In response to the scourge of Covid-19 and its wrecking ball effect on the economy, the federal government passed a $2-trillion aid package targeting taxpayers and businesses.
While imperfect, the aid package comes at a time when the nation’s unemployment rate soars towards levels not seen since the Great Depression.
Greystone, a major player in real estate financial services, has put out a report highlighting some of the benefits Illinois residents will receive.
In Chicago, a person making an average weekly salary of $1346 will receive the maximum weekly unemployment benefit of $488 plus an additional $600 per week when the Federal aid package kicks in later. In a 39-week period, the average unemployment benefit will be $2908 per month.
That bodes well for landlords, since average rents in Chicago are $1189.
How long can this last? And with another bout of Covid-19 outbreak on the horizon, more aid will have to be forthcoming.
But for now, many Chicagoans and the rest of Illinois can shelter in place with some confidence.
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Mr. Willig engages and coordinates a professional team of real estate brokers, general contractors, leasing agents, and property managers in order to rehabilitate, lease and maintain the properties he acquires for SpringView Investments. He has over 20 years of finance and accounting experience.