Coronavirus Relief is Available
Times are very uncertain, which is causing a lot of anxiety. Coronavirus spreads throughout the land. Government officials tell California residents to shelter-in-place. Quarantine orders closed businesses. Millions of people can’t go to work. There are no more paychecks. Income stops. But the expenses don’t stop. Americans have bills to pay. Here are some Coronavirus relief financial resources providing COVID19 aid for people affected by the virus lockdown.
Three million people filed for unemployment this week, and there a lot of people that are hurting, worrying, and not knowing where to turn. Many banks and financial institutions and government agencies are providing financial aid right now when millions of people are suddenly out of work.
So, to try to help you from needing a bankruptcy attorney in the future, we’re providing here a list of ways to get COVID-19 financial aid relief. The information below is pulled from a couple of different sources, who deserve full credit. First, for the idea and a getting the ball rolling, credit where due: Sevan Gorginian, who is a Glendale bankruptcy lawyer. He created a great list, to which I’ve added to, researched links, and provided some other helpful information for follow-up. Also, Cathy Moran, a very good Redwood City bankruptcy attorney, had other coronarelief resources which I’ve added to this list.
Coronavirus relief and COVID-19 aid links
Federal, state, and local government have passed measures meant to protect citizens impacted by the shelter-in-place and lockdown orders.
Tax returns: California tax filing deadline is June 15. Federal IRS tax filing deadline extension to July 15. The IRS deadline to pay taxes to the Internal Revenue Service has also been extended 90 days.
Student Loan payments: suspended for two months without interest or penalties. Check with your student loan servicer for details.
Foreclosure stopped and rent evictions: Scheduled foreclosures and evictions have a temporary moratorium.
Unemployment benefits: The California EDD says there are unemployment benefits available for Coronavirus-caused layoffs or cut income.
Small businesses: The SBA has disaster relief for small businesses affected by the Coronavirus COVID-19.
Private banks and lenders have also taken the initiative to provide COVID-19 relief to their customers affected by the virus.
Home mortgage payment relief: many are allowing forbearance for up to twelve months, but not every mortgage qualifies. It’s not automatic. Call your lender, as it may depend if it’s Fannie or Freddie. Cathy Moran also provides a list of banks who are working with people affected by the lockdown.
Car payment relief for Coronavirus may be available. Here is a handy list of car lenders who are helping car owners affected by the COVID19 pandemic.
Credit cards: many credit card companies are offering forbearance. Here is a list I found of banks offering credit card relief during this time.
And while it’s certainly tempting, please avoid running up your credit cards during this time. Further, many credit cards are offering to increase your credit card limit. These can be dangerous stop-gap measures. It’s only short-term relief, and the credit card statement will eventually come due. And let’s face it: the current environment of providing coronavirus relief will end, and the credit cards and big banks will return to their normal mission of making money and collections.
Congress is in the process of passing a $2 trillion coronavirus stimulus package. When President Trump signs it, that will also provide households with income to hopefully be a “bridge” to the time when this virus epidemic is over and the job income starts up again.
When this all ends, and it will end, here’s hoping we come out of it in strong financial condition, with our paychecks back in place and with as little debt as possible.