That being said not surprised they weren’t able to adhere to the timeline.The SBA has had to hire hundreds if not thousands of temp employees basically overnight to field these calls, that is why they don’t have much detailed info.

(insert polite clapping sounds)I'm sure it must be frustrating that the majority of the world isn't as smart, talented and good with their money as you are, and maybe they need to start being more like you, dammit, so that the next time the world gets blindsided by a virus, the economy melts down and people lose their jobs overnight, they can just keep on paying their rent so honest folks like you aren't affected. 

The 2001-02 tech recession was bad in the RTP area as Nortel/BNR shut down, as did Alcatel and IBM (mostly PC side, now Lenovo) The GR (2008-2011ish), when 'funded' closings failed because the financial institutional backers went bankrupt overnight. 

Like @Russell Brazil said, the real estate didn’t bottom until a few years later from the peak of 2006 to 2010, and Real Estate would not crash overnight, it takes time to bottom out.   

If 100% of non-QM hasn't disappeared overnight, 98-99% has.

We also have a live-in handyman that is given a discounted rate on rent just to keep an eye on things overnight if a leaky pipe pops up or something.

Nobody should be surprised, although I think nobody saw COVID-19 coming and impact everything overnight.

It doesn't come overnight.

That's not going to happen overnight. 

Depending on those factors and how big the property is, there may be a short term impact to rents this values as well but I am in the camp that over the long term, it is a positive for values.