$2 Trillion Stimulus Bill - Help and Money is Coming (including Self Employed)

by Randy Swihart 03/26/2020

The package provides direct payments to lower- and middle-income Americans of $1,200 for each adult, as well as $500 for each child. Democrats were able to secure a change from a previous version that allows low-income taxpayers to get the full $1,200 payment.

Unemployment insurance payments were boosted and recipients would be eligible to receive those funds for an average of four months, up from three in the prior GOP plan. It also would extend eligibility to the self-employed and workers in the gig economy such as drivers for Uber.

The bill carves out more than $350 billion in aid for small businesses, much of which would be in loans through the Small Business Administration and banks, guaranteed by the federal government. The loans would be forgiven provided the businesses meet certain requirements, including limiting reductions in pay and layoffs, though with more flexibility for employers than the original Senate bill. Industry advocates previously said loans weren’t enough, especially for the smallest outfits, although some expressed more optimism on Wednesday.

Mortgage relief for wide swath of borrowers

  • Many U.S. homeowners and businesses could get relief from making their monthly mortgage payments through the bill. Borrowers with loans insured by government agencies such as the Federal Housing Administration and the Department of Veterans Affairs would be eligible for forbearance. Consumers whose mortgages are backed by Fannie Mae and Freddie Mac would also be eligible to skip payments.
  • Regulators have already mandated forbearance to borrowers facing financial hardships due to coronavirus, in addition to suspending foreclosures and evictions through the end of April and in some cases longer. Under the bill, borrowers would be eligible for 60 days of forbearance if they can demonstrate virus-related financial stress. The relief can be extended for 30 days up to four times.

 

Mortgage servicers, who collect homeowners’ monthly payments, couldn’t demand documentation proving economic hardship.

 

About the Author
Author

Randy Swihart

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Licensed Florida Real Estate Broker since 1984. (Agent from 1982-1984)
College degrees in Engineering and Business Management.   C.C.I.M. (Certified Commercial Investment Member in progress) Program  
 

Extensive training in Real Estate Syndications (REITS), Appraisals, and Commercial Investments.
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REO ASSET MANGEMENT & SALES (REOs/Foreclosures) since 1984 for: HUD/FHA & Veterans Administration (VA) Owned Properties, Fannie Mae (FNMA), Freddie Mac (FHLMC), Numerous Bank and Private Equity REO Properties (CitiBank, Goldman Sachs, Bank of America, CHASE, Altisource-Ocwen, Nation Star),.
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