Resources for Homeowners Affected by Covid-19
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Resources for Homeowners affected by Covid-19
Over the past month there have been many updates and releases regarding assistance available for those affected by Covid-19. From small business owners to investment properties it appears that there’s help for everyone based on the information available as of April 14, 2020.
To help you find what you need we’ve complied a list of resources to help point you in the right direction for financial assistance. The list below is not exhaustive, and we encourage you to seek additional opportunities at your state and local level. Furthermore, this list is simply that: a list. The information provided should not be construed as advice or guidance.
Mortgage Forbearance
A Mortgage Forbearance offers a reduction or suspension of your mortgage payments but does NOT forgive the portion of the loan that is deferred. Since forbearance applications are submitted directly through your bank we suggest contacting them directly to gather more detailed information.
The Consumer Financial Protection Bureau has put together a document discussing what you need to know regarding Mortgage Forbearance here.
More recently HUD (as of 04.13.20) has implemented the Multifamily Mortgage Payment Relief for borrowers with multifamily mortgages insured by the Federal Housing Administration (FHA) or borrowers participating in other HUD Multifamily housing programs. Learn more here.
Income Assistance
In addition to mortgage relief, the state and federal governments have also created income assistance for those affected by Coronavirus. The Florida Department of Economic Opportunity has compiled a list of resources here.
Included in their resources is the Florida Reemployment Assistance program where you can apply for unemployment assistance here.
Business Income Assistance and Loans
If you’re a business owner you may also be eligible for assistance under the CARES act.
The Small Business Administration has options for disaster loans, debt relief loans, and payroll protection.
The Economic Injury Disaster Loan Emergency Advance could provide up to $10,000 of economic relief to business experiencing loss due to Covid19. To learn more about the EIDL loan click here. For a direct link to the application click here.
Next up is the Payroll Protection Program for businesses with less than 500 employees. The loan is designed to keep your employees on payroll during the Covid-19 crisis. A portion of the loan provided through PPP may be forgivable if used in accordance with the terms of the loan. Learn more about the PPP loan here. Click here for a direct link to the application.
You may also be eligible to receive funds through the State Small Business Credit Initiative designed to help finance small businesses that are creditworthy, but are not getting the loans they need to expand and create jobs. Learn more about these options here.
As mentioned above, this is by no means an exhaustive list of assistance that has been created as a result of Covid19, but it’s a start. We know how challenging these times are for everyone and if you have any questions about how to move forward with buying or selling a home we welcome your questions.
Lianna D’Angelo is the owner and principle broker of Sotera Living, a real estate agency and brokerage located in Central Florida. Sotera Living serves home owners and home buyers throughout all of Central Florida including Winter Park, Baldwin Park, College Park, Orlando, Lake Nona, as well as the Space Coast.