FDIC, CFPB, NCUA, and the Conference of State Bank Supervisors (Agencies) issued a joint statement intended to provide flexibility to mortgage servicers who are working with consumers affected by COVID-19 and who may avail themselves of the temporary mortgage forbearance allowed by the CARE...
The government's mortgage bailout program ispart of the CARES Act, a relief package passed by Congress on March 27 to help Americans who are struggling with loans that are backed by Fannie Mae, Freddie Mac, the FHA, VA or the USDA, which make up about three-quarters of the mortgage mar...
President Trump has signed the “Coronavirus Aid, Relief, and Economic Security Act” or the “CARES Act,” which includes several provisions that impact employers. These measures are largely aimed at stimulating the economy, and focus on assistance for small businesses, industries that have suffere...
The CARES Act also provides welcomed relief for plan participants who are suffering financial distress due to a COVID-19 diagnosis or a coronavirus-related adverse employment change, such as being furloughed or unable to work due to the lack of child care (or other reasons as determined by the...
It has now been nearly a week since the Coronavirus Aid, Relief, and Economic Security Act –or "CARES Act" — was signed, setting into motion the largest stimulus package in U.S. history.While the bill allots historic levels of resources for businesses, everyday citizens, and those who ...
On March 27, 2020, the House of Representatives passed the CARES Act by voice vote. President Trump signed the bill into law that same day.
The financial relief measures include more than $450 billion in funding by the U.S. Treasury for several lending programs administered by the Federal Reserve. In this regard, the CARES Act supports measures previously announced by the Federal Reserve. Requirements under the Federal Reserve Act for...
The CARES Act provides that businesses that were operating on February 15, 2020 and that have a pending or approved loan application under this program are presumed to qualify for complete payment deferment relief (of principal, interest, and fees) for six months to one year. ...
President Donald Trump signed the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act) into law on March 27. The CARES Act aims to offer economic relief to companies and their employees due to the coronavirus (COVID-19)
As of this writing, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) has been passed by the Senate and is expected to be passed by the House, although the mechanics are still to be determined because most House members are currently in