As we are all dealing with the effects of COVID-19 on our lives, I want to share encouraging news: the government has
approved the $2.2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act which will help millions of people in this critical time. Perhaps even you.
This sweeping legislation is unprecedented in the history of our nation and provides significant economic assistance to address the impact of COVID-19.
The CARES Act is over 800 pages long, but here are some of the economic provisions most relevant for you.
What this means for you
and your loved ones
If you or someone you know has lost a job
If you are a small business owner
The bill provides $10 billion for grants of up to $10,000 to provide emergency funds for small businesses who qualify for the Economic Injury Disaster Loan to cover immediate operating costs,
There is $350 billion allocated for the Small Business Administration to provide loans of up to $10 million per business. Any portion of that loan used to maintain payroll, keep workers on the books, or pay for rent, mortgage and existing debt could be forgiven, provided workers stay employed through the end of June.
If you’re a freelancer or independent contractor
Typically, self-employed people, freelancers and contractors
can’t apply for unemployment. This bill creates a new,
temporary Pandemic Unemployment Assistance program
that provides unemployment coverage through the end of
the year to freelancers and independent contractors and
also provides an additional $600 per week for 4 months
in addition to regular state benefits.
If you’re a property/homeowner
request a loan
forbearance on their payments (without penalties,
fees, or interest) for at least 180 days. Multi-family
borrowers may request a similar forbearance for up
to 30 days.
In addition, foreclosures on similar mortgage loans
are prohibited for at least 60 days and evictions from
properties related to several federal programs are also
prohibited for a 120-day period.
Please do not hesitate to reach out should you have any questions, or if you would like to chat.
Stay safe and healthy.
All the best,