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The bill extends temporary relief from Troubled Debt Restructuring under the CARES Act for an additional year, to January 1, 2022.

Finally, Congress has passed another stimulus measure. A $900 billion bill that includes several provisions beneficial to commercial real estate and the larger US economy. CRE Finance Council has provided members with a rundown on the basics contained in the 5,593-page bill, which the White House has said President Trump will sign.
Here are the provisions that matter most to CRE, according to CREFC.

Troubled Debt Restructuring Relief Extended. CREFC has been advocating for months to extend the CARES Act’s temporary suspension of generally accepted accounting principles requirements for the Troubled Debt Restructuring classifications on loans so that banks and life insurance companies can continue to work with their CRE borrowers.

Sec. 5402 extends temporary relief from TDRs under the CARES Act for an additional year, to January 1, 2022. The legislation also clarifies that insurance companies are included in this relief. This is a major win for CREFC members, the organization says.

Rental Assistance. Sec. 5201(b) sets up a $25 billion rental assistance program to be distributed by state and local governments with populations of 200,000 or more. Each state shall receive no less than $200 million. Funds may be used for direct financial assistance. This includes current and past-due rent, utilities and home energy costs, utilities and home energy costs. Eligible households may receive up to 12 months of assistance, plus an additional three months if necessary. Landlords may apply on behalf of tenants or tenants may apply directly for this assistance.

CECL Relief. Sec. 5401 extends temporary relief to financial institutions from complying with Current Expedited Credit Loss (CECL) accounting standard through January 1, 2022.

Erika Morphy | December 22, 2020 at 07:56 AM on Globest.com



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SVN Commercial Advisory Group, is a full service commercial real estate brokerage firm. We provide commercial real estate services to large corporations, middle market businesses and individual entrepreneurial investors. We offer advisory services for the sales, leasing, and management of commercial properties locally, regionally and nationally. Our Advisors provide creative solutions in order to help you achieve your goal.

The Advisors at SVN Commercial Advisory Group have a deep understanding and vast experience with a wide variety of aspects of all investment real estate. Our specialized teams can provide competent guidance to you, your clients or your investors. We have brokered, consulted, managed and provided a wide variety of real estate services across the country. We’ve expanded this ideology to include a Shared Value Network® approach across all our service lines, offices, and the communities where our Advisors live and work. Together with our clients, colleagues, and communities, we create greater value through openness, inclusivity and innovation.