The most recent $900 billion stimulus package passed by Congress and signed into law on December 27, 2020 includes several provisions that will affect homeowners and renters:
*The law extends eviction protection until January 31 and provides $25 billion in rental assistance for individuals who lost their sources of income due to the pandemic.
*To qualify for rent relief, tenants must meet certain conditions (households cannot make more than 80% of their area’s median income; must be experiencing financial hardship due to the pandemic; and must be at risk of losing their housing).
*The National Low Income Housing Coalition provides a lookup tool to assist renters in finding state and local assistance.
*If you have a mortgage backed by Fannie Mae or Freddie Mac, a lender/servicer cannot start foreclosure proceedings against you in the event you are unable to make your mortgage payments until at least January 31, 2021.
*If you have a VA, FHA, or USDA mortgage, foreclosure cannot be initiated before at least February 28, 2021 (but this may vary by loan type or servicer).
*Consult your loan servicer (the company to which you make your monthly mortgage payments) for additional details on mortgage relief programs.
Direct Payments and Unemployment Benefits
*Eligible individuals will receive direct stimulus payments of $600, with families receiving an additional $600 per child.
*Unemployed individuals will receive a $300 weekly federal enhancement in benefits through March 14. The Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation programs, created in the March 2020 CARES Act, have also been extended.