<aside> 💡 This page is for anyone who is wondering how the CARES Act will affect them as a homeowner, renter, or a student. Updates on post-CARES Act potential policies.

</aside>

What is the CARES Act?

The CARES Act, or the Coronavirus Aid, Relief, and Economic Securities Act, provides $2 trillion of aid to people who are affected by COVID-19 and require financial assistance.

How does the CARES Act affect ...

Mortgages?

Renters?

Student loans?

In terms of mortgage relief, if you have a federally backed loan or a Government Sponsored Enterprise (GSE) loan, they may not foreclose on you until at least June 30, 2020. Second, you may request a mortgage forbearance of up to 180 days. You may even request for an additional 180 days. you must contact your loan provider to request this forbearance. There will be no additional fees, additional interest, or penalties to your credit for receiving this assistance.

For more info based on your state, please visit the link below:

Homeowners

The CARES Act imposed a 120-day moratorium on tenant eviction filings from March 27, 2020 until July 25, 2020. Rental property owners may not issue a notice to vacate until after July 24, 2020.

For more info based on your state, please visit the link below:

Renters & Evictions

Most of the provisions declared under the CARES Act only affect those with federally backed student loans. Private student loans are mostly not covered under the CARES Act.

For more information, please visit the link below:

Student Loans

Updates: What happens after the CARES Act?

• The current CARES Act foreclosure and eviction moratoriums were set to expire on June 30, but on June 17, the Federal Housing Administration announced it would extend these moratoriums until August 31 (specifically for "homeowners with FHA-insured, single-family mortgages"
• The Federal Housing Finance Agency made a similar extension for borrowers and renters at risk of losing their homes due to the pandemic.
• At the time of writing this page, there is a bill called the HEROES Act that passed in the House on May 15, but is still awaiting approval from the Senate. This bill would greatly help with anyone facing economic hardship during the COVID-19 pandemic, expanding into segments of the population that were ineligible in the first round of checks.
  • However, many Republicans in the Senate consider the bill "dead on arrival", and Majority House Leader Mitch McConnell has yet to bring the HEROES Act out for a vote. Speculations claim the vote will likely happen "before the August break".

What is the HEROES Act?

• The HEROES Act is a 3 Trillion dollar bill that extends many of the protections and benefits offered under the CARES Act. Here are some of the ways the proposed HEROES Act affects you: