Lisa & Lisa Real Estate Consultants will continue to provide as much information as we can during this crisis.
As we continue to support one another as small businesses and as the COVID-19 virus impacts us all on a daily basis, both mentally, emotionally, and most of all economically, we are committed to keeping you updated on what we are finding, most especially from the $350 billion relief package that was just passed by our government.
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.
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- Unemployment & Disability:
- Gov. Newsom eliminates 1-week waiting period for unemployment and disability related to COVID-19
- Visit EDD’s website for BENEFITS FOR WORKERS IMPACTED BY COVID-19 and also check out the EDD’s Frequently Asked Questions.
- Unemployment Insurance (UI) Work Sharing Program
- Remote Jobs From 100+ Companies Hiring Remotely in February 2020
- For a run-down of labor laws in California, click here.
- Unemployment & Disability:
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 to cover immediate operating costsThere 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.
Financial Assistance for Businesses:
- Federal Disaster Loans for Small Businesses, Private, and Non-profits Of All Sizes. The SBA is planning on offering low-interest federal disaster loans for eligible small businesses and non-profits reeling from the financial impact the coronavirus is causing.
- Get in touch with your local SBA office to see if they have any additional resources specifically designed for business owners in your area.
- Here are a few key details:
- A long-term repayment plan of up to 30 years can help keep payments affordable.
- The interest rate is 3.75% for small businesses without other credit options, and 2.75% for non-profits.
- The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that can’t be paid because of COVID-19.
- Eligible small businesses can receive loans of up to $2 million.
- The program is being developed in real-time, but you can learn more about your eligibility and how to apply by calling their customer service number (1-800-659-2955) or emailing this address.
- Businessownerspace.com partners SBDC, AnewAmerica, MBDA, and SCORE are available to help those in need prepare the loan paperwork.
- San Jose City: COVID-19 GUIDANCE FOR EMPLOYERS, WORKERS AND BUSINESSES.
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 representing $600 per week through the end of the year helping people who lose work as a direct result of the public health emerg
If you’re a property/homeowner
Homeowner HardshipAssistance:
California Housing Finance Agency: There are many options available to you, if you are experiencing a financial hardship. This section provides useful information if you are having difficulty making payments, or anticipate have difficulty making payments on your CalHFA-serviced loan(s).
HUD’s Mortgage Assistance Guide.
Relief for Homeowners: The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac to suspend foreclosures and evictions for at least 60 days due to the coronavirus national emergency. Earlier this month, FHFA announced that the two government-sponsored companies would provide payment forbearance to borrowers impacted by the coronavirus. Forbearance allows for a mortgage payment to be suspended for up to 12 months. Borrowers who may be experiencing financial challenges due to COVID-19 are strongly encouraged to contact their mortgage servicer to explore their options.
Please do not hesitate to reach out should you have any questions, or if you would like to chat.
Stay safe and healthy.