CARES Act - in plain English | Kerry Boccella | Philadelphia Real Estate Agent

As we're 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're eligible for a cash payment

Most individuals earning less than $75,000 can expect a one-time cash payment of $1,200. Married couples would each receive a check and families would get $500 per child. That means a family of four earning less than $150,000 can expect $3,400.

If you or someone you know has lost a job

States will still continue to pay unemployment to people who qualify. This bill adds $600 per week from the federal government on top of whatever base amount a worker receives from the state. That boosted payment will last for four months.

If you're 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

Borrowers of federally-backed mortgage loans can 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.

If you would like to learn more about all the contents in the CARES Act, please see this article.

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,

Kerry

Kerry Boccella

Real Estate Salesperson
215.301.9117
[email protected]

Compass RE is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.

Home

About

Past Transactions

Neighborhoods

Compass Concierge

Home Valuation

Testimonials

Blog

Let's Connect

Leave a Message

Thank you for your message. We will be in touch with you shortly.