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Company Update-CARES Act & Unemployment Insurance Claims 04/16/2020

Posted on 04-16-2020

 Hi Everyone,

I'm providing the following information with a disclaimer. All information we are receiving is subject to change. Whenever laws are enacted such as the CARES Act they are subject to the regulations that follow. Legislation as broad sweeping as the CARES Act will take some time to provide regulations and details.
Most of the following information was sent to you over a week ago, but this is a shorter version and is the information we have as of today: CARES Act: Paycheck Protection Program (PPP). If you have employees and payroll you may qualify for relief (a loan that can convert to a grant) through the CARES Act. You should contact your bank for the application. My experience has been that, without all the regulations, not all banks are requesting the same information. Most of it is the same, but some detail and processes may be different. Delaware Unemployment: The CARES Act allows you to file for unemployment, a benefit previously not available to independent contractors. The title of this section is Delaware Unemployment, however, this is a federal bill and you can apply for unemployment insurance regardless of your resident State. I'm providing infomation based on contact with DAR and the Delaware Department of Labor. It is my best guess that neighboring states will have similar situations.
If you have filed for unemployment already, you will most likely be denied. That is because the Department of Labor is working on the regulations for real estate professionals while handling the largest number of claims in recent history. You have a choice, you can either file again or wait until more information is available. I don't have any advice on which opton is best for you. You will have to make that decision.I don't think either one will harm you. If you have not filed and would like to do so, the same advice applies. You may be denied and have to reapply. I also can't give you any advice at this time as to how it works, how much you would receive or if it must be paid back if you sell something. I can only encourgage you to apply for any benefit for which you feel entitled.
I've included a link to the DAR FAQ that is constantly updated. The information can be overwhelming, but please look for the FAQ regarding unemployment insurance and other information of the CARES Act.
The information below also addresses other offers. If you are a tenant or have a tenant you may want to look at the options for rent relief. Please take the time to view the link below:
https://www.delawarerealtor.com/covid-19-updates-for-delaware-realtorsr/
I want to thank you all for your input and suggestons. We will continue to work to inform you. I also want to thank Mike Arant for taking the intiative to contact DAR and also to thank the DAR for a quick response. Please let me know of your questions, concerns or experiences. We can all help each other by sharing.
Stay strong and talk to you soon.
John


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