In these unprecedented times, it’s important to know what resources may be available to you.
Check out our list below to learn more.
Paying down debt is difficult under normal circumstances. The COVID-19 global pandemic, including stay-at-home orders and social distancing measures, makes it even more challenging. There are a number of resources that might be able to help you with your debt.
- Check on your mortgage and life insurance policies to see whether you’re offered payment protection, accident, sickness or unemployment coverage
- If your ability to pay your mortgage is impacted and your loan is owned by Fannie Mae or Freddie Mac, you may be eligible to delay making your monthly mortgage payments (more info here)
- Regardless of your situation, if you’re having trouble making payments, contact your mortgage servicer (the company where you send your monthly payments) as soon as possible to let them know about your current circumstances
Good news for those with student loan debt: The CARES Act provides some relief for certain loans. Payments on certain federal student loans will automatically stop from March 13, 2020, through Sept. 30, 2020.
Credit cards/personal loans
If COVID-19 has had an impact on your personal finances, your credit card or personal loan issuer may give you options for debt relief (such as deferred payments or waived fees). To know for sure, check their website or call their customer support team for more information.
Facing unemployment or underemployment due to COVID-19? Assistance may be available through federal and/or local programs.
- Unemployment Insurance provides unemployment benefits to those who lose their job through no fault of their own
- You may qualify for Disaster Unemployment Assistance even if you don’t qualify for other types of unemployment benefits
- Filter by location to find additional unemployment benefits near you
- Visit the Department of Labor’s Coronavirus Resources page for information that can help employers and employees
Global public health emergencies can cause severe emotional distress and anxiety. Throw financial concerns into the mix and it’s easy to feel overwhelmed. The CDC has valuable information and tips on coping.
If you or someone you know is considering self-harm, visit the Suicide Prevention Lifeline website, call the Disaster Distress Helpline at 1-800-985-5990 or text TalkWithUs to 66746.
The good news is that most major health insurance carriers, including Medicare and Medicaid, will cover the cost of COVID-19 testing and treatment, but if you still need coverage, read on.
- The Affordable Care Act allows for enrollment if you have a life change (like losing health coverage or having a baby) or if you qualify for Medicaid or the Children’s Health Insurance Program (CHIP)
- COBRA Continuation Coverage may be an option if you are experiencing a lapse of employment
- Medicare and Medicaid benefits may be available if you meet certain requirements
You’re probably already aware that the deadline to file your 2019 federal income and self-employment taxes has shifted from April 15 to July 15, 2020 (more info here). State taxes may or may not be delayed. Check with your state for more details. Sadly, criminals are already cooking up ways to scam you out of your refund. To play defense, file your taxes sooner rather than later and remember to never give out your personal information over the phone. The good news is that a tax refund check will probably come in handy in these uncertain times.
Feeling financially overwhelmed? Nimbl can help. Download the app today to get started.