By Hugo Diaz
The CARES Act was signed into law in order to provide economic stimulus and financial relief for businesses and individual consumers. The Act includes the following relief provisions for businesses, investors, and consumers engaged in the real estate industry:
- Temporary suspension on foreclosures and evictions for certain commercial and residential properties that receive federal assistance;
- The right to request a forbearance with regard to certain federally backed single-family and multifamily mortgage loans;
- Potential economic aid to the hotel and restaurant industries through direct loans and Small Business Administration loan programs; and
- Potential economic and tax benefits for certain property owners.
Guerra | Days Law Group continues to monitor the Coronavirus (COVID-19) outbreak along with government responses enacted to ameliorate the situation. We have highlighted the above provisions of the CARES Act because they may be relevant to businesses and consumers engaged in the real estate industry.
If you wish to learn more about the effects of the CARES Act on the real estate industry, do not hesitate to contact us. We are available via phone and email to answer any questions you may have.