Only yesterday—text of the coronavirus bills

It seems like only yesterday that I was posting links to the financial crisis legislation of 2008-9. Here we go again.

So far, we’ve had three bills to deal with the coronavirus epidemic and its economic consequences:

  • HR 7048, the “Coronavirus Aid, Relief, and Economic Security Act” (a/k/a the “CARES Act”), March 27, 2020. Wikipedia summary, full text PDF.
  • HR 6201, the “Families First Coronavirus Response Act,” March 18, 2020. Wikipedia summary, full text PDF.
  • HR 6074, the “Coronavirus Preparedness and Response Supplemental Appropriations Act,” March 3, 2020. Wikipedia summary, full text PDF.

Careful printing the CARES Act—it’s over 300 pages.

Update 5/17/20:

And then there were four:

  • HR 266, the “Paycheck Protection Program and Health Care Enhancement Act,” April 24, 2020, full text PDF.

update 6/8/20:

  • HR 7010, the “Paycheck Protection Program Flexibility Act,” June 5, 2020, full text PDF.

UpdaTE 3/15/21

  • HR 1319, the “American Rescue Plan Act of 2021, March 11, 2021, full text PDF.

Commercial real estate: some improvement, but turbulence ahead

Recent trends are mixed. Values and sales bottomed in 2009 (charts 1 and 3 below), but vacancies are high (chart 2) and commercial mortgage-backed securities lending, while improving, is still weak (chart 4). “Extend and pretend” is the order of the day at commercial banks, which are digesting $80 billion of losses on commercial real estate loans, and the real challenge is still ahead: $1.6 trillion of commercial real estate loans are coming due in the next eight years.

See Commercial real estate coming back, but unevenly –