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REALTOR®
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Buying | 1 Posts
Coronavirus | 2 Posts
Uncategorized | 1 Posts
March
25

Financial Resources for Those Affected by COVID-19

For those experiencing financial hardship during this emergency, we've compiled a few resources for you:

Unemployment Insurance:

  • Hourly/Salaried Individuals in Minnesota: The Minnesota Governor issued an executive order that removed the one week waiting period for unemployment claims. Applicants may now also be eligible if they're quarantined and unable to work, unable to go to work due to an outbreak at the workplace, or lost childcare where the employer can't accommodate them with paid time off or leave. More information about Minnesota's response: https://www.uimn.org/applicants/needtoknow/news-updates/covid-19.jsp
  • Hourly/Salaried Individuals in Wisconsin: The Wisconsin Governor has asked the state legislature to waive the one week waiting period for unemployment benefits. An executive order removes the requirement to search for work while laid off or working with reduced hours. More information about Wisconsin's response: https://dwd.wisconsin.gov/covid19/public/ui.htm
  • Self employed / 1099 contractors: Neither Minnesota or Wisconsin currently has a solution for UI benefits for workers in this category. Our trade association is actively lobbying to get benefits for self-employed individuals and 1099 contractors, but nothing has been enacted there yet. There are several loan options available due to the emergency declarations and executive orders
    • Minnesota DEED: On 3/23/2020 the governor directed DEED to create an emergency loan program that is 50% forgivable and has a 0% interest rate. More information: https://mn.gov/deed/newscenter/press-releases/?id=424384
    • SBA Economic Injury Disaster Loan Program: This is available directly through SBA – not local banks. Low interest loans are available up to $2MM with a current interest rate of 3.75%. More information here: https://disasterloan.sba.gov/ela/
Mortgage Payments (Primary Residence, Second Homes, and Investment Properties):
Fannie Mae, Freddie Mac, and FHA have all released new payment deferment options for loans owned by them. They've instructed banks and servicers not to charge penalties or make derogatory credit reports. While you may mail your payment to a bank or mortgage company, it's likely owned by one of these three entities. It's important that individuals seeking this help, contact their bank or servicer to set up the deferral before missing a payment. Here are the sites with details.
Auto Loan Payments:
Many auto lenders are offering to defer payments up to six months without penalties or adverse credit reporting. Call your auto lender or visit their website for more information.

Home/Auto/Renters Insurance:
Almost every large insurance carrier is currently offering payment deferments without penalties right now. Contact your agent or carrier directly if needed.
 
Stay healthy out there!
Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 09/28/2022. The listing information on this page last changed on 09/28/2022. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of RMLS-MN MLS (last updated Wed 09/28/2022 12:02:41 AM EST) or Northwestern Wisconsin MLS (last updated Tue 09/27/2022 11:31:11 PM EST). Real estate listings held by brokerage firms other than RE/MAX Professionals may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved. --

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