HELP DURING COVID CRISIS
FINANCIAL OPTIONS AND PROGRAMS TO
Contact creditors to ask for loan extensions, suspended payments, or payment forgiveness. Creditors will probably work with you, but you need to reach out to them. Examples: credit cards, auto loans, etc.
Evictions and Foreclosures:
Evictions and foreclosures have been suspended for 60 days, starting 3/27/2020. You must still pay rent and mortgages, but civil action to evict should not be taken.
Student loan payments suspended:
A new federal law, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, provides automatic suspension of principal and interest payments on federally-held student loans through September 30, 2020. This benefit also does not apply to private (non-federal) student loans owned by banks, credit unions, schools, or other private entities.
What to do if your student loan is not a federal one?
Contact your servicer to find out what options are available to you. Some private lenders offer their own reduced payment options. Many servicers offer ways to postpone your payments, such as forbearance.
Recovery Bill Rebates:
Recovery rebates of up to $1,200 for singles, $1,200 for heads of households, and $2,400 for married couples filing jointly — families with children under 17 will also receive an additional $500 per qualifying child. Payments would be phased out for those earning more than $75,000 a year. Those earning more than $99,000 would not be eligible. These phase-out numbers double for married couples. The only people excluded are those who are behind on child support payments.
I am eligible for a rebate, what do I have to do to receive it?
For the vast majority of Americans, no action on their part will be required to receive a rebate check since the IRS will use a taxpayer’s 2019 tax return if filed or their 2018 return if they haven’t filed their 2019 return. This includes many individuals with very low income who file a tax return despite not owing any tax in order to take advantage of the refundable Earned Income Tax Credit and Child Tax Credit.
Expansion of unemployment benefits, including for self-employed and gig-economy workers.
Jobless workers receive an extra weekly boost from the federal government of $600/week in addition to state aid. Self-employed workers, independent contractors and those who typically don’t qualify for unemployment benefits would be eligible.
Unemployment benefits, which run out after six months in most states, will be extended for an additional 13 weeks.
Use the food pantry once a week to help offset the cost of food.