During this trying time in real estate, any owner or operator of rental properties should remain up-to-date on any and all financial resources available to the public. Not only for you, but for your tenants. Below is the “Financial Resources Packet” that we provided all of our tenants at the end of March.

State-specific sections can be adjusted for any state.

Residents,

On March 27, 2020, the federal government passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), to provide financial relief to the American people and American businesses. The measure provides both direct financial aid to individuals and families, and support for small businesses, among many other efforts to reduce the economic hardships caused by the COVID-19 outbreak.

This is certainly not all the information that is out there and many more relief programs seem to be popping up each day. Still, the CARES Act was significant update that will help many people. Hopefully, this is helpful starting point for understanding the support that is available, and how the CARES Act will benefit you.

Resources Overview:

• Cash Payments to Americans (Stimulus Checks)

• FAQ on Stimulus Checks (Cash Payments to Americans)

• New Guidance on Unemployment Insurance Flexibilities

• CARES Act Updates to Unemployment Insurance

• State unemployment benefits

• Federal Tax Filing Extension

• State Income Tax Filing Extension

Cash Payments to Americans (Stimulus Checks)

The U.S. government is about to send checks — or direct deposits — to most Americans to help people survive financially as much of the economy shuts down in an effort to slow the spread of the novel coronavirus.

The CARES Act would provide $1,200 payments to adults with annual incomes up to $75,000, plus another $500 per child. Some Americans earning more than $75,000 would also receive money if they meet certain qualifications outlined below. For most Americans, the money is likely to arrive in April via direct deposit. Mailed checks may take longer.

New Guidance on Unemployment Insurance Flexibilities during COVID-19 Outbreak

COVID-19 (Coronovirus) update: The federal government is allowing new options for states to amend their laws to provide unemployment insurance benefits related to COVID-19. For example, federal law allows states to pay benefits where:

• An employer temporarily ceases operations due to COVID-19, preventing employees from coming to work;

• An individual is quarantined with the expectation of returning to work after the quarantine is over; and

• An individual leaves employment due to a risk of exposure or infection or to care for a family member.

In addition, federal law does not require an employee to quit in order to receive benefits due to the impact of COVID-19.

CARES Act Updates to Unemployment Benefits

• CARES Act includes expanding unemployment insurance to self-employed workers and independent contractors.

• The bill extends unemployment benefits for 13 more weeks and also includes an additional $600 a week on top of state unemployment benefits for up to four months. The rate of state pay may be less for self-employed, independent contractors, and freelance workers.

• The exact amount you can receive through Unemployment depends on your state and your previous earnings.

• Also eligible for unemployment: anyone who becomes sick and is ordered to be quarantined.

To apply for unemployment benefits, visit your state’s unemployment website. The information you will need includes your Social Security number, your driver’s license or state ID, and Social Security numbers of any dependents you are claiming.

Federal Income Tax Filing and Payment Deadline Extension

The federal tax return filing deadline is now July 15, 2020. For tax payments of up to $10 million, the IRS has also extended the deadline for both individuals and businesses to July 15, 2020. Estimated tax payments for 2020 originally due on April 15 will now be due on July 15.

Article Source: https://www.biggerpockets.com/