive list of these measures can be found on our website at www.boma.org/advocacy.
Additional resources relating to COVID-19, including guidance documents tailored to the commercial real estate industry, recorded webinars and links to the most up-to-date information, can be found on our website at www.boma.org/coronavirus. Please reach out to the team at BOMA International for any additional support you need.
This is a challenge best tackled collectively. When the BOMA community comes together and supports each other, we can navigate any challenge we face—and emerge stronger than ever.