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I have spent the last 24 with @HoustonBarnes trying to find answers to help Small Businesses and American& #39;s navigate the #CARESAct. There are a lot of problems that need to be addressed quickly to get $$ into people& #39;s hands.
SBA Relief: Banks aren& #39;t willing to lend at the 0.5% rate and have asked to extend that to 1% (because they need to make more $). Also, the SBA does not have a process to implement the #CARESAct and administer loans / grants up to $10k within 3 days of application.
Another big part is PPP which applications suppose to start today (4/3), banks are unwilling to administer through the SBA lenders until they get more government assurance and backing + guidelines about who can qualify for loans and how to screen applicaitons.
Mortgage Relief under #CARESAct is only for Federally funded mortgages (good news is that& #39;s 70% of home loans) but the mortgage companies individually when you call are saying they won& #39;t comply -- they are willing to issue put the account into forbearance.
People will have to pay back the missed payments within 3 months and the full amount of missed payments + current payments due. #CARESact says payments will be tacked onto the end of the loan term.
All in all congress& #39; intent with #CARESact is meant to put $ quickly into people& #39;s hands. But all this red tape means $ will likely NOT show up for weeks / months. We need to act now and ensure $$ goes into people& #39;s hands that need it most during an economic pandemic disaster.
So, call your Member of Congress & Senators today to make sure #CARESact will be implemented swiftly and quickly to help people!
