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Finding Financial Relief in the Wake of the COVID-19 Crisis

Financial Relief for Coronavirus Crisis
the one minute takeaway

Millions of people across the country are reeling financially from the impact of the COVID-19 pandemic. Formal and informal assistance is available, from financial relief programs provided under the CARES Act passed on March 27, 2020 by Congress, to grace periods and credits that many insurers are extending on home and auto premium payments. Here is an overview:

Consideration Description Learn more
State Unemployment Insurance Expansion The CARES Act has expanded unemployment insurance. Your eligibility varies depending on the rules in your state. Visit the Department of Labor website
Economic Impact Payments From the IRS All taxpayers, with income up to $99k (single) and $198k (married), are eligible for cash payments. Visit the IRS website
Home and Auto Insurance Premium Relief Many carriers are offering refunds, credits, grace periods and/or other forms of relief. Contact your insurance carrier to understand your options
Mortgage / Rent Relief Many lenders and landlords are offering forms of relief if you are experiencing economic hardship. This information will likely have been emailed to you. Otherwise, contact your mortgage servicer or landlord
Student Loan Relief The CARES Act is suspending all student loan payments and reducing interest to 0% through September 30, 2020 for most federal student loan borrowers. Visit the Department of Education website to determine eligibility
Retirement Plan Distributions The CARES Act may allow you to take withdrawals from your retirement accounts with limited penalties. You may also be eligible to take loans from your plans. Additionally, required minimum distributions may be delayed by a year. Contact your employer’s HR department to determine eligibility; consult with your financial advisor.
COVID

To learn about all the details of how you can get financial relief in this crisis, read our comprehensive guide.

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