COVID-19 Relief Assistance Resources

SPECIAL NOTE: Many states and counties are beginning to re-open for business starting May 1, 2020. Check back here for details of the highlights and guidelines for re-opening our great country.

The following states have re-opened fully:

Although States are re-opening, every county may have their own timeline and you can check here or do a web search to see what rules and regulations your area requires for opening back up for business.

SPECIAL NOTE IF YOU ARE LOOKING TO REFINANCE YOUR HOME! Do not stop paying on your mortgage or sign any agreements to postpone payments. If you sign an agreement, you may not be able to refinance your property!

ALERT!: NOW IS A GREAT TIME TO REFINANCE IF YOU MEET THE REQUIREMENTS BELOW (See the Mortgage relief section below if you lost your job or need mortgage payment relief!)

Many lenders have stopped funding NonQM (Non Qualified Mortgages, ie self employed or low credit score mortgages) and Adjustable rate mortgages. Traditional fixed rate mortgages are still being refinanced as of 4/23/2020. See requirements below.

The following requiremtents will be needed to be met if you are seeking to refinance your property during the COVID-19 crisis:

1. You must have a credit score of at least 640 (for FHA) or 680 (for conventional) in order to consider refinancing at this time

2. You need to have at least 20% equity in your property. If you have less than 20% equity but have monthly mortgage insurance payments (aka PMI or MMI) you can get a refinance to remove that if you meet the other terms listed here

3. You must have w2 income or income that is proven on your tax returns or other government proof ( ie pension, social security, child support or other provable income). Self employed or proving your income through bank accounts will no longer qualify you for a loan during this crisis.

4. You must not have refinanced in the last 6-12 months (depending on your lender) to qualify for most refinance programs.

SPECIAL NOTE IF YOU ARE BUYING OR SELLING A HOME! Many real estate sales have been delayed due to the Covid-19 crisis. Mortgage companies have tightened restrictions on lending and even if your loan was approved, they may choose to not fund it at this time. BE AWARE, this is all temporary and after restrictions are lifted real estate sales should return to normal.

SPECIAL NOTE IF YOU HAVE A MORTGAGE! Do not stop paying on your mortgage without a WRITTEN agreement with your lender. Without a written agreement, your lender will have the right to foreclose on your property if all payments are not paid after the crisis is over!

ALERT!: There are many people I am speaking to that do not understand there is NO LAW MANDATING A POSTPONEMENT OF PAYMENTS! YOU MUST CONTACT YOUR LENDER AND ASK FOR HELP! DO NOT JUST SKIP YOUR PAYMENTS AND EXPECT THEM TO BE ADDED TO THE END OF YOUR LOAN!

Your Mortgage company may offer a 90 day postponement of your payments. This may result in a balloon payment due in full at the end of the 90 days or result in you having larger payments over the next 6-12 months. We advise to you evaluate this offer carefully to see if it works for your current situation.

Your mortgage company may also offer a "Forbearance" agreement which adds the payments to the end of your loan. A forbearance is the same as a foreclosure on your credit and even though they say they will not report it to your credit now, it may result in problems getting a loan in the future!

Many lenders are now offering a ”loan modification” like they did after the banking crisis of 2008. Be careful to understand all the details of these modifications, as many are NOT good deals. Most importantly, NEVER stop making mortgage payments, even if your bank tells you to! Do not stop making payments unless you have a commitment in writing!

SPECIAL NOTE IF YOU ARE IN FORECLOSURE OR ARE ALREADY BEHIND ON YOUR MORTGAGE PAYMENTS! Get a WRITTEN agreement with your lender!

JUST TO BE CLEAR, THERE IS NO LAW PASSED BY CONGRESS OR STATE GOVERNMENT THAT PREVENTS A LENDER FROM FORECLOSING ON YOUR PROPERTY!
Only suggestions and Guidelines.

If you were already past due or in foreclosure before the COVID-19 crisis started in April, a forbearance would be a good thing to work out with your lender, which would add the payments to the end of your loan. Without a written agreement, your lender will have the right to foreclose on your property if all payments are not paid after the crisis is over!

SPECIAL NOTE - IF YOU ARE UNEMPLOYED DUE TO THE COVID-19 CRISIS: Unemployment benefits will be available to sole proprietors, Independent Contractors, and self employed individuals on April 28, 2020 starting at 8am PST. See information below for details.

PANDEMIC UNEMPLOYMENT ASSISTANCE (PUA) PROGRAM This is a newly available emergency unemployment assistance program under the federal CARES Act. PUA provides assistance for unemployed or partially unemployed individuals who are not eligible for regular unemployment insurance and who are unable or unavailable to work due to COVID-19 related circumstances. The Employment Development Department (EDD) will be accepting on-line applications for this program beginning on Tuesday, April 28. Check the link below for updates.

If you are denied you should try to get a hold of someone to discuss this with them to see why (it may take several dozen calls to get through). Do not just apply again!

SPECIAL NOTE FOR THE CARES STIMULUS IRS CHECKS - IRS stimulus began disbursement APRIL 15, 2020. Half of my family received theirs and half did not.

The IRS has published a site for you to track your refund so go there first if you have not received yours yet (see the link below). The IRS is having glitches so it is important for you to stay on top of this so you get the needed stimulus money!

SPECIAL NOTE IF YOU RENT! Do not stop paying your rent without a written agreement with your landlord. Without a written agreement, your landlord will have the right to evict you if all payments are not paid after this crisis is over.

SPECIAL NOTE IF YOU CANNOT AFFORD YOUR UTILITIES! The Federal Govenment has SUGGESTED that no utilities are to be shut off for nonpayment as a result of the Covid-19 Crisis!
WARNING: Not all states and not all companies have agreed to this mandate. Make sure you call and get a relief offer from your utility company, otherwise your utilities may be shut off!

SPECIAL NOTE IF YOU ARE BEING EVICTED! You can stay in your home through this crisis. However, without a written agreement, your landlord will have the right to evict you if all payments are not paid after this crisis is over.

WARNING COMMERCIAL PROPERTY OWNERS! Do not stop paying on your mortgage without a written agreement with your lender. Without a written agreement your lender will have the right to foreclose on your property if all payments are not paid after this crisis is over.

SPECIAL NOTE TO BUSINESS OWNERS THE EIDL LOAN IS NOT FORGIVABLE AT THIS TIME! The Advance that is given IS forgivable and is awarded based on the number of employees you put into the initial application. You are given $1000 per employee up to $10,000.

This part of the CARES stimulus expanded the existing SBA fund and is given out until the funds are gone. The SBA is currently processing loan applications and you should call the SBA to check on the status of your EIDL loan. The loan portion is determined by the total income over the past 12 months and has a 3.5%-4% interest rate, is a 30 year term, and has deferred payments for 1 year. You can qualify even if you are an independent contractor or sole proprietor.

The EIDL loans began processing April 10, 2020 and we received our advance on 4/15/2020. We have also heard others are starting to get their advances as well.

SPECIAL NOTE TO BUSINESS OWNERS WITH PAYROLL! Get your application together and ready to submit to the SBA if you have not already. The President signed stimulus into law replenishing this program with only $300 Billion more. It is first come first served! READ THE DETAILS CAREFULLY BEFORE TAKING OUT A PPP LOAN AS IT MAY NOT BE FORGIVABLE IN YOUR SITUATIION!!! The SBA began taking applications and authorizing lenders to proceed on 4/6/2020 and the funds ran out on 4/15/2020, and replenished the fund on 4/24/2020..

It is important to contact your existing bank first to see if they are funding the PPP SBA Loan. This part of the CARES stimulus is given out until the funds are gone and may be forgiven in 2 years if the funds are used per the laws guidelines. You must qualify and provide detailed records to get approved.

If your existing bank rejects you or is not providing PPP loans, we have provided links below to online lenders that are offering a full online application.

This section is for EXISTING SBA Loan holders. Click on the links below and learn more about how the SBA has deferred and will cover your SBA Loan payments throughout this crisis! This debt relief program is for current SBA 7(a), 504, and microloans.

Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.

Below are links to the sites we monitor to track the outbreak of Covid-19 Coronvirus both worldwide and locally. As we find more realtime sources we will post them here.