Update: New Laws and disaster relief Programs

Real Estate

3/23/20 Update 1:

Fannie Mae and Freddie Mac are suspending foreclosures and evictions for at least 60 days and up to 12 months due to the coronavirus national emergency. This suspension applies to homeowners with an Enterprise-backed single-family mortgage. The move comes after the Federal Housing Finance Agency (FHFA) directed Fannie Mae and Freddie Mac (the Enterprises) to help borrowers who are at risk of losing their home. “This foreclosure and eviction suspension allows homeowners with an Enterprise-backed mortgage to stay in their homes during this national emergency,” said Director Mark Calabria. “As a reminder, borrowers affected by the coronavirus who are having difficulty paying their mortgage should reach out to their mortgage servicers as soon as possible. The Enterprises are working with mortgage servicers to ensure that borrowers facing hardship because of the coronavirus can get assistance.” Borrowers should note that they will need to contact the lender they send checks to every month to establish a new short-term agreement — and not simply stop paying their mortgages.   you can read the FHFA statement here.

Update 2:

Paid sick leave legislation into law.  Businesses with 50 to 500 employees must provide paid sick leave for part- and full-time staff.

Federal employees and employees working at businesses employing 500 staff or fewer qualify for 2 weeks of sick leave at their full, regular rate if they are ill, quarantined or seeking diagnosis/preventative care for coronavirus.
Employees are also entitled to extra leave (up to 3 months) at two-thirds of their regular rate if they are caring for a family member with a COVID-19 diagnosis or they stay home to care for a child whose school or daycare has closed due to coronavirus measures. These payments can be recouped by employers quarterly in the form of a refundable tax credit.
To qualify for this benefit and paid sick leave, an employee must have been employed by a qualifying business for at least 30 days.
Part-time staff and gig economy workers are also entitled to some sick leave pay.
Employers can decline to give leave to workers in high-risk inzdustries like health care and emergency responders.
Businesses with fewer than 50 employees may be exempt from the law if providing leave "would jeopardize the viability of the business." If this is you, you will have to reach out to Department of labor to apply for this exemption.
Continue reading about this newly enacted legislation here .

Update 3. Florida announced a new $50 million disaster relief loan program, offering interest-free bridge loans of up to $50,000 to FL small businesses with 2 to 100 employees.

Here some details on the program:

Who can apply? For-profit, privately held small businesses with 2 to 100 employees that maintain a place of business in Florida, were established before 3/9/2020 and suffered economic injury as a result of COVID-19.

How much money is available? Loans of up to $50,000 are eligible per small business, with special-circumstance loans of up to $100,000 may be warranted in special cases.

How long is the loan interest free? One year. After that, the interest rate will raise 12% per year on any unpaid balance until the loan is paid in full.

Is there anything that might make me ineligible? Yes.   You should check your eligibility closely here.

When is the deadline to apply? May 8, unless funds run out sooner.

How do I apply? Once you've read up on the loan process and understand the full loan terms, you can download application here.

Now is the time to support each other and remember that we're all in this together — and we'll get through it together.

I've included a video that highlights some of  the good things people and businesses are doing to come together and offer support. here is the link

United by good