What is Happening in the Denver Real Estate Market During COVID-19?
Hello everyone, we hope this message finds you safe, healthy and enjoying the nice weather we’ve had recently. We are writing to share with you our latest video update on the major points of the CARES Act and how it could help to ease some financial stress you might be feeling right now. We also give a quick update on the current Real Estate market and how our team is working safely to navigate the current environment.
This video was filmed on April 2, 2020 and it already contains some dated information…..to comply with the Governor’s latest orders we are no longer conducting in-person showings for Buyers or Sellers, but do have a variety of virtual tools available to use if you are needing to search or sell sooner rather than later! We are still doing buyer and seller consultations virtually so we can get everything set and ready for when we are ready and able to get things moving we can do so quickly. We look forward to returning our lives and business to some normalcy as soon as safely possible. In the meantime, we’re available to you virtually for any of your Real Estate needs!
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As we’re all dealing with the effects of COVID-19 on our lives, I want to share encouraging news: the government has approved the $2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act which will help millions of people in this critical time. Perhaps even you. This sweeping legislation is unprecedented in the history of our nation and provides significant economic assistance to address the impact of COVID-19. The CARES Act is over 800 pages long, but here are some of the economic provisions most relevant for you. |
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What this means for you
and your loved ones |
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If you’re eligible for a cash payment
Most individuals earning less than $75,000 can expect a one-time cash payment of $1,200. Married couples would each receive a check and families would get $500 per child. That means a family of four earning less than $150,000 can expect $3,400.
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If you or someone you know has lost a job
States will still continue to pay unemployment to people who qualify. This bill adds $600 per week from the federal government on top of whatever base amount a worker receives from the state. That boosted payment will last for four months. |
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If you’re a small business owner
The bill provides $10 billion for grants of up to $10,000 to provide emergency funds for small businesses to cover immediate operating costs. There is $350 billion allocated for the Small Business Administration to provide loans of up to $10 million per business. Any portion of that loan used to maintain payroll, keep workers on the books, or pay for rent, mortgage and existing debt could be forgiven, provided workers stay employed through the end of June. |
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If you’re a freelancer or independent contractor
Typically, self-employed people, freelancers and contractors can’t apply for unemployment. This bill creates a new, temporary Pandemic Unemployment Assistance program representing $600 per week through the end of the year helping people who lose work as a direct result of the public health emergency. |
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If you would like to learn more about all the contents in the CARES Act, please see this article.
Please do not hesitate to reach out should you have any questions, or if you would like to chat. Stay safe and healthy. All the best, Kathy, Zac and Jill
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