Roundup: What Benefits Can I Take Advantage of Due To Coronavirus?
by Kristin Hoppe
Note: This page has been updated as of May 5, 2020.
It’s a topic that is all-encompassing these days — the coronavirus pandemic has derailed just about every facet of daily life, with no end in sight.
And for an increasing number of Americans, the economic impact is equally unavoidable. It can be scary and confusing how to navigate these times, financially and otherwise.
Here at My Financial Counsel, we want to make sure you have access to all the resources that could help soften the blow and give you just a little more security.
Below, we have rounded up various benefits that you and your family can take advantage of if needed. These lists are quick and scannable, with options to read more from the source.
The Federal Government is sending Americans stimulus checks based on tax filing status.
If your adjusted gross income (AGI) is $75,000 or less…
If your income is higher, the check amount decreases by $5 for every $100 above the income threshold.
When will I receive my check?
It’s complicated. The first electronic stimulus check payments were sent out on April 11. As of April 20, the first paper stimulus checks have been sent in the mail and were expected to arrive by April 24.
If you’re still waiting for your check, you can sign up for the Postal Service’s Informed Delivery page which may help you track it. There’s a more in-depth explainer here.
Where to read more:
More workers now qualify for paid leave than ever in the history of the United States. That said, 50% of people in the US still don’t qualify. Here’s the rundown:
What benefits cover:
Who qualifies:
Who doesn’t qualify:
Where to read more:
Federal law has increased flexibility for unemployment claims in states related to COVID-19. State unemployment laws vary widely, but the information below covers general federal policy.
What benefits cover:
You may qualify if:
Where to read more:
The Paycheck Protection Program, or PPP, is a loan designed to keep small business workers (including freelancers and independent contractors) on payroll. The Small Business Administration (SBA) will forgive loans if all employees are kept on payroll for 8 weeks and the money is used for payroll, rent, mortgage interest, or utilities.
As seen in the news, some larger corporations have been abusing this program, and funds go fast. As of May 4, the SBA says PPP funding is still available. Congress is currently discussing a third round as demand soars.
Who may qualify:
Where to read more:
Federal student loan borrowers are automatically being put in administrative forbearance. That means you can temporarily stop making monthly loan payments on federal loans until September 30, 2020. You can still choose to make payments if you want to.
Those loans include:
This relief currently does not exist for private student loans. However, you can take the steps to reach out to your private lender and see how they could help.
Where to read more:
Struggling to pay rent or mortgage if you lose your wages during coronavirus is currently a reality for many Americans right now. Thankfully, there are some federal, state, and local programs that have suspended evictions. You may also be able to get rent assistance, forbearance, or mortgage relief through various social service agencies and state and local programs.
The coronavirus Aid, Relief, and Economic Security (CARES) Act is a new federal law that protects homeowners with federally backed mortgages, including:
Check this page to see if you still have relief options even without a federally backed mortgage. While rent currently doesn’t enjoy the same level of federal protections, the resources below may help guide you towards help.
Additional resources:
Individuals, artists, small businesses, and nonprofits all may be eligible for a variety of grants that can continue to help them going. This resource provides a comprehensive roundup of various grants currently available.
Customized Financial Advice
Customized financial advice with an advisor who’s got your back.
Pay for only what you need, when you need it. Our network of Certified Financial Planners (CFP®) are here to help you with your next big step in life.