Daily Rundown: Board of Directors Recap, Unemployment Insurance, OAR COVID Hotline and IRS Issues Tax guidance

| April 10, 2020

OAR’S BOARD OF DIRECTORS RECAP

In a first for OAR, the Board of Directors e-convened on Thursday to conduct the association’s business via video conference. Your OAR Staff worked diligently behind the scenes to administer the meeting and tally Directors’ votes as they were cast while Board President Lori Palermo, President-Elect Drew Coleman, and OAR CEO Jenny Pakula worked through the meeting’s agenda. More than 150 REALTOR® members attended the meeting – a testament to the resilience and dedication of Oregon REALTORS® to their peers and profession in the midst of the COVID-19 pandemic. Thank you to our all-volunteer Board of Directors and to all of our members for helping to make Virtual Spring Governance a success.

 

OREGON UNEMPLOYMENT CLAIMS RISE

On Thursday, the Oregon Employment Department issued a sobering but important news release: Record Initial Claims for Unemployment Benefits Continue in Oregon. “In one month’s time, the Oregon Employment Department more than quadrupled the number of staff dedicated to taking claims. Those staff continue to process record numbers of claims week after week.” Read the full release here.

 

INTRODUCING OAR’S COVID-19 RESOURCE HOTLINE

OAR understands, now more than ever, that our members rely on us to be the bridge between them and the government resources that may be available to them. Beginning Tuesday April 14, OAR will be rolling out a COVID-19 Resource Hotline for members who need help navigating the various financial assistance programs at the state and federal level, including Pandemic Unemployment Assistance (PUA) and the Paycheck Protection Program (PPP).

The hotline hours 9:00 AM – 3:00 PM, Monday through Friday (excluding holidays).

Phone# 503-391-5125

 

UNEMPLOYMENT ASSISTANCE AND ONLINE CLAIM SYSTEM

Today, April 10, has previously been indicated as the day unemployment assistance claims filed by independent contractors and self-employed individuals will begin to be processed by the Oregon Employment Department. As long as the person’s unemployment is connected to the COVID-19 pandemic, temporary benefits should begin to roll out to applicants in a timely manner. REALTOR® members affected by the pandemic are encouraged to begin the process of filing their claim if they need assistance. To do so, visit the Department’s Online Claim System. Members seeking more information about applying for financial assistance are encouraged to review OAR’s Guide, available here, and to review the online and how-to video resources available from the Oregon Employment Department.

 

IRS ISSUES GUIDANCE ON GRANT DEADLINES

Late Thursday, the IRS issued guidance to grant deadline relief for both 1031 like-kind exchanges and opportunity zone investments that are already underway. These programs are designed to promote economic growth in communities, and the National Association of REALTORS® has been working with the IRS to advocate for investors in these programs not to be harmed due to COVID-19.

1031 Like-Kind Exchanges: if an investor has taken the first step of a like-kind exchange by selling the old property, and either the 45-day or the 180-day deadline falls between April 1 and July 15, the deadline has been extended to July 15.

Opportunity Zones: if an investor who sold a capital asset planned to roll over the gain into an Opportunity Fund and the 180-day deadline to do so falls between April 1 and July 15, the investor can make the investment as late as July 15.

Additionally, sole proprietors who pay quarterly estimated taxes now have until July 15 to file their second quarter payment without penalty. The first quarter estimated tax payments deadline has already been extended to July 15.