Here's how the $2 trillion stimulus package can help real estate agents at a time when the coronavirus is bringing the housing market to a halt

• On March 27, President Donald Trump signed the $2 trillion economic stimulus package into law as a direct response to the coronavirus pandemic.
• The package will allow self-employed and contract workers - who previously weren't eligible - to file for unemployment benefits. The vast majority of real-estate agents, who are independent contractors, fall in this category.
• The plan will provide some relief to real-estate agents who just can't show homes as cities and states encourage social distancing.
• Visit Business Insider's homepage for more stories.

A $2 trillion economic stimulus package has been signed into law as a direct response to the coronavirus pandemic.

The stimulus will inject a flood of cash into the economy, provide support for struggling businesses and individuals, and expand unemployment benefits. This last plank is key for the real-estate industry, as self-employed and contract workers will be able to file for unemployment benefits for the first time, and the vast majority of real-estate agents are independent contractors.Advertisement

---

And not only will they be able to claim unemployment but, as Business Insider's Katie Warren reported, the package will also allow people to claim an extra $600 per week for up to four months. This will surely be welcomed by the many agents bracing for a decrease in business and pay as the coronavirus continues to spread and shelter-in-place mandates are issued across the US.

Heading into March, the US housing market was showing the kind of green shoots appropriate for the start of spring. But home-buyer interest suddenly cooled as the pandemic spread. A flash survey conducted by the National Association of Realtors from March 16 to March 17 showed that 48% of the 72,734 real estate agents surveyed saw a dip in buyer interest due to the coronavirus outbreak.

"As things with the virus are getting worse, people are getting more conservative," Neil Davidowitz, the president of Orsid, a real estate management company, told The New York Times.

---

Before legislators wrote the stimulus package, industry leaders had asked the government to consider real estate professionals in financial relief efforts.

There are over 2 million real estate agents in the US, according to HomeLight. In 2018, the median gross income of NAR members, which is made up of over 1.3 million industry professionals, was $41,800. As Inman reported, Robert Reffkin, the founder and CEO of Compass, wrote a letter to Congress urging protection for real estate agents in the relief package. Agents, Reffkin explained, are directly impacted by shelter-in-place orders, thus preventing them from carrying out business as usual. Advertisement

---

In addition to helping workers, the package will provide more than $300 billion in loans for small businesses, which stands to help smaller brokerages trying to stay afloat during the pandemic.

Do you have a personal experience with the coronavirus you'd like to share? Or a tip on how your town or community is handling the pandemic? Please email covidtips@businessinsider.com and tell us your story.

And get the latest coronavirus analysis and research from Business Insider Intelligence on how COVID-19 is impacting businesses.