Special Bulletin: Massive Fiscal Stimulus Bill Nears Finalization

March, 2020

Lawmakers Signal Stimulus Bill Close to Passing

Key Takeaways:

• $2 trillion bill aimed at shoring up economy nearing agreement

• The bill will likely provide up to $850 billion in loans to small business and vulnerable industries

• The proposal also includes cash payments up to $1,200 for individuals, $200 billion in expanded unemployment benefits, and $250 billion for hospitals

Fed Takes Unprecedented Action

Key Takeaways:

• Fed announces unlimited quantitative easing to provide liquidity and calm the markets

• Small-business loans to be made available through the Fed

• The central bank expands the type of asset-backed securities it will add to its balance sheet to include agency commercial mortgage-backed securities

Statewide Lockdown Measures Spread Across U.S.

Key Takeaways:

• Lockdowns vary in scope but generally aim to limit where people travel, work, and shop

• Restrictions aimed at keeping population at home and away from crowds, while maintaining function of vital lifelines

• States with lockdown orders:
  CA, CT, DE, FL, HI, IL, IN, LA, MA, MI, NV, NJ, NY, OH, OR, PA, TX, WA, WV, WI

Evictions and Foreclosures Suspended

Key Takeaways:

• Freeze on evictions and foreclosures implemented through the end of April for approximately 8 million FHA-insured mortgages

• HUD encourages apartment owners to work with tenants to adjust rent and enter forbearance

• New York, Los Angeles, San Francisco, and Washington state have enacted prohibitions against tenant evictions or are declining to enforce existing laws

• Read Colorado’s Eviction Moratorium here: Executive Order D 2020 012