Mortgage Forbearance and the CARES Act The coronavirus pandemic has led to an economic crisis. On March24, the Federal Reserve Bank of St. Louis predicted that unemployment in the United States will skyrocket to 32%, a point higher than the unemployment peak of the Great Depression, during which the highest rate of unemployment was 24.9%. Income loss due to the…

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), passed on March 27,2020 with the purpose of providing relief and support during the coronavirus pandemic in the United States as well as abroad, is a substantial, is an 880 page bill passed into law by the government to relieve some of the economic strain created by the coronavirus pandemic….

Assistance for both employers and employees alike is present within the CARES Act in an effort to alleviate some of the pressure that businesses and their employees are facing. The CARES Act and the Self-Employed Individuals who are self-employed experience unique trouble with unemployment during the coronavirus pandemic. While the self-employed may also find themselves out of work in light…

Here are some of the ways that the CARES Act impacts taxes: CARES Act Tax Highlights Individuals with retirement accounts, including IRAs, can take early withdrawal on those accounts equaling or up to $100,000. Choosing to take early withdrawal on a retirement account at this time means not paying a 10% withdrawal penalty. The funds can be recontributed over a…

With drastic measures in place to combat the spread of COVID-19 and flatten the curve, one of the most negatively affected groups in the U.S. economy is small businesses. Although small businesses may be struggling through the current crisis, the CARES Act looks to alleviate some of the stress they face, namely through increasing the role of the Small Business…

Credit reporting and student loans are both affected by the CARES Act in order to help protect individuals who might struggle to make payments during the pandemic. Credit Reporting and the CARES Act One way that the Coronavirus Aid, Relief, and Economic protects individuals during the national crisis is through the changes it makes to credit reporting. Specifically, it affects…

With many Americans out of work temporarily and experiencing increased financial hardships, housing security is a major concern. Here is how the Coronavirus Aid, Relief, and Economic Security Act will impact housing: For Individuals with a Government-Backed Mortgage According to the relief package, borrowers of government-backed mortgages can request payment forbearance for up to 360 days. Borrowers do not need…

The coronavirus pandemic has had devastating effects on the U.S. economy. Much of the extra stress placed on the economy is caused by the enactment of social distancing laws and policies as well as growing economic anxiety in the general public. As the United States tries to limit the spread of the coronavirus through social distancing, the government has also…

As of Saturday, March 28, the U.S. Department of Homeland Security deemed all residential and commercial real estate services as essential during the national coronavirus crisis. The Department of Homeland Security added the real estate industry to its list of the Essential Critical Infrastructure Workforce. The list is used to determine which industries and workforces are essential and which need…

What’s in theCoronavirus Aid, Relief, and Economic Security bill? As the U.S. fights to flatten the curve of the coronavirus pandemic, people and businesses are struggling. While many Americans find themselves out of work, businesses and manufacturers fight to stay afloat. In response to the pandemic, congressional lawmakers are finalizing a $2 trillion dollar stimulus bill that will help regular…