AgdaPkt 2020-04-06 Special - Laserfiche WebLink

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S.A. - Page 14 of 21 for under existing state programs. This boosted payment will last for approximately four months until its current expiration date of July 31, 2020. The program also provides for an additional 13 weeks of continued $600 weekly payments for individuals who remain unemployed after exhausting their state unemployment benefits. This means eligible workers will be able to receive unemployment benefits for up to 39 weeks rather than the 26 -week cap under the state programs. This new program also expands unemployment eligibility to individuals who are able and available to work within the meaning of applicable state law but are unemployed, partially unemployed or unable or unavailable to work. It is important to note that undocumented workers are not eligible for this program and it is estimated that it will take at least three weeks to process a claim for unemployment benefits and issue payment to most eligible workers. Families First Leave Act The Families First Coronavirus Response Act (FFCRA or Act) was passed on March 18, 2020 in response to the COVID-19 pandemic and requires certain employers to provide their employees with paid sick leave and expanded family and medical leave for specified reasons related to COVID-19. These provisions will apply from April 1, 2020 through December 31, 2020. In general, employees of private sector employers with fewer than 500 employees, and certain public sector employers, are eligible. The new leaves include two weeks of paid sick leave (up to 80 hours) and an expansion of eligibility under the Family Medical Leave Act (FMLA). Both are subject to reduced pay formulas, pay caps, and tracking. To illustrate how the FMLA leave is applied, an employee unable to work for child care reasons related to COVID-19, is eligible to receive 2/3 of their regular pay, capped at $200 per day. Under FFCRA, FMLA pay is capped at $12,000 for the 12 -week period or cap of $25/hour for the 12 week period. These leaves may be supplemented with other leave accruals. Mortgage Relief Although the City does not have control over mortgage and lending regulations, several actions are being taken by the Federal Government, State Government and private lenders to provide mortgage relief for borrowers impacted by COVID-19. These actions include suspending foreclosures, offering mortgage forbearance, and waiving late fees. It is important to note that these efforts are intended to provide temporary relief and are not debt forgiveness. • Fannie Mae & Freddie Mac - The Federal Housing Finance Agency (FHFA) suspended foreclosures and evictions for borrowers with mortgages backed by Fannie Mae or Freddie Mac. Borrowers also have the ability to request mortgage forbearance for up to 12 months if they have income loss due to the COVID-19 pandemic. Any late payments would not be reported to credit agencies and late fees will not be imposed. • Federal Housing Administration (FHA) Insured Mortgages — The FHA has issued a 60 -day moratorium on foreclosures and evictions for holders of FHA -insured mortgages on single-family homes. • Private Lenders - Wells Fargo, U.S. Bank, Citi and J.P. Morgan Chase have agreed to a 90 -day waiver of payments for those who have been impacted by COVID-19 and Bank of America is deferring mortgage payments on a monthly basis until the crisis is over. Additionally, nearly 200 state -chartered banks, credit unions, and servicers are offering mortgage relief options, including San Mateo Credit Union which is offering first mortgage forbearance of up to six months. Page 14 of 21 . J .AL . City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore 17