What the CARES Act Means For You

As we’re all dealing with the effects of COVID-19 on our lives, we want to share encouraging news: the government has approved the $2.2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act which will help millions of people in this critical time. Perhaps even you.

This sweeping legislation is unprecedented in the history of our nation and provides significant economic assistance to address the impact of COVID-19. The CARES Act is over 800 pages long, but here are some of the economic provisions most relevant for you.

What this means for you and your loved ones


If you’re eligible for a cash payment 
Most individuals earning less than $75,000 can expect a one-time cash payment of $1,200. Married couples would each receive a check and families would get $500 per child. That means a family of four earning less than $150,000 can expect $3,400.


If you or someone you know has lost a job
States will still continue to pay unemployment to people who qualify. This bill adds $600 per week from the federal government on top of whatever base amount a worker receives from the state. That boosted payment will last for four months. 


If you’re a small business owner

The bill provides $10 billion for grants of up to $10,000 to provide emergency funds for small businesses who qualify for the Economic Injury Disaster Loan to cover immediate operating costs,

There is $350 billion allocated for the Small Business Administration to provide loans of up to $10 million per business. Any portion of that loan used to maintain payroll, keep workers on the books, or pay for rent, mortgage and existing debt could be forgiven, provided workers stay employed through the end of June.

If you’re a freelancer or independent contractor
Typically, self-employed people, freelancers and contractors can’t apply for unemployment. This bill creates a new, temporary Pandemic Unemployment Assistance program that provides unemployment coverage through the end of the year to freelancers and independent contractors and also provides an additional $600 per week for 4 months in addition to regular state benefits.

If you’re a property/homeowner
Borrowers of federally-backed mortgage loans can request a loan forbearance on their payments (without penalties, fees, or interest) for at least 180 days. 

Multi-family borrowers may request a similar forbearance for up to 30 days. 

In addition, foreclosures on similar mortgage loans are prohibited for at least 60 days and evictions from properties related to several federal programs are also prohibited for a 120 day period. 


If you would like to learn more about all the contents in the CARES Act, please see this article.

Please do not hesitate to reach out should you have any questions, or if you would like to just chat.

Stay safe and healthy.

All the best,

Eddie and Steve


See Also:

13 steps to take if you’ve lost your job due to the coronavirus crisis on Bankrate.com

Virtual Open House

The health and well-being of our customers is our #1 priority. Making the move to a new home is one of the biggest decisions one will ever make. At Compass, we are working closely with our support teams to provide a personal virtual open house experience to everyone. While potential buyers may not be physically present for an open house or walkthrough, virtual open houses allow us to continue to provide you with best-in-class service during this time.

Virtual Open House

We have the ability to take a targeted audience on a digital journey through your premier properties. 

Through Virtual Tours, FaceTime and social media, we have been able to showcase the key features of your property to interested clientele. The Compass YouTube channel currently has 3.4M+ views. 

Tour These Virtual Open Houses

490 M Street SW W603
Southwest Waterfront
1 Bed | 1 Bath | Garage



560 N Street SW N413
Southwest Waterfront
1 Bed | Den | 1 Bath
Walk Through or Explore on Your Own



222 Farragut St NW 201
Petworth
1 Bed | 1 Bath

Worried About Making Your Mortgage Payment?

“To meet the needs of borrowers who may be impacted by the coronavirus, … Fannie Mae and Freddie Mac reminded mortgage servicers that hardship forbearance is an option for borrowers who are unable to make their monthly mortgage payment,” FHFA Director Mark Calabria said in a statement. “For borrowers that may be experiencing a hardship, I encourage you to reach out to your servicer.”

Read more: http://bit.ly/MortgageForbearance

Compass DMV Market Report

Interested in keeping track of your neighborhood’s real estate activity?

Check out 2019’s 4th Quarter Compass DMV Market Report!

Bringing you regional data four times a year, the Compass Market Report highlights some of the most bustling communities in DC, Maryland, and Virginia for residential activity, so you can stay up to date on market trends in the neighborhoods that you care about the most! 

Compass Continues to Elevate the Real Estate Industry

Coming Soon Sign

In 2018, Compass introduced the Compass Coming Soon status for homes coming on the market. 

One feature of Compass Coming Soon is the gathering of insight during the Coming Soon period. 

With Compass Coming Soon, Sellers can adjust sales price until their homes  are in “Active” status with no price history being recorded.

On January 28, 2020, BrightMLS — a multiple listing service for REALTORS from New Jersey to Virginia — announced it was copying that feature of Compass Coming Soon,

“… all listings in the Coming Soon status will not show the pricing changes in the history or note a price change on the recent changes section of the listing. “

To quote Charles Calen Colton, 

“Imitation is the sincerest (form) of flattery”

Compass is building the first modern real estate platform, pairing the industry’s top talent with technology to make the search and sell experience intelligent and seamless.

A new offering for Compass clients

A simple solution to bridge the gap between the home you have and the home you want.

Compass Bridge Loan Services gets you access to competitive rates and dedicated support from industry-leading lenders, with the exclusive option to get up to six months of your loan payments fronted when you sell your home with a Compass agent.

To learn more contact us or visit bit.ly/bridgeloanservices

Thinking of making home improvements?

Thinking of making home improvements? Cover your bases with these simple tips:

• Educate yourself on the local permitting requirements, or your co-op or condo association’s policies.

• Hire licensed and bonded contractors for all of the work.

• Ask your contractor to provide you with copies of the permits (if required) at the time the work is being done.

• Post a copy of the permits in the front window to notify your neighbors that you are following the law.

And if you are wondering what improvements will pay off when you sell later on, please contact us give us a call!

The Why to Title Insurance

Title Insurance is an insurance policy designed to keep the buyer and/or their mortgage lender from risks associated with defects in the title (ownership) of the property.

Title Insurance is an insurance policy designed to keep the buyer and/or their mortgage lender from risks associated with defects in the title (ownership) of the property. Title Insurance is offered as either a standard policy or an enhanced policy. A standard policy covers defects in the title up to the date of settlement. An enhanced policy covers defects in the title before and after settlement.

Covered claims can range from any of the following and more: undiscovered easements that affect the use of your property, errors, fraud or illegal signatures on the title paperwork going back many transactions, errors in public records, a disputed will from a previous owner, and previously unreleased liens on the property that could make it difficult to sell. Title insurance companies will usually assume the risk of defending the claim. Title insurance companies pay out claims on a policy at a rate that is ten times higher than the payout rate on homeowner’s policies.

If you ever have any questions about anything involving real estate, please send us a message, schedule a time for a call or conference, or give us a ring!

Plant your own happiness!

Houseplants are good for your health – not just for their visual beauty.

Houseplants are good for your health – not just for their visual beauty. Extensive research by NASA has revealed that houseplants can remove up to 87% of air toxins in 2 hours. Studies have also proven that indoor plants improve concentration and productivity (by up to 15 %), reduce stress levels, and boost your mood.

This time of year is a great time to start introducing a few plants into your space. You may start to notice good changes!

Want an up-to-the-minute glance of your neighborhood?

We can set up a Compass Collection for you that will do just that!

Please contact us or call us and we can outline what types of properties you’re interested in and where you want your report to cover. We will set you up on Compass’ one of a kind platform to share immediate updates on market activity. We can even set up several if you would like so you can watch more than one area. You can receive updates weekly, daily, or in real time and you can unsubscribe any time if your interests change. This kind of information can help you avoid missing a property that might interest you, or it can help you stay on top of the level of market activity.

We are here to help!