The Coronavirus pandemic has spread rapidly across the country and so has the need for financial aid and resources. Despite the stimulus check given to the American people over the last month, over 30 million Americans have registered for unemployment. This shows that, despite the stimulus package offered by the government, millions of Americans are still in desperate need of stimulus packages. However, several institutions and private businesses are offering financial help to people who have been negatively affected by the pandemic. We have accumulated a list of institutions you can go to for aid during this time.
Major Banks and Credit Card Companies Are Offering Debt-Relief for Consumer Affected by COVID-19
Bank of America
According to the COVID-19 response page on Bank of America’s website, it can waive or defer payments on loans and credit cards and waive overdraft fees. To access this payment deferral solution, customers have to log in and submit a request online.
U.S. Bank is offering customers mortgage assistance that will allow them to suspend payments for up to 180 days without late fees. It is also offering short-term loans to customers and small businesses.
Citi offered its retail customers an extension on the monthly service penalty and fees waiver for early CD withdrawal. Small business owners, on the other hand, get a waiver on monthly services fees and deposit capture fees.
Cardholders with financial difficulties using Discover can make changes to payment timing and get fees waived on personal loans.
Wells Fargo donated about $6.25 million in coronavirus aid. The bank stated that it would suspend evictions, residential property foreclosure sales, and automobile repossessions. Also, it will provide payment deferrals, fee waivers, and extended assistance on different loans but to access these relief plans, customers have to contact the bank.
Government agencies are rendering help to those that need it
Tax filing and payment extension
A special page has been created on the IRS website to support people affected by this pandemic. The IRS extended the deadline for tax filing and payments to July 15, 2020. States may have guidelines different from that of the federal government, so it is essential that you check.
Suspension of student loan payments
Federal student loan borrowers have the option to suspend payments without penalty through September 30, 2020. Borrowers need to contact their service providers to suspend payments.
The Families First Coronavirus Respond Act
This bill was passed by congress to help workers in small businesses get paid leave during this period. This new law targets organizations with less than 500 employees – they will receive a tax credit on next year’s bill to offset the cost of the paid leave.
A final note
There are a lot of scammers looking for people to prey on, so it is important that you are careful not to fall for these scams when looking for legitimate financial aid. Ensure that you verify the different sources and avoid giving out your personal information.
If you or a loved one are facing financial difficulty, you need help. The attorneys at Dsouza and Strachan Law Group have been assisting the families of South Florida for nearly two decades. Contact Dsouza and Strachan today for a free consultation.