This week, U.S. Senate Republicans introduced a new economic relief bill in response to the financial impact of the ongoing COVID-19 pandemic: the Health, Economic Assistance, Liability Protection, and Schools (HEALS) Act.
The one trillion dollar proposal comes in response to House Democrats’ three trillion dollar version, the Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES Act), which passed in May.
Of importance to investment property owners and landlords, the HEALS Act:
- does not extend the federal moratorium on evictions that was created by the CARES Act. The House version extends the federal moratorium for twelve months. We encourage all Hapco Philadelphia members to contact their members of Congress and urge them to oppose an ongoing eviction moratorium. Landlords’ livelihoods are at stake.
- provides 3.3 billion in assistance to renters and landlords, versus the nearly $200 billion in the Democrats’ version. The Senate bill does not include dedicated funding for rental assistance.
- devotes 2.2 billion to HUD for the use of Section 8 voucher rental assistance.
Among other highlights:
- A $200 per week additional unemployment premium, to replace the $600 expiring under the CARES Act
- Tax Credits for pandemic-related business expenses
- Additional stimulus checks of $1,200 to most taxpayers
- New business liability protection against frivolous lawsuits
Learn more about the HEROES Act here.
Learn more about the HEALS Act here.
As the House and Senate begin debate on these partisan bills, stay with Hapco Philadelphia for the latest developments.