It’s what many are calling the next major American crisis. Right now, 43 million Americans are at risk of losing their homes with evictions looming.
A new order from the CDC is putting a halt to evictions to stop that from happening.
We asked financial expert Pete Dunn to weigh in on how this all works. He says this eviction moratorium is mainly a health order to keep the rise of the coronavirus pandemic down by keeping people in their own homes. It’s not financial relief.
You’re eligible for the order if you meet requirements:
- You can’t pay your rent due to a coronavirus-related job loss or income reduction.
- You expect to earn less than $99,000 or $198,000 if filing a joint tax return in 2020. (Basically, if you qualified for a stimulus payment under the CARES Act, you’re qualified here, too.)
- You’ve made an effort to get available government assistance to cover rent.
- You can demonstrate your inability to pay is because of financial hardship due to COVID-19 but that you’ve made best efforts to make timely partial payments.
- You can demonstrate that you would likely become homeless, you’d have to move to a place that’d be more expensive, or you’d move to a place where you could get sick from being close to others if you were evicted.
The order has taken effect and will last until Dec. 31.