AuthorTopic: 🦠 Economic Effect of Coronavirus  (Read 12930 times)

Offline RE

  • Administrator
  • Chief Cook & Bottlewasher
  • *****
  • Posts: 41788
    • View Profile
https://www.forbes.com/sites/lizfrazierpeck/2020/08/12/are-you-still-getting-another-1200-stimulus-check-heres-the-latest-status-and-timeline/#2f5b34b67807

54,090 views|Aug 12, 2020,11:07am EDT
Are You Still Getting Another $1,200 Stimulus Check? Here’s The Latest Status And Timeline
Liz Frazier

Illustration of the federal stimulus payment check from the IRS on keyboard

While negotiations continue for the second stimulus package, many Americans’ main concern is that second stimulus check. Here’s where we are as of today, and what needs to happen before that check goes in the mail.

Is a $1,200 Check Still Coming?

The answer is, of course, complicated. That being said, the answer is most likely yes, Americans should be receiving another round of stimulus checks. Republicans and Democrats both seem to agree that a stimulus check should be included in the next economic stimulus package - which is a good thing. The issue is, they have to agree on the other components of the package before the stimulus check is official.

Why Is It Taking So Long?

The stimulus check is part of a larger economic recovery package that needs to pass first. Democrats proposed a $3 trillion stimulus package called the HEROES Act. Republicans have their own version of relief package in the amount of $1 trillion, called the HEALS Act.  The goal is to find a middle ground between the two packages, but this is proving to be difficult. Although both sides have said they are willing to negotiate, a middle ground has yet to be found.

As negotiations stalled, Trump signed one executive order and three memoranda that included eviction relief, extended the enhanced federal unemployment benefits, provided student loan relief and a payroll tax cut. However, there are questions of whether this will ultimately help Americans, and if Trump is legally able to make these decisions.
Recommended For You

    Does Trump’s Executive Order Mean There’s No $1,200 Second Stimulus Check Coming?
    $1,200 Second Stimulus Check: If Bill Passes Here’s When You Can Realistically Expect To Receive It
    Can A Second Stimulus Check Still Go Out This Month?

When Will I Receive My Check?

This is the million dollar question (or, I suppose it’s the $1,200 question). While most agree the stimulus check will be included in the final package, there are several scenarios that will influence the timing of the checks.

PROMOTED

The biggest hurdle is passing the economic relief package. Best case scenario is Republicans and Democratic negotiators pick discussions back up and reach an agreement this week. That’s looking more doubtful everyday, so let’s assume negotiations will continue into next week.

The original CARES Act was passed by the Senate on March 25th, passed by the House on March 26th and signed March 27th. The first checks were sent out on April 15th. Using this timeline, if the Senate passes the package on August 17th, and the House passes it on August 18th then the bill could be signed into law as quickly as August 19th. In this scenario, the first checks could be sent out by the week of August 31st.

However, as negotiations stall, the possibility of the package being approved next week is looking less and less feasible. If the bill isn’t passed by the Senate until September 8th, using the same timeline, checks wouldn’t be sent out until the week of September 21st.

The Good News?

While there is always the possibility of this bill dying, and millions of Americans not getting the relief they need - that’s doubtful. There is a lot of pressure on both sides to get this package passed, and both sides continue to say they are willing to negotiate. The amount and details of the check seems to be the same as the original:

    Individual tax filers with adjusted gross income up to $75,000 (up to $150,000 for married couples filing joint returns) received the full payment.
    For filers with income above those amounts, the payment amount was reduced and then phased out for individuals whose income exceeded $99,000 (or $198,000 for joint filers with no children).
    Parents also received $500 for each qualifying child from the first check.

And the IRS is in a better position to get the checks out quicker than the first round since they now have the infrastructure in place. They are ready to hit the button, they just need the word.
Follow me on Twitter or LinkedIn. Check out my website or some of my other work here.
Save As Many As You Can

Offline RE

  • Administrator
  • Chief Cook & Bottlewasher
  • *****
  • Posts: 41788
    • View Profile
So who pays thhe landlords and who pays the mortgages?  ???   :icon_scratch:

RE

https://www.usatoday.com/story/news/politics/2020/09/01/trump-imposes-eviction-moratorium-because-covid-19-pandemic/5686402002/

Trump administration announces nationwide eviction moratorium through end of the year
John Fritze
Nicholas Wu
USA TODAY


WASHINGTON – Relying on a public health law intended to prevent the spread of an illness, the Trump administration said Tuesday it is implementing a national four-month moratorium on residential evictions.

The moratorium, announced by the Centers for Disease Control and Prevention, was the latest measure by the administration to get a handle on the economic fallout from the coronavirus pandemic absent an agreement with Congress on a more far reaching package that would have the force of law.

To stop evictions, health officials are relying on the 1944 Public Health Service Act, which gives the administration broad quarantine powers. The moratorium, which will run through Dec. 31, applies to individuals earning less than $99,000 a year and who are unable to make rent or housing payments.

“President Trump is committed to helping hard-working Americans stay in their homes and combating the spread of the coronavirus,” White House spokesman Brian Morgenstern told reporters Tuesday.

More:Trump goes maskless in Kenosha, and urges others to do same

More:Federal prisons resume visits in October, 7 months after COVID-19 suspension

The move drew a mixed reaction from housing experts: praise that it would potentially keep tens of millions of Americans in their homes but concern that it only moves back a deadline, potentially setting people up for evictions next year because they would continue to accrue back payments during the pause in evictions.

It’s also not clear how the move affects landlords, who must continue to make their own payments.

“The very least the federal government ought to do is assure each of us that we won’t lose our homes in the middle of a global pandemic,” said National Low Income Housing Coalition president and CEO Diane Yentel. “But while an eviction moratorium is an essential step, it is a half-measure that extends a financial cliff for renters to fall off of when the moratorium expires and back rent is owed.”

Doug Bibby, president of the National Multifamily Housing Council, said his organization is “disappointed” that the administration enacted an eviction moratorium without funding for rental and unemployment assistance. The group advocates for the apartment industry.

“An eviction moratorium will ultimately harm the very people it aims to help by making it impossible for housing providers, particularly small owners, to meet their financial obligations and continue to provide shelter to their residents,” Bibby said.

And Bob Pinnegar, president and CEO of the National Apartment Association, said his organization and its members were "deeply concerned" by the moratorium. He said the lack of money for rental assistance risked creating a "cascade" when apartment owners did not receive rental payments and then fell behind on maintaining their properties or paying property taxes or mortgages.

Treasury Secretary Steven Mnuchin told lawmakers on Capitol Hill earlier Tuesday that the announcement on evictions would likely leave them “pleased,” but he acknowledged it was not a substitute for congressional action. The White House and congressional Democrats have stalled in talks to approve another stimulus, allowing many relief programs to expire. 
President Donald Trump speaks during a news briefing at the White House, Thursday, July 2, 2020, in Washington. (AP Photo/Evan Vucci)

"Our first choice is to have bipartisan legislation that allocates specific rental assistance to the people hardest hit," he said.

Asked about an Aspen Institute estimate of that 30 to 40 million Americans were at risk of eviction, Mnuchin said the estimate was "absurdly high," arguing the executive orders on enhanced unemployment benefits could help Americans pay rent.

"I think this is nothing close" to what was seen during the 2007 mortgage and housing crisis, he said.
Save As Many As You Can

Offline RE

  • Administrator
  • Chief Cook & Bottlewasher
  • *****
  • Posts: 41788
    • View Profile
🦠 Rent Deflation for RE
« Reply #302 on: September 02, 2020, 06:55:06 AM »
Despite Eddie's claim landlords don't reduce rents, my rent was juust reduced by about 3%!   :icon_sunny: :icon_sunny: :icon_sunny:

We have had quite a few moveouts and there are several vacant units.  The Collapse is starting to get real around here.

RE
Save As Many As You Can

Offline Nearingsfault

  • Sous Chef
  • ****
  • Posts: 1370
    • View Profile
Re: 🦠 Rent Deflation for RE
« Reply #303 on: September 02, 2020, 06:35:09 PM »
Despite Eddie's claim landlords don't reduce rents, my rent was juust reduced by about 3%!   :icon_sunny: :icon_sunny: :icon_sunny:

We have had quite a few moveouts and there are several vacant units.  The Collapse is starting to get real around here.

RE
would you say they are moving out of town, out of state or just to cheaper maybe shared spaces?
If its important then try something, fail, disect, learn from it, try again, and again and again until it kills you or you succeed.

Offline RE

  • Administrator
  • Chief Cook & Bottlewasher
  • *****
  • Posts: 41788
    • View Profile
Re: 🦠 Rent Deflation for RE
« Reply #304 on: September 02, 2020, 07:34:50 PM »
Despite Eddie's claim landlords don't reduce rents, my rent was just reduced by about 3%!   :icon_sunny: :icon_sunny: :icon_sunny:

We have had quite a few moveouts and there are several vacant units.  The Collapse is starting to get real around here.

RE
would you say they are moving out of town, out of state or just to cheaper maybe shared spaces?

Given the socioeconomics of this place, they are probably couch surfing or have moved in with parents.

RE
Save As Many As You Can

Offline RE

  • Administrator
  • Chief Cook & Bottlewasher
  • *****
  • Posts: 41788
    • View Profile
🦠 White House moves to halt evictions as fears of coronavirus-fueled housing cr
« Reply #305 on: September 03, 2020, 03:55:01 AM »
https://www.cnbc.com/2020/09/01/trump-administration-moves-to-halt-evictions-during-coronavirus.html

White House moves to halt evictions as fears of coronavirus-fueled housing crisis grow
Published Tue, Sep 1 20205:27 PM EDTUpdated Tue, Sep 1 20206:41 PM EDT
Christina Wilkie  @christinawilkie
Kevin Breuninger  @KevinWilliamB


Key Points

    The Trump administration announced that the CDC will invoke its authority to halt evictions through the end of the year in an effort to slow the spread of the coronavirus pandemic.
    The moratorium is the most significant step taken so far by the White House to fend off what experts predict will be a flood of evictions across the country.
    The move came after President Trump asked the CDC and the Department of Health and Human Services to consider whether eviction-halting measures were necessary to help quell the Covid-19 crisis.

watch now
VIDEO05:37
CDC issues order to temporarily halt residential evictions to stop Covid spread

WASHINGTON — The Trump administration announced Tuesday that the Centers for Disease Control and Prevention will invoke its authority to halt evictions through the end of the year in an effort to slow the spread of the coronavirus pandemic.

The moratorium — a draft of which was posted to the Federal Register — is the most significant step taken so far by the White House to fend off what experts predict will be a flood of evictions across the country, after enhanced federal unemployment aid and a federal eviction moratorium expired at the end of July.

The move followed President Donald Trump’s Aug. 8 executive order, which asked the CDC and the Department of Health and Human Services to consider whether eviction-halting measures were necessary to help quell the Covid-19 crisis.

The CDC’s order applies to people who would also have been eligible for the stimulus checks sent directly to millions of Americans earlier this year — individuals with $99,000 or less in income, or couples filing jointly with $198,000 or less.

Those who are eligible must meet additional criteria before presenting their landlords with a declaration, which will be made available on the CDC website. They have to show that they have made efforts to seek government help and cannot pay their rent due to the impact of the pandemic, and they must demonstrate that they are likely to become homeless or move into congregate housing if evicted.

A senior administration official told reporters in a call Tuesday evening that the Department of Housing and Urban Development wants state and local officials to use certain available block-grant programs to help renters and landlords who may be unable to collect rent from some tenants for months.

The $150 billion Coronavirus Relief Fund, a piece of the stimulus bill signed into law in March, can also be used for rental assistance, another official added.

“President Trump is committed to helping hard-working Americans stay in their homes and combating the spread of the coronavirus,” said Brian Morgenstern, deputy White House press secretary, on the call.

“The administration has also made federal funds available to alleviate any economic impact to tenants, landlords and property owners,” Morgenstern said.

Congress and the White House failed to reach a deal earlier this summer on an extension of coronavirus aid, and millions of Americans whose livelihoods have yet to recover from the pandemic effectively saw their financial lifeline cut off on July 31.

Major questions also remain as to the feasibility of such a broad moratorium on evictions. Housing experts warn that barring landlords from evicting nonpaying tenants without compensating them could have a massive destabilizing effect, felt first in the commercial housing market and then in credit markets, as both large and small-scale landlords default on mortgages.

As talks broke down in early August between House Democrats and the White House over the size and scale of another coronavirus relief bill, House Speaker Nancy Pelosi called on Trump to use his executive power to halt evictions. But she noted that without money to prop up renters and landlords, a moratorium could do as much harm as good.

“He can extend the moratorium, and I hope that he does,” Pelosi said on CNBC on Aug. 6. “But you can’t just extend the moratorium, you’ve got to have money.”

“If they extend the moratorium, people won’t have to pay their rent just yet. It’ll get pushed further down the road, unless we get some money for them to compensate for what they have to get. And that’s not just for the renters, that’s for the landlords,” said Pelosi.

“What good is a moratorium until the end of the year, if you don’t have some money to help pay the rent?”
Save As Many As You Can

Offline RE

  • Administrator
  • Chief Cook & Bottlewasher
  • *****
  • Posts: 41788
    • View Profile
https://www.adn.com/alaska-news/2020/09/03/eviction-protections-flexible-landlords-and-assistance-programs-have-helped-keep-alaskans-housed-but-many-still-cant-make-rent/

Eviction protections, flexible landlords and assistance programs have helped keep Alaskans housed, but many still can’t make rent

    pencil Author: Alex DeMarban
    clock Updated: 16 hours ago calendar Published 16 hours ago

Homes in East Anchorage on May 2, 2018. (Loren Holmes / ADN)

We're making this important information about the pandemic available without a subscription as a public service. But we depend on reader support to do this work. Please consider joining others in supporting independent journalism in Alaska for just $3.23 a week.

For months, experts have warned that the economic impact of COVID-19 could lead to an “eviction tsunami.” But so far, eviction actions in the Alaska court system have stayed relatively low.

But landlords and aid organizations say eviction numbers aren’t telling the full story: As the pandemic drags on, many Alaskans are struggling to make rent.
ADVERTISING

Officials say previous government eviction protections during the pandemic, which ended in recent weeks, helped stave off a wave of people losing their homes.

Another reason Alaska isn’t seeing more evictions is that landlords are taking unusual steps to keep tenants, they say. Also, rental and mortgage assistance provided by agencies such as the United Way of Anchorage is helping keep people housed, though demand for aid is spiking, said Michele Brown, president of the nonprofit.

“We are seeing heavy demand,” Brown said. “People we are providing rental assistance to are saying they are fearful of becoming homeless.”

The group is helping distribute millions of dollars in rental and mortgage assistance provided by the Municipality of Anchorage, using federal funding under the CARES Act.

[Anchorage has $156 million in COVID-19 aid. Here’s how you can apply for some of it.]

The municipality’s recently ended “four-week reset,” which closed indoor service at restaurants and shut down bars except for delivery and takeout, contributed to increased demand for the aid as more people lost work, Brown said.

The Centers for Disease Control and Prevention this week announced new protections to limit evictions.

The new federal order will help protect many renters whose income has been reduced during the pandemic through the end of the year, Brown said.
ADVERTISING

“It’s a nice stopgap for the people that will qualify,” she said.

The order bans evictions nationwide for individuals who, among other criteria, can’t meet rent or housing payments, make below $99,000 a year for individuals or $198,000 for couples, and who tried their best to get government help for rent or housing, according to the CDC.

The agency is expected to publish guidelines in the Federal Register on Friday, launching the expanded program, said Mara Rabinowitz, a spokeswoman with the Alaska court system.

Judges will take into account the new guidelines when someone files an eviction action, Rabinowitz said.

The court system is working to update its online list of frequently asked questions about COVID-19′s impact on the court system to add information about the changes, she said.

Eviction actions statewide have risen in recent weeks, but have remained below 45 cases per week through late August, according to data provided by Rabinowitz.

That’s slightly fewer than the number of cases recorded in the first two weeks of March, before pandemic restrictions on businesses led to widespread layoffs and furloughs.

[Northway Mall evicts several businesses ahead of closing its common area]

Close to 50,000 people in Alaska have collected jobless benefits in recent weeks. Monthly unemployment rates have shot to record levels above 11%, according to state economists.

Amid the eviction restrictions, landlords in many cases have been taking extra steps to retain their tenants and avoid court actions, said Kassandra Taggart, an owner of Real Property Management Last Frontier, managing 550 units in Anchorage and elsewhere.

“A lot of landlords are saying, ’Oh great, another order, but it’s OK because I’ve already found a way to get through this,’” she said of the new CDC rules.

Landlords are negotiating payment plans with tenants and connecting them to agencies that offer rental and mortgage assistance, said Taggart, who runs the Landlord’s Almanac Club in Alaska with 2,500 members.

“One landlord said, ’We’ll pay you for a paint job,’ so they’re paying a tenant to work on their house,” she said.

The rental assistance has come in waves and has not reached everyone, she said. That has forced some tenants who can’t pay rent to rack up debts exceeding $10,000, she said.

The impact to landlords has varied, she said.

Apartment complexes that often serve lower-income Alaskans, with rent below $1,200 monthly, have seen a bigger impact, she said.

People in those units often work in the hard-hit hospitality and personal service industries, including bars, restaurants and hotels, she said. Many are struggling to cover rent, she said.

One landlord she knows has a 23% unpaid rental rate right now, she said. Another has a 0.5% unpaid rate.

[Depression, anxiety spike amid outbreak and turbulent times]

“It all depends on the portfolio you have,” she said.

Brown said the United Way of Anchorage, in conjunction with Lutheran Social Services of Alaska, provides rental and mortgage assistance grants for up to $1,000 monthly, for a maximum of three months.

More than $2 million in total payments has already been provided, supporting about 1,500 households, she said.

More money is available, she said.

With the surge in demand, appointments for applicants are now generally backed up three weeks, she said. But sometimes people cancel, opening slots for others.

The wait has previously taken about 10 to 14 days.

“We are doing about 60 appointments a day,” an increase from July, she said.

“The job loss has affected everyone, but it’s disproportionately affecting people on the lower end of the wage scale,” she said.

Many applicants have never been in the position of seeking financial help from an agency, she said.

“We see folks who are embarrassed,” but this is not their fault, she said.

People who lost work in the hospitality industry represent the biggest percentage of applicants, she said.

“These people took the front-line hit to keep the rest of us safe and this assistance is a way of equalizing the impacts,” she said. “So it’s not a handout.”

She said people seeking the aid are increasingly getting notices from their landlords that could lead to an eviction, informing them their lease agreement is not being met.

United Way of Anchorage is trying to prevent eviction actions, she said. It’s currently working to streamline its distribution process for rental and mortgage assistance and decrease wait times for appointments.

“If we can work with tenants and landlords and get many of them through this crisis, we will forestall a lot of people from going to court,” she said.

People who have suffered COVID-19-related income losses and who can’t pay their rent or home loans can get help from the program by dialing 211, a service that United Way manages, Brown said.

Information about rent and mortgage assistance programs statewide can be found at alaska211.org.
Save As Many As You Can

 

Related Topics

  Subject / Started by Replies Last post
635 Replies
41937 Views
Last post September 24, 2020, 08:42:50 PM
by John of Wallan
0 Replies
720 Views
Last post November 24, 2019, 10:23:07 PM
by Guest
7 Replies
1108 Views
Last post March 29, 2020, 04:44:06 AM
by Surly1