Next Stimulus Package Proposal is a Doozy: $2K per Month, Rent and Mortgage Forgiveness
A lifeline could be on the way.
The American people are going to need a helping hand to get out of this coronavirus mess in one piece, and the federal government knows it.
In order to fight the invisible enemy known as coronavirus, Americans need to remain at a safe distance from one another. Such a distance, in fact, that being in certain public places can be dangerous. Restaurants, concert halls, movie theaters, and sport stadiums are all shuttered for the time being, and the entertainment industry’s economy has come to a screeching halt on account of it.
This also means that a great deal of Americans are out of work as well, and our elected officials are feverishly working on a plan to keep everyone afloat until we can open back up.
The CARES Act provided a lifeline for taxpayers and small businesses. But as a one-time cash payment, many fear that it didn’t do enough to support taxpayers in one of our country’s greatest times of need. Especially in light of the fact that many people still have not received their stimulus checks.
To address this, members of Congress have made two separate proposals, one that would provide Americans over the age of 16 with a $2,000 monthly check for up to 12 months, and one that would cancel rent and mortgage payments through the duration of the coronavirus emergency.
The $2,000 payments were straight forward enough. The rent forgiveness, however, was a little more complex.
Representative Ilhan Omar (D-MN) introduced the Rent and Mortgage Cancellation Act. This Act, if approved, would call for a nationwide cancellation of rents and home mortgage payments through the duration of the coronavirus pandemic, or up to one year.
The bill would include:
- Full rent payment forgiveness for your primary residence
- Full mortgage payment forgiveness for your primary residence
- No accumulation of debt for renters or homeowners
- No negative impact on their credit rating or rental history.
- It would establish a relief fund for landlords and mortgage holders to cover losses
- It would create an optional fund to finance the purchase of private rental properties to increase the availability of affordable housing.
The bill would be retroactive to March 13, 2020, and would last for one year, unless extended. Renters and homeowners who made payments during April 2020 would be reimbursed for their payments.
We can only hope that these bills won’t be held up by partisan bickering, as Americans around the nation and on both sides of the aisle are suffering financially during this government-mandated isolation.
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