Category: Coronavirus Response

Negotiations between Democrats and Republicans over the next round of COVID-19 relief stalled this week after policymakers could not bridge significant differences between the GOP’s $1 trillion package released Monday and the $3.4 trillion proposal House Democrats passed in May.  (BGov, July 30 and Roundtable Weekly, May 22)

• “We’re still very far apart on a lot of issues,” Treasury Secretary Steven Mnuchin said on July 29 after three days of meetings with House Speaker Nancy Pelosi (D-CA), Senate Minority Leader Charles Schumer (D-NY) and White House Chief of Staff Mark Meadows. “I do think there is a subset of issues that we do agree on, but overall we’re far from an agreement.”  (RollCall, July 29)
• Mnuchin added that negotiating a compromise on unemployment insurance, state and local government assistance, and liability protections for businesses are especially challenging. “It makes it the pending business for next week,” said Majority Leader Mitch McConnell (R-KY) [CQ, July 29]. 
• CARES Act benefits regarding $600 weekly unemployment insurance and the federal residential tenant eviction moratorium expire today – placing additional pressure on lawmakers to reach agreement before the congressional recess, scheduled to start on August 8.

HEALS Act Provisions

• Senate Republicans on July 27 unveiled the “Health, Economic Assistance, Liability Protection, and Schools (HEALS) Act.”  The GOP package would reduce the expanded unemployment benefit to $200 per week, authorize another round of $1,200 stimulus checks to most Americans, provide more than $100 billion for reopening schools, among other provisions. (Appropriations Committee news release, July 27 and Republican Policy Committee summary, July 28)
• The GOP’s HEALS Act is comprised of eight bills that form a base for negotiations with Democrats, who passed the $3.4 trillion “Health and Economic Recovery Omnibus Emergency Solutions Act [HEROES] Act” (H.R. 6800) in the House in May. (How the HEALS Act compares to the HEROES Act, CNBC, July 30 and HEALS Act Comparison to HEROES Act and Current Law, Brownstein Hyatt Farber Schreck, July 31)

The HEALS Act includes:

• Liability protections in the “Safeguarding America’s Frontline Employees To Offer Work Opportunities Required to Kickstart the Economy (SAFE TO WORK) Act,” introduced by Sens. John Cornyn (R-TX) and Mitch McConnell (R-KY).  A  billsummary notes it would “create a federal cause of action for coronavirus exposure claims” that preempts state laws outside of workers’ compensation regimes. A business defendant would lose the liability shield if it engaged in “gross negligence” or “willful misconduct” in causing the plaintiff’s COVID-related injuries.  (Summary of the Act)
  

  The Real Estate Roundtable joined approximately 480 business groups in a July 30 letter urging Congress to support the liability relief provisions.  (The Hill, July 30)

• The Safe and Healthy Workplaces Tax Credit in the “American Workers, Families and Employers Assistance Act” introduced by Senate Finance Committee Chairman Charles Grassley (R-IA). [Section-by-section summary] The proposal would provide a refundable payroll tax credit for 50% of the costs associated with protecting employees (testing, PPE, cleaning, etc.), reconfiguring workplaces, and upgrading workplace technology to prevent the spread of COVID-19.  Expenses between March 13 and the end of this year would qualify, and the maximum credit would be based on the number of employees. The measure reflects stand-alone legislation recently introduced by Senator Rob Portman (R-OH) and Rep. Tom Rice (R-SC). [Roundtable Weekly, July 24]
• A Wall Street Journal video released yesterday profiles the extensive efforts of commercial real estate companies to accommodate the safe return of workers to offices, featuring Roundtable member Scott Rechler (Chairman and Chief Executive Officer, RXR).  The video features the use of new technological tools, revised layout plans and enhanced ventilation systems to enhance the well-being of building occupants.
• A second round of funding for the Paycheck Protection Program (PPP) would be provided in the “Continuing Small Business Recovery and Paycheck Protection Program Act,” introduced by Sens. Marco Rubio (R-FL) and Susan Collins (R-ME).  The $190 billion bill would fund PPP “second draw” loans; a new Section 7(a) loan program for Recovery Sector Businesses; and numerous program criteria reforms.  (Section-by-section summary and one-pager.)
• In other pandemic relief news, a bill introduced on July 29 by members of the House Committee on Financial Services, Van Taylor (R-TX), Al Lawson (D-FL), and Andy Barr (R-KY), would provide economic support to the commercial real estate market, especially for businesses with Commercial Mortgage-Backed Securities (CMBS) debt.  The “Helping Open Properties Endeavor (HOPE) Act” (H.R. 7809) would establish a Treasury facility to encourage bank loans in the form of preferred equity to help struggling CMBS borrowers.  (Wall Street Journal and Rep. Taylor news release, July 29)
• Federal Reserve Chairman Jay Powell on July 29 held a news conference after a two-day meeting of the Federal Open Market Committee (FOMC) to address interest rates and the repercussions of the pandemic.  Powell stated, “To support the flow of credit to households and businesses, over the coming months the Federal Reserve will increase its holdings of Treasury securities and agency residential and commercial mortgage-backed securities at least at the current pace to sustain smooth market functioning.” (FOMC statement and new conference video, July 29)

As pandemic negotiations continue in Congress, The Roundtable and its real estate industry partners remain engaged in issues of vital importance to CRE.  See the story below for more details presented this week in a webinar held by Walker & Dunlop.

#  #  # 

• Rep. Andy Barr (R-KY) referred Powell and Mnuchin to a letter sent June 22 by more than 100 members of Congress to urging support for real estate borrowers unable to keep up with payments on debt tied to CMBS.  (Roundtable Weekly, June 26)

• Barr added that without federal intervention, the commercial real estate sector could experience a wave of foreclosures and defaults.  He asked if the Federal Reserve has the authority to establish a credit lending facility to service commercial real estate. 

• Powell responded, “I’ve been very focused on this. You’ve got people who can’t currently service debt, you’ve got these inflexible arrangements. So there’s a serious problem here that needs to get fixed and we’re racking our brains to see how – how it could be something we could do by lending, but that’s really all what we can do … is create more debt.”

• Mnuchin acknowledged the June 22 letter and responded that CRE sectors such as hotels may be considered for direct aid in the next round of coronavirus relief. 

• Mnuchin stated, “This is a large challenge. So, we have been working with the Fed, we have not yet figured out a way to set up a facility. So, it’s not out of a lack of interest or a lack of it desire. There are structural problems. And let me just add, in many of these cases, these companies don’t need more debt. They need support. So, one of the things we will want to look at in the next CARES Act, as I said, is additional support for these hardest hit industries. As the (Fed) Chair has said, there’s a difference between lending and spending.”

• Rep. Bill Posey (R-FL) warned that hoteliers’ inability to make payments threatens the servicing of CMBS. Munchin responded that the CMBS industry has restrictive covenants limiting their ability to utilize relief programs. “And that’s why one of the things I do think we need to look at in the next CARES Act is additional funding for these industries that are the hardest hit so they can continue to rehire people so that, as occupancy increases, that they have employees that they can maintain. We need to look at additional support for these hard hit industries,” Munchin said. 

The House and Senate this week passed an extension to the Paycheck Protection Program (PPP), allowing small businesses to apply for these loans until August 8. President Trump is expected to sign the extension into law. (CQ, July 1)  

• Mnuchin’s testimony on June 30 came on the same the day that the (PPP) was set to expire, with approximately $130 billion of the original $670 billion allocated unused.  The PPP was created by Congress in March to enable small businesses to apply for forgivable loans during the pandemic.

• Mnuchin stated that as of June 27, the PPP had approved 4.8 million small businesses loans totaling $520 billion, supporting an estimated 50 million jobs. (ThinkAdvisor, June 30)

Mnuchin also told the House Financial Services Committee (HFSC) that he supports congressional legislation to repurpose the remaining PPP funds.  “There appears to be bipartisan support in the Senate to repurpose the (funds) for PPP, extending it to businesses that are most hard hit, that had a requirement that their revenues have dropped significantly, things like restaurants and hotels and others where it is critical they get people back to work.”

House Passes Eviction Moratorium Extension

HFSC Chairwoman Maxine Waters (D-CA) led the effort for House passage this week of the Emergency Housing Protections and Relief Act of 2020 (H.R. 7301), which supplements housing assistance provisions passed in May as part of the HEROES Act.  (Rep. Waters House floor statement, June 30 and Roundtable Weekly, May 15.)

• The National Multifamily Housing Council (NMHC) and National Apartment Association (NAA) sent a June 29 letter to Congressional leadership expressing concerns about the bill’s expansion of the federal eviction moratorium that would undermine the benefits of other provisions within the legislation.  

• The bill also would also provide multifamily building owners who are economically impacted by the pandemic the ability to obtain forbearance on making mortgage payments for a maximum of 360 days, whether those loans are federally-regulated or from a non-federal lender.  

• The NMHC letter offers strong support for several measures within H.R. 7301, including liquidity for multifamily mortgages and servicers, additional funding for Section 8 Housing Choice Vouchers and support for rural housing.

• However, the letter also notes that the bill substantially expands the federal eviction moratorium established in the CARES Act to virtually all single family and multifamily homes for 12 months.  The moratorium extension is also untethered to any actual COVID-19 impact on a renter and disconnected from a renters’ qualification or acceptance of emergency rental assistance.

The letter states, “A protracted eviction moratorium does not provide a sustainable, long-term solution for American families facing financial hardship and we oppose the inclusion of this provision for the severe consequences it will have that ultimately blunt the impact of the positive components of the legislation.”  (NMHC, June 29)

Next COVID-19 Relief Package

This week’s action on COVID-19 related policy comes as Democrats and Republicans consider an additional coronavirus relief package after they return from the congressional July 4 recess.

• The House in May passed its own $3 trillion pandemic recovery package, which includes billions in aid for state and local governments.  Republicans have signaled they may be open to another COVID-19 bill, but on a measured basis. (Forbes, May 21 and Roundtable Weekly, May 22) 

• Senate Majority Leader Mitch McConnell (R-KY) this week said the goal for finishing the next coronavirus package would be before Congress breaks for its lengthy August break.

• McConnell assessed that when policymakers return on July 20, it “dovetails nicely with the perfect time to take an assessment of the economy and the progress we’re making on the health care front and see if there is additional assistance needed for our health care providers,” McConnell said. (Politico, June 30) 

Congress will have an 11-day window in late July to act on another stimulus package.  President Trump yesterday said he supports another round of direct stimulus payments as part of a potential phase four coronavirus relief package.  “We’re working on a ‘phase four.’ We’re working with Congress,” Trump said. “Work has started.”  (Axios, July 1 and Fox Business, July 2)

#  #  #

After the House of Representatives last Friday passed a $3 trillion coronavirus relief bill, Republican policymakers have signaled they may be open to another COVID-19 bill, but on a measured basis. (Forbes, May 21) 

• Senate Republican Leader Mitch McConnell yesterday said, “I think there is a high likelihood we will do another rescue package.  But we need to be able to measure the impact of what we’ve already done, what we did right, what we did wrong … We’re not quite ready to intelligently lay down the next step, but it’s not too far off.”   (Fox News, May 21) 
• Treasury Secretary Mnuchin said yesterday during a forum hosted by The Hill that “We’re going to carefully review the next few weeks.  I think there is a strong likelihood we will need another bill, but we just have $3 trillion we’re pumping into the economy.” (Advancing America’s Economy forum, May 21) 
• Sen. Lindsey Graham (R-SC), chairman of the Senate Judiciary Committee and close ally of President Trump, told CNN, “I want to do infrastructure.  I told Trump, this is the time. We got it teed up. This is the time to go big. … It really is a once-in-a-lifetime opportunity to give a facelift to the country.” (CNN, May 20)

The debate in Washington on what will constitute the next large legislative response to the coronavirus pandemic continued as the Federal Reserve released its bi-annual Financial Stability Report, which analyzes vulnerabilities in the economy and identifies significant risks to the U.S. banking system.  (Bloomberg, May 15)

CRE a Focus of Fed’s Financial Stability Report

The Fed report offered a stark warning that asset prices remain vulnerable to significant price declines if the COVID-19 pandemic persists – especially in the commercial real estate sector. (GlobeSt, May 18) 

• The report states, “The vulnerability stemming from elevated CRE valuation pressures, coupled with a dim outlook for the sector as indicated by recent declines in equity REIT prices, suggests that CRE may undergo a substantial repricing in response to disruptions generated by the COVID-19 pandemic.”  (The Fed’s 2020 Financial Stability Report)
• The Fed report also notes that non-agency commercial mortgage-backed securities (CMBS) market, which had previously been funding about one-fifth of CRE mortgage debt, stopped new securitizations toward the end of March. “CRE loans that would normally be securitized have been accumulating on bank balance sheets. In addition, data from the April 2020 Senior Loan Officer Opinion Survey on Bank Lending Practices indicated that a major fraction of banks reported weaker demand for CRE loans and tighter lending standards, on net, in the first quarter of 2020,” the report adds.
• Fed Chairman Jay Powell told a virtual Senate Banking Committee hearing on Tuesday that the Main Street Lending credit facility – a loan program designed to lend to small and medium businesses – should be ready to launch by the end of May.
• In an April 22 letter sent to Treasury Secretary Steven Mnuchin and Fed Chairman Jay Powell, The Real Estate Roundtable and Nareit urged that the scope of the Federal Reserve’s “Main Street” Lending Programs should be expanded to forestall further disruption and economic dislocations in commercial real estate.
• Chairman Powell also testified that the Term Asset-Backed Securities Loan Facility (TALF) is one of four Federal Reserve credit facilities that will become operational soon.  Powell testified, “We expect all of them to be stood up and ready to go by the end of this month,” Powell said of the remaining programs. “People are working literally around the clock and have been for weeks.”  (Markets Insider, May 18) 

Previous industry letters to the Fed on March 24 and April 14 addressed the need to broaden the range of TALF, requested that eligible collateral include both outstanding (legacy) CMBS, commercial mortgage loans and newly issued collateralized loan obligations.  On April 9, the Fed confirmed that the TALF would be expanded to include triple-A rated legacy non-agency CMBS and loans.

Roundtable Video Interview 

Economic and other policy issues facing the CRE industry in today’s pandemic environment were discussed recently in a video discussion with Roundtable Chairman Emeritus (2009-2012) Dan Neidich (Chief Executive Officer, Dune Real Estate Partners LP) and Real Estate Roundtable President Jeffrey DeBoer. The video, done as part of several remote Roundtable interviews about pandemic-related policy issues, was hosted by the alumni club of Stanford University – Stanford Professionals in Real Estate (SPIRE).   

• Neidich and DeBoer address the importance of restoring the “Rent Obligation Chain” and the need for policy makers to help maintain business and residential rental income streams so local governments receive property tax revenues they need to provide essential community services.
• Steady rent revenues drive building values that support American pensions and retirement savings. Rents to property owners also pay the compensation, health, and other benefits for the millions of workers – at all skills levels – that make U.S. building infrastructure safe, healthy, and functioning.
• The SPIRE interview also covers a range of other policy matters at the forefront of discussions in our nation’s capital – such as business liability and proposals to help manage risks associated with reopening places of work, education and recreation.

Policymakers’ response to the contagion crisis, whether legislative or regulatory – and how the industry is participating in the process – will be a focus of The Roundtable’s June 11-12 Remote Annual Business and Committee Meetings.

#  #  # 

• The $3 trillion HEROES Act is considered a marker for Democratic priorities in negotiations with the Republican-controlled Senate and the White House.  The bill has been declared “dead on arrival” by Senate Majority Leader Mitch McConnell (R-KY).  (The Hill, May 12)
• Since March, Congress has passed four Covid-19 response packages totaling $2.9 trillion. (Roundtable Weekly March 6, March 20, March 27, and April 24)
• President Trump said he is in “no rush” to negotiate another financial rescue bill, while McConnell doesn’t plan to move forward on another economic relief bill until June at the earliest, according to a Senate Republican aide.  (Time-AP, May 9 and Bloomberg, May 13)
• The HEROES Act would combine $950 billion in aid to state and local governments with direct cash payments, expanded unemployment insurance, support for health care testing and food stamps – along with funding for a list of non-virus related measures such as the U.S. Postal Service and vote-by-mail initiatives. (Forbes, May 12).
• The HEROES Act would also temporarily eliminate the limitation on the deduction for State and local taxes, which was originally passed in 2017’s Tax Cuts and Job Act.  (Associated Press, May 12 and CBS News, May 13) 

Proposed Legislative Changes to the Paycheck Protection Program

The House bill also includes revisions to the Paycheck Protection Program (PPP) although it does not seek additional funding for more small business loan capacity.   

• The HEROES Act would remove the cap that no more than 25% of PPP loan amounts could be forgiven for non-payroll business expenses, such as rent or mortgage interest.  On May 11, Treasury Secretary Steven Mnuchin told CNBC the Trump administration is sympathetic to changing the so-called “75/25 rule” that 75% of PPP proceeds must be used for payroll and benefits. “We will look at a technical fix,” Mnuchin said. (CNBC transcript, May 11)
• The Roundtable’s 8-Point Plan to Reform the PPP recommends that Treasury and the Small Business Administration (SBA) should not apply a 75/25 rule as a categorical “one size fits all” standard that limits PPP assistance to help business meet their rent obligations and pay other ordinary operating expenses.
• The HEROES ACT would also change the PPP requirement that the “forgiveness” period for loans would extend to 24 weeks after origination (from the March 27 CARES Act’s current 8-week limitation). (House Small Business Committee summary of the proposed changes to the PPP program and EY Tax News, May 13)
• In other PPP news, a federal court in Michigan declared SBA’s “Ineligibility Rule” invalid in a broad ruling that respects the CARES Act’s text that Congress intended for “any business” with 500 employees or less to be eligible for PPP loans. (May 11 decision in DV Diamond Club of Flint LLC v. SBA, E.D. Mich., No. 20-cv-10899)
• Treasury and SBA release updated rules and guidance implementing the PPP on an ongoing basis.  (U.S. Treasury’s PPP resources page) 

Federal Reserve Chair Powell Supports More Fiscal Relief

Federal Reserve Chair Jerome Powell on May 13 gave remarks on current economic issues, warning that a prolonged recession could take hold unless additional fiscal aid was devoted to bolster the economy as it reels from the impact of the coronavirus pandemic. (Video of Powell’s remarks) 

• Powell noted Congress has already provided $2.9 trillion to battle a downturn “without modern precedent, significantly worse than any recession since World War II.”  He added, “While the coronavirus economic shock appears to be the largest on record, the fiscal response has also been the fastest and largest response for any postwar downturn.”
• The Fed has also taken action with “unprecedented speed and force” by slashing interest rates and purchasing Treasuries and agency mortgage-backed securities to restore functionality in critical markets.
•  He warned these actions may not be enough, stating that there is “a growing sense … that the recovery will come more slowly than we would like. We ought to do what we can to avoid these outcomes, and that may require additional policy measures.”
• Powell drew attention to policy makers’ next steps in Washington since “the recovery may take some time to gather momentum, and the passage of time can turn liquidity problems into solvency problems.”

As Congress begins its debate over the next coronavirus package, the Fed Chairman concluded his remarks by stating, “Additional fiscal support could be costly, but worth it if it helps avoid long-term economic damage and leaves us with a stronger recovery. This tradeoff is one for our elected representatives, who wield powers of taxation and spending.” 

 #  #  # 

House Democrats are developing another massive coronavirus aid package as they consider when to return to Washington for a vote – while Republicans have signaled they prefer to pause any negotiations on future pandemic aid until the effectiveness of current programs can be evaluated.  (Wall Street Journal, May 7) 

• House Speaker Nancy Pelosi (D-CA) has stated her goals for the next round of pandemic relief, which include $800 billion in funding for state and local governments, in addition to unemployment support, direct payouts, Covid-19 testing and more.  (Bloomberg, April 30 – AP, May 5 – Bloomberg TV,  May 7)
• Senate Minority Leader Charles Schumer (D-N.Y.) told MSNBC yesterday, “We need Franklin Rooseveltian-type action and we hope to take that in the House and Senate in a very big and bold way.”
• White House National Economic Council Director Larry Kudlow today said, “We’ve kind of paused as far as formal negotiations go. Let’s have a look at what the latest round produces. You need a month or so to evaluate that.”  (Roll Call, May 8)
• Kudlow’s remarks follow Senate Majority Leader Mitch McConnell’s (R-KY) statement earlier this week that Congress should “take a pause” before passing more pandemic relief legislation.  (The Hill, May 5)
• Kudlow added, “The president, as you know, has put out a number of his own policy ideas, payroll tax cuts being one of them, and … COVID-19 liability restrictions for businesses.”  Kudlow also highlighted proposals to promote restaurant and travel spending, as well as allowing businesses to quickly write off their expenses as they reopen.  (CQ, May 8) 

Roundtable Pandemic Policy Communications Outreach 

• Jeffrey DeBoer, President and CEO of The Real Estate Roundtable, on May 6 participated in the Urban Lab Podcast to discuss the pandemic’s ongoing impact on CRE, The Roundtable’s recommendations for reforming the PPP, the merits of a Pandemic Risk Insurance Act similar to TRIA, the “rent obligation chain,” and the organization’s broader engagement with policymakers.  Dr. Sam Chandan, Silverstein Chair of the NYU SPS Schack Institute and Fellow at the NYU Urban Lab, hosted the podcast. (Interview with DeBoer, May 6)
• DeBoer also participated in a Bisnow webinar last week to discuss the government’s legislative and regulatory responses to the economic impact of the coronavirus pandemic.  (Bisnow recap, May 4 and Roundtable Weekly, May 1)
• The Roundtable’s Senior Vice Presidents on May 5 participated in “The Policy Response to COVID-19: Implications for Real Estate” – hosted by the Pension Real Estate Association (PREA).  The supporting slides for the PREA webinar offer extensive details to various issues related to the PPP, tax changes and actions by the Federal Reserve. (Download slides) 

Small Business Aid and Rent Assistance 

• Loan demand for the Paycheck Protection Program (PPP) was expected to quickly diminish the program’s supplemental funding that became available April 27.  Yet, more than 40 percent of the aid remains unused according to data released by the Small Business Administration yesterday. (Wall Street Journal, Demand for Small-Business Loans Cools, May 8) 

• Lenders and participants say that reasons for the slowdown in demand include the reluctance of small businesses to sign up for a program whose loan forgiveness terms remain unclear.  To obtain forgiveness of a loan, agency rules implementing the PPP require small businesses to spend 75% of funds on payroll (and no more than 25% of PPP proceeds or forgiveness can be devoted to rent, mortgage interest, utility bills, and other debt obligations).
• The Roundtable’s 8-Point Plan to Reform the PPP recommends that SBA and Treasury should not apply the 75/25 rule as a categorical “one size fits all” standard that limits PPP assistance, in all cases, to no more than 25% for business rent and other ordinary expenses.
• This week, a broad bipartisan group of Senators led by John Cornyn (R-TX) proposed changing the 75-25 rule to a 50-50 rule – where up to 50% of PPP loan proceeds can be used by qualifying small businesses to pay rent, mortgage and utilities.  (Cornyn letter, May 5)
• Sen. Cornyn and 20 other Senators urged Secretary of the Treasury Steven Mnuchin and Small Business Administration Administrator Jovita Carranza to “exercise the power of your respective offices to ensure all business sectors are able to spend at least 50 percent of the loan proceeds on the statutorily allowed non-payroll expenses.”
• Senate Finance Committee member Cornyn on May 5 also introduced The Small Business Expense Protection Act of 2020, which would modify the CARES Act to allow business owners to claim tax deductions for ordinary business expenses, regardless of whether they were paid with a forgiven PPP loan.
• Additionally, legislation introduced today would create a $100 billion emergency residential rental assistance fund. The Emergency Rental Assistance and Rental Market Stabilization Act of 2020 was introduced by Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, and Senator Sherrod Brown (D-OH), Ranking Member of the Senate Committee on Banking, Housing and Urban Affairs. (House Financial Services Committee news release and bill summary.)
• Earlier this week, The Roundtable’s Jeffrey DeBoer was quoted in GlobeSt.com about the need for a program to help both residential and business tenants with temporary, emergency rental assistance. DeBoer said, “While the focus on employment has been necessary and effective, there is presently no COVID-19 response program with the primary goal of assisting American families and businesses in meeting their obligations to pay rent, mortgages, and other ordinary debts and expenses.” (GlobeSt, May 5)
• DeBoer added, “No landlord wants to evict a tenant, and most are working proactively with their tenants to make payment plans and reduce tensions. Without rental income, such actions disproportionately impact smaller landlords and pummel a city’s property tax collections by sending buildings into foreclosure. Ultimately, it would affect municipal workers who will lose their jobs—including teachers, police and firefighters.”
• The “rent obligation chain” and its crucial role to support the economy and the CRE sector was also illustrated in a March 24 Wall Street Journal article, “Businesses Can’t Pay Rent. That’s a Threat to the $3 Trillion Commercial Mortgage Market.” 

The pandemic’s ongoing impact on CRE and Washington’s policy responses will be a major focus of The Roundtable’s first virtual Annual Meeting, which will be held remotely on June 11-12. 

#  #  #