With $25 billion in rental assistance, the Paycheck Protection Program and support for airlines, movie theaters and live venues among its provisions, the much-delayed new COVID-19 relief package broadly supports commercial real estate, Marcus & Millichap says in a special report.
Beyond the direct aid to industry sectors, the $900-billion stimulus will boost economic growth this year, writes senior analyst Steve Hovland. He notes that the $2.2-trillion CARES Act provided an estimated 3% lift to the economy last year.
“The new round of stimulus, with about 40% of the funding of the CARES Act, will potentially deliver a 1.0-1.5% economic lift in the first quarter,” writes Hovland. “That said, more of the resources of this round of funding will likely be used for necessities because lower-income households have less savings and more debt than they had last year in March during the early stages of the pandemic.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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