$2 Trillion Stimulus — What You Need to Know

Here's a breakdown of the key provisions in the CARES Act stimulus bill that affect property managers, landlords, and renters.

Protections Against Foreclosures and Evictions

• Anyone facing financial hardship from coronavirus shall be given a forbearance on a federally backed mortgage loan of up to 60 days, which can be extended for four periods of 30 days each
• Servicers of federally backed mortgage loans may not begin foreclosure for 60 days from March 18
• No fees, penalties, or additional interest may be charged as a result of delayed payments
• Those with federally backed mortgage loans who have tenants are not allowed to evict tenants solely for failure to pay rent for a 120-day period

Direct Payments to Individuals

• Single Americans receive $1,200
• Married couples receive $2,400
• Parents receive $500 for each child under age 17
• Payments phase out for incomes above $75,000 (single) or $150,000 (couples)
• Those making more than $99,000 (single) or $198,000 (couples) do not qualify

Student Loan Payments Suspended

The Department of Education would suspend payments on student loan borrowers without penalty through September 30.

Historic Boost for Unemployment Benefits

• An extra $600 per week for four months on top of state benefits
• Up to 13 weeks of extended benefits, fully covered by the federal government
• A new pandemic unemployment assistance program covering independent contractors, self-employed, and gig economy workers

$500 Billion Lending Program

• $25 billion for passenger air carriers
• $4 billion for cargo air carriers
• $17 billion for national security businesses
• $454 billion for loans to businesses, states, and municipalities
• Businesses receiving loans may not issue dividends and must retain 90% of employment levels through September 30