April 7, 2020
Information on Federal Financial Assistance Programs and Resources Due to COVID-19
To: All Residents
To help our Residents through these unprecedented times arising from the COVID-19 pandemic,
Havenpark Communities has compiled a list of federal financial programs and resources that
may be available to you.
Please note that the programs and resources mentioned in this document are meant to provide
general guidance and should not be perceived as containing any legal advice or recommendations.
For specific advice relating to your situation, please contact the program administrator.
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), a stimulus package that is
unprecedented in size and scope in the history of the United States, will provide qualifying
individuals with an Economic Impact Payment.
- Summary of Program: The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides economic impact payments to individuals that will be distributed automatically by the IRS.
- Who is Eligible: Individuals earning $75,000.00 or less in 2019 will receive up to $1,200.00. Married couples filing jointly earning $150,000.00 or less will receive up to $2,400.00. Individuals with qualifying children will receive up to $500.00 for each child. For those with incomes above those thresholds for 2019, the credit phases out (the payment amount is reduced by $5.00 for each $100.00 above the thresholds). The credit is taken against 2020 taxes due, but if an individual filed tax returns in 2018 or 2019, they will automatically receive an economic impact payment.
- For questions, visit this website: https://www.irs.gov/coronavirus
If you are currently employed, you may be eligible for expanded federal paid leave through your
- Summary of Program: The Families First Coronavirus Response Act (FFCRA) requires certain employers to provide their employees with extended FMLA leave, including up to 10 weeks partially paid leave, and paid leave benefits (up to 80 hours of paid sick leave) if certain conditions are met. These extended benefits are effective from April 1, 2020 through December 31, 2020.
- Who is Eligible: Employees of public or private employers with fewer than 500 employees are eligible. The Emergency Family and Medical Leave Act (EFMLA) applies to those needing time off work necessitated by COVID-19 school closures. The Emergency Paid Sick Leave Act (EPSL) applies to individuals needing time off work for COVID-19 related illness, care, or school closures.
- For questions, visit these websites: https://www.dol.gov/agencies/whd/pandemic/ffcra-employee-paid-leave, https://www.dol.gov/agencies/whd/pandemic/ffcra-questions
Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), an individual can take a
loan from their retirement account for up to 100% of the vested balance, or a maximum of
$100,000.00. For outstanding loans that are due through December 31, 2020, a 1-year extension
is applied. Further, withdrawal penalties from retirement accounts are waived for a distribution up
to $100,000.00 for coronavirus-related distributions. If an early distribution is taken, the individual
has 3 years to replace the funds in the account. The income tax can be spread over those 3 years.
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides some relief for student
loan borrowers. Those with federal student loans will see an automatic stop of their payments
from March 13, 2020 through September 30, 2020 for an administrative forbearance. Interest is
temporarily set to 0% on the eligible federal loans during that time period. For more information,
If you are a small business owner looking for assistance, you may be eligible to receive loans that
will help with payroll, mortgage interest, rent and utility costs.
The Paycheck Protection Program provides federally-backed loans to small businesses for certain
payroll expenses, mortgage interest, rent, and utility costs. Eight weeks of forgiveness is available
if the employer retains employees at salary levels comparable to those prior to the COVID-19
pandemic. Small businesses impacted by COVID-19 issues may apply for these loans between April
3, 2020 and June 30, 2020. For more information, visit https://www.sba.gov/fundingprograms/loans/coronavirus-relief-options/paycheck-protection-program-ppp.
Please note that the programs and resources mentioned in this document are meant to provide general guidance and should not be perceived as containing any legal advice or recommendations. For specific advice relatingto your situation, please contact the program administrator.