COVID-19 And Your Finances: Where To Get Help

Help With Lost Income

Many businesses have been forced to close to help with social distancing and slow the spread of COVID-19. This has resulted in workers being laid off, furloughed, or losing income via reduced hours.

The federal government recently passed the CARES Act stimulus bill to fund households meeting income requirements. It includes one-time cash payments, extra unemployment assistance, and more.

There are other ways to find similar assistance too. First, you can look to see what your state’s unemployment policies are. Second, you may find additional information by contacting your state’s public health office.

While lost income through job loss may be your primary issue, you may also know older adults or relatives who’ve been financially impacted by COVID-19 as well. Since the virus tends to affect older patients more severely, quarantines and other safety measures may limit them more than other age groups.

For this reason, doing a separate search for benefits for older adults may be helpful. You can do this by going here and looking for options on the state or local level through the National Council on Aging.

Help With Paying Your Bills

Although the coronavirus has made it impossible for some families to pay their bills, the good news is that some companies are freezing payments for the time being. If you have federally-held student loans, for example, you won’t have to make payments until September 30, 2020.

What if you don’t have federal student loans, though? What if they’re held by a bank? Or what if you have other bills that haven’t been put on hold. What are your options then?

Regardless of the bill, your best bet is to contact the company directly to see what your options are. Some may offer reduced payments or put you on a payment plan to make your bills more manageable.

Others may let you change the payment date or request an extension. Since the coronavirus’s impact is so widespread, you may have a much easier time negotiating than ever before.

Before contacting a company, have some necessary information handy. They may ask what your current financial situation is or how much you can afford to pay. They may also want to know when you’ll be able to start making regular payments once again.

If you’re contacting your mortgage company, you may be asked questions regarding your expenses and income, as well as assets.

Speaking of mortgages and housing, counselors from the Department of Housing and Urban Development (HUD) may be able to help you if you’re having trouble paying your loan. And if you can’t afford housing or rent, they may also be able to point you in the right direction for a Section 8 voucher that provides rental assistance.

Lastly, if credit card companies are hounding you for money you don’t have, you can speak with debt collectors to come up with a realistic repayment plan.

If that’s not an option, working with a credit counseling organization or debt settlement company may be your best bet. Stay away from any that ask for an upfront fee.

Watch for Coronavirus Scams

Since these are trying times, many scammers have decided to take advantage of people in need. As you search for assistance to help you stay afloat during the COVID-19 outbreak, you’ll need to beware of scams.

There are scams where people are trying to charge others to take tests to see if they have the coronavirus. Fake testing kits are making the rounds as well. You may even run into fake cures that promise to protect you from COVID-19. Another growing scam charges a fee to stop payments on your bills.

Whether it’s via phone calls texts, emails, social media, or websites, stay alert, and don’t disclose any personal information or pay fees that are not warranted.

You can find out more ways to protect yourself from scams by visiting the Federal Trade Commission’s website.