Here’s what you need to know about the state and federal protections for renters and homeowners, in response to COVID-19

Here’s what you need to know about the state and federal protections for renters and homeowners, in response to COVID-19:​

Federal Guidelines:

Below is a recap of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

Mortgage Relief: Two protections for homeowners with federally backed mortgages:

​Suspension of New Foreclosures: Your lender or loan servicer may not foreclose on you for 60 days after March 18, 2020. Specifically, the CARES Act prohibits lenders and loan servicers from beginning a judicial or non-judicial foreclosure against you, or from finalizing a foreclosure judgment or sale, during this period.

Forbearance: If you experience financial hardship due to the coronavirus public health crisis, you have a right to request a forbearance for up to 180 days. You also have the right to request one extension for up to another 180 days. You must contact your loan servicer to request this forbearance. There will be no other fees, penalties or additional interest (beyond scheduled amounts) added to your account.

If you don’t have a federally backed mortgage, such as an FHA loan, you still may have relief options through your mortgage servicer or from your state. Virginia recently passed the Governor’s amendments to HB 340, which provides 30 days of forbearance for homeowners with COVID-19-related income loss.

Renter Relief: 120-day moratorium on evictions from federally subsidized housing or from a property with a federally backed mortgage loan. For those not covered, Virginia recently passed the Governor’s amendments to HB 340, which provides 60 days (effective May 17 – July 16, 2020) of continuance for renters and impacted properties experiencing COVID-19-related income loss.

Unemployment: Expands unemployment insurance from three to four months, and provides temporary unemployment compensation of $600 per week, which is in addition to — and at the same time as — regular state and federal unemployment insurance benefits.

Direct Payments: Eligible individuals receive $1,200, and married couples receive $2,400, plus $500 for each child under age 17. Payments are reduced for individuals with adjusted gross incomes over $75,000 ($150,000 for couples). Anyone earning over $99,000 will not receive a payment ($198,000 for couples).

​* Federal Guidelines credited to the Consumer Financial Protection Bureau

State Guidelines:

Suspension of all eviction proceedings until May 17, 2020. The Supreme Court of Virginia has extended its emergency declaration an additional 21 days to 5/17/20 (was set to expire 4/26). The Court also may issue further extensions of the emergency order.

​Utilities: The State Corporation Commission (SCC) issued an order directing utilities it regulates, such as electric, natural gas, and water companies in Virginia, to suspend service disconnections for 60 days to provide immediate relief for any customer, residential and business, who may be financially impacted by the COVID-19 outbreak.

Support for Impacted Businesses: Small businesses and nonprofit organizations throughout the Commonwealth affected by the COVID-19 public health crisis can now apply for low-interest federal disaster loans of up to $2 million from the SBA to pay fixed debts, payroll, accounts payable, and other expenses. To submit a loan application through the SBA Economic Injury Disaster Loan program.

Deadline Extension on Income Tax Payments: The Department of Taxation has extended the due date for payment of Virginia individual and corporate income taxes. While filing deadlines remain the same, the deadline for payment of individual and corporate income tax is now June 1, 2020. (Interest will still accrue, so taxpayers who are able to pay by the original deadlines should do so.)

Faster Unemployment Benefits: Governor Northam has directed the Commissioner of the Virginia Employment Commission to waive the one-week waiting period to ensure workers receive benefits as soon as possible.

Fewer Restrictions: For individuals receiving unemployment insurance, Governor Northam has directed the Virginia Employment Commission to give affected workers special consideration on deadlines, mandatory re-employment appointments, and work search requirements.

Enhanced Eligibility for Unemployment Benefits: Workers may now be eligible to receive unemployment benefits if:

Their employer must temporarily slow or cease operations due to COVID-19.

They have been issued a notice to self-quarantine by a medical or public health official and are not receiving paid sick or medical leave from their employer.

They must stay home to care for an ill family member and are not receiving paid family medical leave from their employer.

​* State Guidelines credited to the Governor’s Office of Virginia​