Greetings all. I hope you are staying safe and staying indoors. It is especially crucial that we maintain social distancing until this thing is GONE. That being said, I understand how difficult that is especially when it means not going to work and the financial insecurities that come with that. If I could pay all your bills I would but I can't so maybe I can answer some questions instead. There have been some notable changes in unemployment insurance as well as the stimulus funds that have been getting sent out. I will provide some info as well as some very useful links to more info. If you have questions about these things then please take some time to read and follow up with the official websites linked.
STIMULUS CHECKS
For most people the stimulus check will be paid automatically. If you haven't already received it, you can go to IRS.gov to file for the stimulus check. The way you do it depends on if you filed for taxes or not. Even if you didn't file taxes you are most likely eligible. To qualify for a direct payment, you need to
have a Social Security number
meet certain adjusted-gross-income thresholds
not be claimed as a dependent on someone else's tax return.
Americans who haven't had to file a tax return in 2018 or 2019 but get Social Security payments for retirement will also be paid $1,200 each.
Dependents older than 16, people without a Social Security number, and those with incomes above $99,000 (or $136,500 if you file as a head of household) won't get a stimulus check.
Check out https://www.irs.gov/coronavirus/economic-impact-payment-information-center for more info.
UNEMPLOYMENT
The federal government has allowed states to change their unemployment benefits laws. It lets them provide unemployment benefits for situations related to the coronavirus (COVID-19).
And, the Coronavirus Aid, Relief, and Economic Security (CARES) Act has expanded benefits further. It authorizes:
Self-employed workers and gig workers to receive unemployment benefits
All unemployed workers to receive an extra $600 a week for up to six months
Unemployed workers to get an extra 13 weeks of benefits beyond the number a state currently provides
There is a lot more info so please Contact your state’s unemployment insurance program for more information and to apply for benefits.
SMALL BUSINESS STIMULUS PACKAGE
Got a small business? So do we. I found some info that might be helpful.
Of the $480 billion authorized some of that will go to the Paycheck Protection Program, $60 billion will be set aside for smaller lending facilities, including "community financial institutions, small insured depository institutions and credit unions with assets less than $10 billion."
There will also be $10 billion for grants under the Emergency Economic Injury Disaster Loan program, $50 billion for disaster recovery loans and $2.1 billion for additional salaries and expenses for the Small Business Administration.
25 bIllion towards necessary expenses to research, develop, validate, manufacture, purchase, administer and expand capacity for COVID-19 tests.
Check out https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources for more details
MORE INFO
Landlords are not allowed to serve 14 day notices for non-payment
Landlords are not allowed to evict for non payment
Landlords are not allowed to terminate month to month leases
We at Island Properties are doing what we can on top of that to lighten the load including suspending all late fees and creating payment plans. If you aren't able to pay on time just let us know and we will set up a payment plan to help keep you on track. Remember, if you have any questions, please feel free to call us and we will do what we can to find you answers. These are tough times and we're in it together.
The Island Properties Team