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CARES ACT Updates – July 2020

The CARES act, (Coronavirus Aid Relief and Economic Security) was signed on March 27, 2020. There are portions of this law that are set to expire in July, and it’s best to be prepared ahead of time.

July 25 marks the end of the 120-day eviction moratorium for those who live in federally-backed housing. During the moratorium, the landlord was not allowed to charge you late fees or serve you with an eviction notice if you were unable to pay your rent. It is important to keep in mind that this section of the law did not absolve you from having to pay rent. The purpose was to protect you from extra charges and, most importantly, keep you from being evicted. Starting on July 25, your landlord may legally be able to serve you with an eviction notice. An eviction notice does not mean you need to leave immediately. Do not ignore this type of notice.

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On July 31, the additional $600 weekly unemployment benefit is set to end. As of July 1, congress has not moved for an extension. That does not mean that it will not be extended, but do not plan on an extension at this time.

If you have worked with your mortgage lender, now is a good time to revisit the terms of what you worked out. It is possible that you are going to have to start paying again very soon. In some cases, the lender can ask for the missed payments in full. Communication is key when it comes to your mortgage lender. Do not ignore the mortgage and face foreclosure.

Federal student loans are still at zero interest until the end of September. If you have not been paying on your loan, make a note that interest will start accruing on September 30, and payments will start up again.

The HEROES Act, the Health and Economic Recovery Omnibus Emergency Stimulus is a second economic stimulus package valued at $3 trillion dollars. This passed the House but has not yet gone to the Senate for a vote. The date of the vote has not yet been determined.

The current government administration has said that the chances of a second, and larger stimulus check is “very very good.” The Senate will be out for a planned recess from July 3-July 17, so do not expect to hear anything before that time.

Understandably, this is a lot of information to process. The virus having increasing numbers and businesses who were opening back up having to close again is not what anyone had expected. I’ll continue to bring you updates as often as possible.