Browsed by
Category: COVID-19 Information

Federal Government to Provide Extra $300 Per Week in Unemployment Benefits

Federal Government to Provide Extra $300 Per Week in Unemployment Benefits

President Trump has signed a $2.3 trillion coronavirus relief and government funding bill, after spending almost a week threatening a veto over the size of the stimulus payments that would be sent directly to Americans. The relief package, signed into law on December 27th, provides an extra $300 per week in unemployment benefits to out-of-work Americans, on top of whatever the state provides, for 11 weeks. The $2 trillion CARES Act, the historic rescue package passed in March 2020 in…

Read More Read More

Federal Eviction Ban Provides Temporary Relief for Tenants, But Satisfies No One

Federal Eviction Ban Provides Temporary Relief for Tenants, But Satisfies No One

The Centers for Disease Control and Prevention (CDC) issued a nation-wide order that bans evictions of tenants who can’t pay their rent due to the coronavirus pandemic. As of September 1, 2020 and until the end of this year, landlords may not initiate or complete evictions based on rent nonpayment, as long as the tenant qualifies for relief under the CDC’s order. To qualify, tenants must meet each of these requirements: They’ve used their best efforts to obtain government assistance…

Read More Read More

Trump Signs Executive Orders on Payroll Taxes, Unemployment Benefits, and Student Loans

Trump Signs Executive Orders on Payroll Taxes, Unemployment Benefits, and Student Loans

After Congressional talks on a second coronavirus relief bill broke down, President Trump signed a series of executive orders intended to provide financial support to workers, the unemployed, and individuals with student loan debt. But because Congress—not the President—controls spending, some of these actions are likely to face legal challenges. Here are the highlights of the President’s orders, and some of the obstacles that could arise: Payroll Tax Suspension. The President ordered the IRS to suspend collection of the employee…

Read More Read More

Wells Fargo Puts Mortgage Customers in Unwanted Forbearance Plans

Wells Fargo Puts Mortgage Customers in Unwanted Forbearance Plans

In 2016, Wells Fargo employees created roughly 3.5 million fake accounts to receive sales-based incentives. In 2018, a computing miscalculation caused hundreds of Wells Fargo customers to miss out on loan modifications and, perhaps, ultimately lose their homes to foreclosure. Now, Wells Fargo mortgage customers in at least 14 states have reported that they were inappropriately placed in CARES Act forbearances. (This kind of forbearance puts a pause on mortgage payments for borrowers hurt by the coronavirus pandemic for up…

Read More Read More

Student Loan Forbearance During Coronavirus Might Prevent You From Getting a New Mortgage or Refinance Loan

Student Loan Forbearance During Coronavirus Might Prevent You From Getting a New Mortgage or Refinance Loan

The federal Coronavirus Aid, Relief, and Economic Security (CARES) Act puts an automatic suspension on payments for eligible federal student loans for six months, from March 13, 2020, until September 30, 2020. For many people, getting a break from payments during this national emergency is a lifesaver. But for others, having a loan in forbearance can hurt or ruin their chances of qualifying for a new mortgage or refinance loan. Here’s why: Mortgage lenders usually use your actual monthly student…

Read More Read More