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COVID-19 Economic Relief Update

Hello,

#TeamMonticello hopes everyone is staying safe and healthy. We’re doing our part to work remotely and flatten in the curve. We understand this pandemic creates new economic challenges for all us, and so we wanted to share the latest information about the economic relief programs.

Recently the Government approved assistance in the form of the Coronavirus Aid, Relief and Economic Security Act. This Act will provide economic relief in the form of stimulus checks, unemployment assistance, unemployment benefits for self-employed individuals, small business grants, and assistance for renters & homeowners. This means during these tough times the government is doing all they can to assist those suffering financial hardships due to this pandemic.

Stimulus Checks: Any household with an adjusted gross income of $75,000 ($150,000 for joint filers) will be eligible to receive $1,200 ($2,400 jointly). Those with children under 17 will receive an additional $500 per child.

Families that make more than $75,000 may still be eligible. Check out this Stimulus Check Calculator to view estimated payments.

Families will still receive a check even if they did not file taxes in 2018 or 2019. Those that haven’t filed a tax return for the past two calendar years can submit a 2019 return today and include bank account details. The IRS is urging those who normally don’t have to file to submit a simple tax return as quickly as possible.

Checks will be direct deposited with the bank account information provided while filing taxes. Payments are expected to go out the week of the 15th. The IRS is currently working on a web-based portal for individuals to provide their banking information to the IRS online for those who opted for a check return. Families that opt to receive a check, instead of providing bank information can expect checks to go out the week of the 24th.

Those who owe the IRS can still expect to receive a check. These stimulus checks are an advance tax credit for 2020. The only individuals that will be affected are those that owe child support money, and most college students.

Unemployment Assistance: Anyone that has been laid off, or is no longer able to work due to the COVID-19 crisis will be eligible for unemployment assistance.

The government has set aside $600 a week in unemployment benefits, and can be used for up to 4 months. Apply for unemployment by clicking this link here. Those that are self-employed are eligible for unemployment assistance under the new CARES act. To apply for assistance, click this link. here.

Small Business Grants & Loans: The Small Business Administration is now offering multiple loans to provide small business relief during this time.

The SBA should distribute funds within 3 days of your request. They are also now offering a Paycheck Protection Program loan of $10 Million to aid in payroll and operational expenses. PPP loans will also be fully forgiven if 75% or more of the funds are used for payroll costs, interest on mortgages, rent, and utilities (other criteria may apply).

The Economic Injury Disaster Loan is an advance of up to $10,000 grant that will not have to be repaid, and can be applied for here.

Renters: Governor Cuomo has ensured an eviction moratorium for those currently renting. This protects renters from evictions, and late fees for 120 days starting March 27th through June 20th.

Please make note, once this period is up rents will still be owed to the landlord, and could lead to eviction for those unable to make payments. Landlords may ask for verification of unemployment. The best practice during this time is for residents to pay what they can, and keep the lines of communication open with their landlord.

For more information on rental rights, click here.

Homeowners: Those that currently own a home with a federally backed mortgage, and are unable to make payments can ask for a mortgage forbearance for up to 6 months.

Mortgage servicers will continue to report loans as current to the credit bureaus. Homeowners will also be protected from foreclosure for 60 days starting March 18th with a foreclosure moratorium. If a borrower can pay their mortgage, it is recommended that they make payments. If a borrower can’t pay their mortgage, or can only make a partial payment, then they should contact their mortgage servicer immediately to work out a payment plan, and see what options are available.

We understand the hardships everyone is facing at this time, and now more than ever urge everyone to stay home, stay healthy, and stay safe. We’re in this together and we look forward to seeing you on the other side. #InThisTogether #TeamMonticello

Sincerely,

Alexander H. Monticello, Esq.

Principal Real Estate Broker & Licensed Attorney

www.MonticelloNYS.com T: 518.227.0718 E: Alex@MonticelloNYS.com

421 New Karner Rd, Colonie, NY 12205 511 Broadway, Saratoga Springs, NY 12866

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