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The Week Ahead: Update on CARES Act

On Monday, Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell will update Congress on the CARES Act and the next steps for the Act's programs.

The U.S. Department of the Treasury and the Internal Revenue Service announced earlier this month that 130 million Americans have received Economic Impact Payments, worth more than $218 billion. “This Administration has delivered Economic Impact Payments to Americans in record time,” said Treasury Secretary Steven T. Mnuchin. “More payments are on their way as we continue to deliver this much-needed relief to the American people.”

The Treasury expects to deliver more than 150 million Economic Impact Payments in total.

A report by Redfin found that 75% of the nation’s renters could afford to pay a single month’s housing expenses with the max sum of $1,200, while only 50% of America’s homeowners could do the same.

Additionally, the U.S. Department of Housing and Urban Development (HUD) announced the allocation of the third wave of CARES Act relief totaling $1 billion through its Community Development Block Grant (CDBG) program.

HUD has provided over $3 billion in CDBG funding to combat the effects of COVID-19.

“Coronavirus has impacted our communities and populations in unprecedented ways, and while some begin to see a decline in reported cases, others continue to fight this invisible enemy aggressively,” said HUD Secretary Dr. Benjamin Carson. “This funding will afford states the ability to respond to the unique circumstances they are facing—from reducing the risk of transmission to regaining the sound footing of their economy. This is the third wave of funding the Department has provided to States, and we will continue to execute a detailed and swift response until the days of COVID-19 are behind us.”

Here's what else is happening in the Week Ahead:

  • DS5: Inside the Industry videos (May 18, 20, 22)
  • U.S. Census Bureau Housing Starts, Permits (May 19)
  • NAR Existing Home Sales (May 21)

About Author: Seth Welborn

Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer.
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