What the CARES Act Means for You (Coronavirus Aid, Relief and Economic Security Act)
As we're all dealing with the effects of COVID-19, I want to share encouraging news: the federal government has approved the $2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act which will help millions of people in this critical time. Perhaps even you.
This sweeping legislation is unprecedented in the history of our nation and will send money directly to Americans, greatly expand unemployment coverage and make a number of other changes to address the impact of COVID-19. The CARES Act is over 800 pages long, but according to this article from The New York Times on The CARES Act, here are some of the economic provisions most relevant for you.
You may be eligible for a one-time cash payment.
Most individuals earning less than $75,000 can expect a one-time cash payment of $1,200.
Married couples who qualify would each receive a check, and families that qualify would get $500 per child.
That means a family of four earning less than $150,000 can expect $3,400.
*Information from CNBC.com
If you or someone you know has lost a job
States will still continue to pay unemployment to people who qualify.
This bill adds $600 per week from the federal government on top of whatever base amount a worker receives from the state.
That boosted payment will last for four months.
*Information from edd.ca.gov
If you're a small business owner
The bill provides $10 billion for grants of up to $10,000 to provide emergency funds for small businesses who qualify for the Economic Injury Disaster Loan to cover immediate operating costs.
*Information from SBA.gov
Click here for a downloadable checklist and guide from the U.S. Chamber of Commerce!
If you're a freelancer OR independent contractor
Unemployment coverage may be available to freelancers and independent contractors and also provides an additional $600 per week for 4 months in addition to regular state benefits.
Typically, self-employed people, freelancers and contractors can't apply for unemployment.
*Information from NYT.com
If you're a property/homeowner
You can request a loan forbearance on their payments (without penalties, fees, or interest) for at least 180 days. Investors and multi-family borrowers may request a similar forbearance.
*Information from NYT.com
**Please contact your lienholder to see if you qualify!
Additional Information
• • •
To learn more about all the contents in the CARES Act
Click here to view this article.
If you have further questions or additional information, please consult with your CPA and Attorney.
LINKS TO OTHER BLOG ARTICLES
QUICK GUIDE TO BUYING A HOUSE IN SAN FRANCISCO
THINGS YOU CAN DO WHILE QUARANTINED AT HOME
HOW TO BUY A HOME DURING COVID-19
GOVERNOR GAVIN NEWSOM’S EXECUTIVE ORDER EFFECTS ON REAL ESTATE
TO BUY OR NOT TO BUY IN SAN FRANCISCO DURING SHELTER-IN-PLACE
About our Founder, Crystle
As the CEO of a San Francisco founded, global tech startup, Crystle understands from experience what it takes to succeed. Her real estate experience spans from successfully managing multiple properties over the last 10 years including residential, commercial, and mixed-use, as well as her time spent actively investing in flipping properties, tax liens, tax deeds, and other property types. As a native born and raised in San Francisco, you can trust that you’re in good hands of a local who can help you navigate the micro neighborhoods of San Francisco. Crystle invests in relationships and you can count on her to walk with you through the process of buying or selling your property.
You might ask yourself, “What does a tech startup have to do with real estate?”
Good question! Everything about Crystle exudes intention. Her ultimate goal is to grow her tech company so that she can utilize its philanthropic arm to fund micro-housing for the homeless in partnership with key, long standing and successful social services organizations in San Francisco. Real Estate gives her the ability to network and learn about developing land to purchase in the future to develop the micro housing. Her time serving on boards for these non profits gives her the knowledge of what these organizations really need to be able to get more people off the streets for good.
The same cornerstones that drive success in her tech company are the same cornerstones that make her the best real estate agent to work with: honesty, transparency, integrity, and a relationship- focused mindset toward life.
Crystle was born and raised in San Francisco’s Inner Richmond district and continues to choose to establish her future life in San Francisco as well. She is a woman of her word. She not only financially supports several not-for-profits, but also regularly serves in her community helping the homeless, youth, and those in poverty.
In her spare time, she is an active and current member of the Board of Directors of Lutheran Social Services of Northern California, the APA Heritage Foundation Committee of San Francisco, and volunteer for Mobilize Love. She has previously and faithfully served on the Board of Directors for Zion Lutheran Church and School of San Francisco, the Board of Directors for Designing a Difference, the Board of Directors for APAPA San Francisco, a member of the Friends of Smuin Ballet, and as a Co-Chair for the Princess Project.
CRYSTLE WONGAPRIL 8, 2020