We know this is an unprecedented time of uncertainty and anxiety for our residents. We also know that many of our residents are suffering from job losses, furloughs and reduced hours. Fortunately, there is help available.
Direct Payments
The federal government will be making one-time cash payments directly to our citizens. These payments should be issued during the month of April either by check or direct deposit. How much will you receive?
- Individuals earning less than $75,000 will receive $1,200
- Married couples earning less than $150,000 will receive $2,400
- If you have children, you will receive $500 per child
- Individuals earning more than $75,000 and less than $99,000 – and couples earning more than $150,000 and less than $198,000 are eligible for a lesser amount.
Enhanced Unemployment Benefits
If you have lost your job, you can apply for state unemployment benefits. Congress is enhancing state unemployment to provide more income and to cover more people.
- Adds $600-per-week for four months in addition to state unemployment benefits
- Adds up to 13 weeks of additional unemployment benefits to those already enrolled but are nearing the end of benefits
- Expands the program to include a number of workers not normally eligible to receive unemployment benefits, including:
- Freelancers
- Independent Contractors/Gig Workers
- Self-employed
- Those with limited work history
- Employees who are still employed but whose hours have been reduced
It is important to apply as soon as possible. To help expedite aid, the federal government is funding the first week of benefits to encourage states to waive traditional waiting periods, but it may still take a couple of weeks to be processed.
Retirement accounts
For the calendar year 2020, no one will have to take a minimum distribution. This change would not affect standard pensions. Additionally, qualified people can withdraw up to $100,000 this year without the usual 10% penalty, as long as it’s because of the outbreak. You will also be able to spread out any income taxes that you owe over three years from the date you took the distribution.
Student loans
The federal government waived two months of payments and interest for many federal student loan borrowers and until Sept. 30, there will be automatic payment suspensions for any student loan held by the federal government. Statistics show that up to 90% of loans will qualify for some sort of relief, allowing you to free up some cash to go towards other necessities.
We’re Here to Work With You
We understand there may be a delay in your ability to access these benefits. If that’s the case, please talk to us.
We’re all in this together and all deserve safe and clean housing. We are thankful for the hard work of our employees in keeping our community operational and all they continue to do to prepare for and mitigate the negative consequences of COVID-19 pandemic. To that end, we rely on rental payments to pay those workers and to cover our mortgage, utilities, maintenance and more.
We remain heartened by the stories of neighbors helping one another. Communities working together to stay safe is what will get us through this crisis, and we are here for you.
