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ARTICLE · 18 MAY 2020

VA And USDA Issue Guidance Implementing CARES Act Relief Measures

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On April 8, 2020, the Department of Veterans Affairs ("VA") and the Department of Agriculture ("USDA") each issued guidance implementing the Coronavirus Aid, Relief, and Economic Security Act

United StatesCoronavirus (COVID-19)
Krista Cooley
Krista Cooley
Peter S. Kim
Peter S. Kim
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On April 8, 2020, the Department of Veterans Affairs ("VA") and the Department of Agriculture ("USDA") each issued guidance implementing the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") to provide relief measures for mortgage borrowers affected by the COVID-19 crisis. The VA's Circular 26-20-12 and the USDA's Stakeholder Announcement dated April 8, 2020 are part of the federal housing agencies' ongoing efforts to provide financial relief to mortgage borrowers since President Trump issued the March 13, 2020 proclamation declaring a national emergency concerning the COVID-19 outbreak. While these recent announcements by the VA and USDA implementing Section 4022 of the CARES Act are largely similar, they also contain some important differences as well as additional detail that is not specified in Section 4022 of the CARES Act.

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