COVID-19 Resources & Assistance

• The U.S. Small Business Administration offers low-interest loans to small business owners to assist them during COVID-19. Some small businesses may also be eligible for debt relief through the SBA.

  • More information about different programs that small businesses may be eligible for can be found here: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options

  • Business can apply for Disaster Loan Assistance through SBA website: https://disasterloan.sba.gov/ela/

• The U.S. Department of Labor has established the Families First Coronavirus Response Act (FFCRA), which has announced that businesses with under 500 employees will be reimbursed with tax credits for the cost of paid leaves taken by employees due to COVID-19. More information can be found here: https://www.dol.gov/agencies/whd/ffcra; and here:

https://www.federalregister.gov/documents/2020/04/06/2020-07237/paid-leave-under-the-families-first-coronavirus-response-act .

• Starting on March 18, 2020, The Department of Housing and Urban Development (HUD) announced all evictions and foreclosures are suspended for the next 60 days if the mortgage was insured by the Federal Housing Administration (FHA).

https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Suspends-Foreclosures-and-Evictions-for-Enterprise-Backed-Mortgages.aspx

https://www.hud.gov/press/press_releases_media_advisories/HUD_No_20_042

• HUD is also working with Fannie Mae in bringing relief.

  • • Homeowners whose mortgage is owned by Fannie Mae may be eligible for a Forbearance Program which puts their reduces or suspends mortgage for up to 12 months, after which reduction and repayment plans may be worked out.

    • For general COVID-19 information provided by Fannie Mae visit https://www.knowyouroptions.com/covid19assistance

• For more information on Forbearance Program visit https://www.knowyouroptions.com/options-to-stay-in-your-home/overview/forbearance

• In New York, New York Governor Andrew Cuomo announced on March 19 that mortgage payments will be suspended for 90 days based on financial hardship.

https://www.governor.ny.gov/news/governor-cuomo-signs-executive-order-mandating-businesses-require-office-personnel-decrease

• New York also offers various tax exempt and payment plans for property owners who might be in hardship due to COVID-19:

https://www1.nyc.gov/assets/finance/downloads/pdf/20pdf/hardship-programs-press-release.pdf

• • • Exemption Programs: https://www1.nyc.gov/site/finance/benefits/landlords.page

Tenants of multifamily rental property owned by Fannie Mae who are struggling to pay rent have access to “Fannie Mae's Disaster Response Network™ [which] offers free help with the broader financial challenges caused by COVID-19. Its HUD-approved housing counselors can create a personalized action plan, offer financial coaching and budgeting, and support your ongoing success for up to 18 months.”

For general information, visit: https://www.knowyouroptions.com/covid19assistance

See the flyer for information about Disaster Response Network here: https://www.fanniemae.com/resources/file/aboutus/pdf/drn-flyer-for-homeowners.pdf

Individual banks have also established COVID-19 response pages.

• • • Bank of America

      • Small business owners and homeowners with mortgages may be eligible for a deferred payment after sending a request online. https://about.bankofamerica.com/promo/assistance/latest-updates-from-bank-of-america-coronavirus

• • • Wells Fargo Bank

      • Wells Fargo is working with the SBA to provide short-term cash flow to small business owners through their Paycheck Protection Program. https://update.wf.com/coronavirus/paycheckprotectionprogram/