Financial Relief for Those Impacted by the Coronavirus

by | Mar 20, 2020 | Wealth Management

While it is amazing people are willing to stay home to help lower the spread it is, unfortunately, having a real financial impact on individuals. Below are some of the ways relief is being offered for those impacted by coronavirus. While it is expected that more relief is on the way below are some things you can do to help today.

1. Contact Creditors

Many creditors like the Apple Credit Card are allowing people to skip payments for the month of March without accruing additional interest. Most auto loans also have a feature to allow you to skip a payment or two in cases of financial hardship.

2.  Contact Student Loan Providers  

President Trump recently announced that all federal student loans will have interest waived during this period. Talking with your loan provider may create some options for payment deferral if needed. 

3. Delay Filing Taxes

Filing and payments have been extended to July 15th for Federal and June 15th for State (CA). If you pay quarterly taxes or expect to owe taxes for 2019, this can help temporarily ease the burden. If you generally get a refund now may be an excellent time to file your taxes.

4. Talk with your utilities

Governor Newsome passed an executive order earlier this week to protect citizens and makes sure they have basic services like gas, water, electric internet and cell services.

5. Your Check Is in the Mail

The government is working on sending checks to (almost) everyone and the goal is to have the first payments issued April 6th and a second round issued May 18th. The details are being finalized and we should have greater clarity soon.

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