Assistance available for homeowners, renters hit with financial hardship

HONOLULU, Hawaii (HawaiiNewsNow) – U.S. Sen. Brian Schatz continues to outline resources available for struggling residents during the coronavirus pandemic.

His office released an online guide for homeowners and renters who may be struggling to make payments due to a loss of income.

Assistance includes a delay in payments for homeowners with a federally-backed mortgage. There’s also a moratorium on evictions for most renters until July.

“Lots of Hawai‘i residents are struggling to make their mortgage or their rent, and these programs can help tens of thousands of people who need it,” said Sen. Schatz. “Please call either your mortgage servicer, your landlord, or a housing counselor to see if you are eligible for either forbearance or protections against being evicted.”

Schatz adds that more than 60 percent of all mortgages in Hawai‘i and across the country are backed by the federal government.

His guide for homeowners and renters comes a day after his office released a guide for struggling small businesses who were forced to close or cut staff.

To read more, click here: https://www.hawaiinewsnow.com/2020/03/29/assistance-available-homeowners-renters-hit-with-financial-hardship/

CARES Act: Coronavirus Aid

President Trump signed the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act today. The CARES Act includes a one-time payout as detailed below:

– Adults: $1,200 Child: $500

– The check will get smaller for those earning over $75,000 a year based on 2018 tax returns.

Payments phase out at a rate of $5 per every additional $100 in income starting at $75,000 in adjusted gross income for singles, $112,500 for heads of households, and $150,000 for married couples filing jointly. For example, a single adult who earns $85,000 would get $700 (a decrease of $500 due to his or her higher income). Individuals making more than $99,000 a year or married couples making over $198,000 would not be eligible for stimulus payments.

Checks could start arriving in three weeks, said the White House.

Other provisions include the following:

Unemployment

The CARES Act will add $600 per week for four months on top of what the state pays for unemployment.

Delayed Tax Filing Deadline

 The Income Tax filing deadline has been delayed to July 15, 2020.

Aid to Hospitals

 The CARES Act includes $130 billion for hospitals dealing with a shortage in medical masks, ventilators and hospital beds ahead of an expected wave of cases. It also provides $150 billion directly to state and local governments dealing with the outbreak.

$500 billion Treasury Fund

The final deal includes a $500 billion Treasury Fund for industries affected by the virus and offers more than $300 billion in small business loans.