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Realtors may be among the most optimistic professions in America, but there comes a time in any economic crisis where even the sunniest agent struggles to maintain their income if homes aren’t selling.
While state officials say the number of new coronavirus cases may peak in Massachusetts in the next two to three weeks and while massive, emergency changes in state and federal laws and rules have removed some of the largest obstacles to continuing home sales during the pandemic, many fear the coronavirus will put a damper on buyers’ and sellers’ interest in entering the market this spring.
The good news is the CARES Act, the $2 trillion federal stimulus legislation passed by Congress last week, opens up state unemployment insurance systems to people who are self-employed, work as independent contractors or are so-called 1099 workers, after the federal tax form used to report their income, categories that capture many real estate agents. The law also increases weekly unemployment benefits by $600 for the next four months.
The bad news is that Massachusetts’ unemployment system is not yet ready to process claims from these classes of workers and the state is still waiting to receive instructions from the federal government on how to implement the law’s changes.
“These benefits are not available to be applied for today,” Gov. Charlie Baker said at a press conference Monday.
The governor urged Massachusetts residents not to seek aid through the existing state portal unless they qualify for unemployment insurance under the existing, pre-relief package system.
“If you attempt to apply for them now, you won’t be able to get through the system because the system won’t actually have your name in it and it may create a risk and a traffic jam for others who do qualify, who do participate in the existing unemployment insurance system, and are able to access existing unemployment benefits,” Baker said at a press conference.
Baker said his administration has been in touch with authorities about when the new federal aid will become available to applicants, and he said he would continue to update the public.
To better assist people who are unemployed as a result of the coronavirus pandemic, the Department of Unemployment Assistance will hold daily virtual town hall meetings Tuesday through Friday to walk filers through a step-by-step process that will result in a successful unemployment claim and to take questions from claimants. To participate, register for a specific call and the department will send access information. Individuals can also just follow along with the presentation – but not be able to ask questions other than through the web conference’s chat function – online.
Massachusetts saw a surge in initial unemployment claims in the week ending March 21, jumping from over 7,000 to nearly 150,000. During the same span, claims nationwide skyrocketed to more than 3.3 million, far surpassing previous records.
