What does the stimulus bill provide homeowners?

Most people already know about the stimulus checks that are on their way to Americans across the country. But what else does the bill provide homeowners?

Suspended student loans 

The stimulus bill also promises temporary relief for Americans paying back their student loans. Most loan providers have already halted interest payments, but the bill requires no interest payments for all providers. It also prevents loan payment penalties from now up to September 30th, 2020. If Americans are unable to still make their loan payments past that date, they’ll still be able to request a forbearance from their loan provider which will postpone payments, though interest will still be accrued. If you’re uncertain about what exactly this part of the bill means for you and your loans, talk to your individual loan provider for more details and to learn what options they have available to help at this time. 

Real ID Deadline Extension

Are you one of the many Americans without a REAL ID? The ID grants Americans access to fly in the United States, with the original deadline to apply set at October 1st, 2020. The stimulus bill is pushing this deadline back due to the closure of many DMV offices across the country. The new deadline to acquire your REAL ID will now be September 2021. 

Unemployment Benefit Help 

Far too many Ohioans have lost their jobs in the midst of the COVID-19 crisis. An important part of the stimulus bill is what it’s going to do to unemployment benefits. Here’s a short breakdown of what unemployment is currently available in Ohio:

The stimulus bill will increase the amount given to each unemployment check. Those approved for unemployment benefits at this time will be able to receive $600 more with 4 months to collect that amount. The bill also increases the amount of time to collect for state unemployment from 26 weeks to 39 weeks. 

Benefits for part-time workers, gig employees, and the self-employed

The unemployment benefit additions will also help part-time workers, gig employees, and the self-employed. Those most of the people in these groups are ineligible to receive state unemployment, they will still have the ability to collect the $600 boost. 

Protection from foreclosure/eviction

Good news for homeowners is that the stimulus bill allow those who own homes to gain a federally backed mortgage loan up to 60 days. If needed, homeowners can request further extensions for 4 periods of 30 days each. In addition, homeowners are safe from foreclosures for 60 days from March 18. Fees, penalties, and additional interest accruement is also suspended on late payments from homeowners.

For renters, the bill protects those whose landlords use federally backed mortgage loans. Tenants will be safe from eviction for failure to pay for 120 days. There will also be no fees, penalties, or additional interest for those late payments, too. 

Food Assistance

For Ohioans and other Americans relying on food banks or food assistance programs like WIC and SNAP, $450 million is available to cover the costs of food and distribution. $350 million is allocated for buying food, the remaining $100 million will be directed towards the distribution of it. 

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