Last updated: 05/12/21
Important news re: the RentReliefRI portal: Glitch in online application portal for rental assistance program fixed | WPRI.com.
Still have questions? Click here for more information.
Face masks still required in R.I. through May 27 with some exceptions – See Executive Orders updated May 7.
May 17 Tax Deadline Approaching:
Note: The extension does not apply to 2021 estimated-tax payments, which are used to pay levies in quarterly installments on income that is not subject to withholding, such as earnings from self-employment, alimony, dividends and capital gains.
Related: Businesses who didn’t receive forgiveness on their Paycheck Protection Program loans can now claim a tax credit instead, thanks to a provision in the coronavirus stimulus package. According to guidance posted on January 21st, the IRS pointed to a provision of the legislation that allows employers to claim the tax credit even if they have received a Small Business Interruption Loan under the Paycheck Protection Program.
Federal Court strikes down eviction ban
Applications open for new $200M rent program
A new $200 million, emergency rental assistance program administered by the R.I. Housing and Mortgage Finance Corp. has launched to help tenants and landlords who have lost income during the COVID-19 pandemic. RIHousing has created a website for the RentReliefRI program with a signup form for people who are interested in more information.
The provision made the first $10,200 of unemployment benefits in 2020 tax-free for people who earn up to $150,000, whether they are married or single. Married couples who file jointly will see $20,400 of tax-free unemployment benefits — $10,200 per spouse.
Small-business Loan ‘Lifeline’ Extended
If your real estate business continues to feel the effects of the pandemic, you now have an additional two months to apply for a loan through the Small Business Administration’s Paycheck Protection Program. On Thursday, by a bipartisan vote of 92–7, the U.S. Senate passed the PPP Extension Act of 2021, which extends the application deadline through May 31, 2021. Read more here.
The current edition of the Uniform Standards of Professional Appraisal Practice (USPAP) will be extended by one year. The 2020-2021 USPAP will now be effective until December 31, 2022. USPAP is the generally recognized ethical and performance standards for the appraisal profession in the United States. The ASB cited the extra time is needed to fully address issues brought up by conducting socially-distant appraisals during the COVID-19 crisis and growing concerns about discrimination in the development of appraisals and other opinions of value.
Keep yourself and your clients safe in 2021!
In this busy market, please be aware that crowding can be hard to control at open houses so we strongly advise other methods of showing the property – individual appointments, virtual open houses, etc. If you must hold an open house, please review the guidelines as they relate to physical space occupancy limits, business processes, screening procedures, enhanced cleaning and more. Also, please find resources such as screening templates, signage, etc. under General Office Guidance on CommerceRI.com. (Scroll to the bottom of the CommerceRI web page to see resources.)
Properties with a quarantined individual in the property are not available for any type of in-person showing.
MLS Customers should also:
- Use the Open House Comments section to spell out the “rules” regarding their open houses and;
- Cooperating Brokers should LOOK for the Open House comments BEFORE sending their customers to an Open House to make sure they understand the rules of the open house.
The Biden administration announced that it would extend the foreclosure moratorium and mortgage forbearance through the end of June. The actions would block home foreclosures and offer delayed mortgage payments until July, as well as offer six months of additional mortgage forbearance for those who enroll on or before June 30.
The eviction moratorium remains in effect through March but was not included in the actions.
The departments of Housing and Urban Development, Veterans Affairs and Agriculture will work together to enact the actions, according to the announcement from the White House. Resources for homeowners will be consolidated on the Consumer Financial Protection Bureau’s website.
Find vaccine updates here: COVID-19 Vaccine | RI COVID-19 Information Portal
Unemployment fraud has ramped up in Rhode Island. If you should receive a fraudulent unemployment claim form, please call the unemployment office at 401-243-9137 to report that it is a fraudulent claim. You can also call 401-462-1522 (the Fraud Tip line) and leave a message there. It is very important for each individual who receives a fraudulent claim form to call the State at 401-243-9137 to make sure the claim is not processed.
Find out what the travel restrictions are in the different states/locales here.
See the latest real estate/tenant transaction guidelines on the RI Dept. of Business Regulation’s website.
Information REALTORS® need to know:
This page and the links below will be continually updated as information becomes available.
- Phase 3 Reopening Guidance from Commerce RI
- RIAR/MLS Office/Staffing/Event & Class Cancellations
- Real Estate Specific Updates: Federal, State and Municipal Resources
- COVID-19 FAQs for REALTORS
- COVID-19 Amendment to the Purchase and Sales Agreement Revised 4/7/
- RI REALTORS Recorded Virtual Town Hall Webinars: Timely topics covered by industry experts.