Illinois COVID-19 Rent / Mortgage Relief Bill Heavily Revised in Quick Succession

I received several calls to submit witness slips in support of the "COVID-19 Emergency and Economic Recovery Renter and Homeowner Protection Act" today.* Curious about the topic, I googled the bill’s title and found a fair number of articles on it. A lot of the reporting on this bill, like the Tribune and The Real Deal articles below, states that the bill would "cancel rent debt" and "suspend mortgage payments."

However, after a little digging, I found that the bill in its current state (SB 3066 House Amendment 003) definitely does NOT do those things, though the substance of the bill as presently proposed is still pretty wild. I'll give a walk through on the bill as proposed - and other proposed legislation - in the days to come. Spoiler warning: statewide total eviction moratorium may be incoming.

To be clear, I don't think that this reporting inaccuracy is "on purpose," as an earlier version of the bill (HB5574 House Amendment 001) DID set out to accomplish these things and most of these articles were published prior to the present amendments. However, this reporting has not been updated / corrected to my knowledge and, as our legislators debate on whether to enact this bill into law, think it's important that people understand, at least in broad strokes, what the bill does and does not do.

Regards,

Scott Kane

* To their credit, Chicago Housing Initiative and United Neighbors of the 35th Ward were both able to accurately describe the bill’s contents as of this morning.

https://www.chicagotribune.com/coronavirus/ct-re-coronavirus-rent-relief-legislation-20200520-6cog3rewubhzjauxbtjzn5zgrm-story.html

https://therealdeal.com/chicago/2020/05/20/illinois-legislators-to-vote-on-massive-rent-mortgage-relief-package-this-week/

Chicago Offers Emergency Rent and Mortgage Assistance to City Residents

The city of Chicago has issued a new grant for means-tested emergency rent and mortgage assistance for those financially impacted by the coronavirus pandemic. As reported by Curbed Chicago:

“The application window is short—between Friday, March 27 to Wednesday, April 1. So, if you need help submit information through an online form. Applicants who are selected will be entered into a lottery and hear back in a few days from the Department of Housing. Specifically for renters, there is an emergency financial assistance in order to prevent homelessness or those who are at risk of eviction.

Specifically for renters, there is an emergency financial assistance in order to prevent homelessness or those who are at risk of eviction. In order to apply, residents must get an application packet from one of the city’s community service centers and mail it in (this process still stands, even with the stay-at-home order). Once approved, the payments will be made directly to the property owner or landlord.”

Those struggling with rent or mortgage obligations may wish to review the standards for assistance and apply.

Regards,

Scott Kane

Cameron & Kane LLC Offering Small Business Coronavirus Loan Application Services

Federal, state, and local governments – including Chicago – have recently announced several loan programs available to small-businesses negatively impacted by the coronavirus. These loan programs are specifically intended to help small businesses cover (a) employee payroll; (b) fixed debts; and (c) accounts payable. Further, these loans are notable for their generous interest rates / repayment terms. Some pending legislation even raises the possibility for total forgiveness of loans taken through these programs.

Cameron & Kane LLC’s attorneys have been trained on how to apply for these loan programs and is ready to help your small business apply. Competition for these loans will undoubtedly be high, so contact us today to help maximize your business’ chances to receive this vital assistance. 872-588-0727 / info@cameronandkane.com

PLEASE NOTE, while we are able and willing to work to accommodate our clients’ financial situation, this service is NOT free and will require at least partial payment of fees in advance.