Financial
Wellness
Please note: This is being provided as a resource to you. We do not
endorse the listings below and ask that you please do your due diligence prior to
following any financial advice.
General financial assistance:
Need Help Paying Bills
www.needhelppayingbills.com
Provides information on assistance programs, charity organizations, and resources that
provide help paying bills, mortgage and debt relief (financial, rent and government
assistance).
Aunt Bertha
www.auntbertha.com
An online resource that connects users to free and reduced cost local resources such as
medical care, food, housing, transportation and much more. Website also offered in
Spanish.
HelpWhenYouNeedIt
www.helpwhenyouneedit.org
An online service that connects users to over 350,000
listings nationwide of private and public resources for food pantries,
stores that accept food stamps, assisted living facilities, domestic
violence and homeless shelters, mental health & substance use
treatment, free clinics, legal and financial assistance.
Help with Bills
www.usa.gov/help-with-bills
Provides information about government programs that help
with bill payment, temporary assistance, jobs/unemployment,
credit, etc. Website and Helpline also offered in Spanish.
211 United Way
www.211.org
2-1-1 operates nationwide and connects callers to human service information. This service
operates 24 hours a day, seven days a week, even during disasters. Information and
resources may be provided for a variety of needs including shelter, cell phone power
stations, rent/utility assistance, and disaster response programs. Dial 211 from any phone
(mobile or landline) or visit www.211.org to search for contact information by zip code;
service refers callers to appropriate agencies/community organizations that offer emergency
financial assistance; available in most areas. Website also offered in Spanish.
Free Loan Association
The Jewish Free Loan Association is offering interest-free and fee-free loans that can be
turned around in a matter of days to folks impacted by coronavirus, for anything from
everyday expenses to childcare to lost wages. You do not need to be Jewish to apply https://www.jfla.org/coronavirus-loans
Tax Relief
Federal
In response to the national coronavirus emergency, the Internal Revenue Service (IRS) issued
guidance allowing all individuals and other non-corporate (small business) tax filers to
defer up to one million dollars of federal income tax payments 3 months from April 15th to
July 15th, without penalty or interest
However, you should still file your taxes if you expect a tax refund. That way, you’ll
be able to take advantage of your refunds earlier and get the money sooner.
The IRS has temporarily closed all Taxpayer Assistance Centers and discontinued face to face
service in light of COVID-19. They will be continuing to process tax returns, issue refunds,
and help taxpayers in every extent possible.
State
Many states have followed the example of the federal government. The AICPA has a state by
state summary of what each state is currently doing. https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/coronavirus-state-filing-relief.pdf
Free financial planning
Financial advisors across the country are offering pro bono advice to people whose wallets
are impacted by the outbreak. The XY Planning Network offers a search tool on its site that
helps pinpoint financial advisors (more than 50 listed) who are willing to provide free
advice on coronavirus relief. https://www.xyplanningnetwork.com/?_advisor_search=%22coronavirus%20relief%22
Phone and Internet
Due to the coronavirus pandemic, over 100 internet companies have pledged not to terminate
services to any residential or small business customers who cannot pay their bills, waive
any late fees and open its WiFi hotspots to any American who needs them.
Here are what a few of them are doing:
- Comcast - free access to WiFi hotspots for 60 days, unlimited data for
customers, no late charges or disconnections, 60 days of free basic internet for all new
customers
- AT&T - suspended disconnections and late fees, free access to public WiFi
hotspots, and unlimited data for customers
- Verizon - waived late fees and suspended disconnections, free international
calling to CDC level 3 countries, free activations and upgrades for a limited time
- Charter Communications - suspend disconnections and waived late fees
- T-Mobile - free international calling, unlimited data, free hotspots, suspended
disconnections
- Sprint - free international calling to CDC level 3 countries, suspend
disconnections, unlimited data and free hotspots
- Atlantic Broadband - suspended disconnections and waived late fees
In a promise to “keep American connected,” the Federal Communications
Commission’s site offers a full list of companies and associations that are
participating: https://www.fcc.gov/keep-americans-connected#pledges
For Car Buyers and Owners
Automakers have rolled out new benefits to ease the financial strain on car owners and
buyers. Some have even gotten creative!
Here is what a few of them are doing:
- General Motors- GM Financial is open to change payment arrangements and Onstar
Crisis Assist and in-vehicle data will be available for WiFi-equipped owners.
- Hyundai - revived its Assurance Job Loss Protection Program providing six
months of car payments to new buyers if they lose their job involuntarily and 90 days of
payment deferral on select new cars
- Ford - allowing delay of payments to provide financial relief to car owners
financed through Ford as well as deferring new car payments up to 90 days
- Nissan - Nissan’s financing arm will allow current retail and lease
customers to defer payments and delayed payments for 90 days for new buyers
For a complete list of automakers and their COVID-19 responses: https://www.edmunds.com/car-loan/car-payment-relief-during-coronavirus.html
Credit Cards
In general, banks, credit card companies, and lenders are asking customers who need help to
contact them for personalized assistance. Some banks are waiving early withdrawal penalties
on certificates of deposit. Some creditors are increasing credit lines. Extremely low
interest rates may benefit those who need to borrow.
Wells Fargo 401K
Wells Fargo shared its response to the coronavirus disease, stating that “Wells Fargo
is committed to helping customers experiencing hardships, including from the Coronavirus
Disease (COVID-19). If in need of assistance, we encourage customers to call us at
1-800-219-9739 to speak with a trained specialist to discuss options available.”
Mortgages
Don’t think you’ll be able to pay your mortgage? Rest assured, government
agencies like the Federal Housing Finance Agency (FHFA), Housing and Urban Development
(HUD), United States Department of Agriculture (USDA), Fannie Mae, and Freddie Mac have all
announced a freeze on foreclosures and evictions for at least 60 days along with forbearance
or disaster relief options for homeowners. Contact your servicer/lender to see if your
situation qualifies to make reduced payments or be granted a pause in payments.
Rent
If you know you can’t make rent, it’s best to contact your landlord early to let
them know and work out a payment plan. Most landlords are incentivized to work with you on a
payment plan or extension that benefits both parties. If making a partial payment is
reasonable in your economic situation, your landlord may be more willing to work with you on
a payment plan. If you need money, the United Way has rental assistance or you could request
a low interest loan from your local bank or financial institution. Additionally, many cities
have eviction bans in place due to COVID-19. However, it still benefits you to work with
your landlord and figure out a payment plan earlier rather than later
Student Loan Relief
President Donald Trump announced he is waiving interest on student loans held by the federal
government until further notice. The waiver doesn’t apply to three types of student
loans: state, private and the majority of Federal Family Education Loans (including Sallie
Mae student loans). Borrowers will still be required to pay their monthly bill, but the
payments will go towards a principal balance instead of interest.
On March 20th, the U.S. Department of Education confirmed this measure, adding that
“each of these borrowers will have the option to suspend their payments for at least
two months to allow them greater flexibility during the national emergency.” Unlike
the automatic interest waiver, however, you will need to request this administrative
forbearance from your student loan servicer in order to receive it.
The office of Federal Student Aid recommends contacting your loan servicer as soon as
possible if you’re struggling to make payments.
If you’re concerned about your studies or loan repayment during the outbreak, the
Federal Student Aid’s site answers several important questions for students, borrowers
and parents. The site will be adding information for students, borrowers, and parents on its
page on a regular basis.
Savi and Student Debt Crisis
Savi and Student Debt Crisis are offering help to folks who are having trouble paying their
student loans because of the coronavirus' impact to their income. https://crisishelp.bysavi.com/
Utilities
With the ongoing coronavirus pandemic, many utility companies are easing shut-offs or
allowing customers to pay late without a late fee penalty. Call your utility company to find
out what they are doing.
Protect Yourself from Scams
You must be careful to ensure you and your family members, especially the elderly, don't
fall prey to scams. Verify contact information with reputable sources, such as a
company's official website. Also, beware of giving any personal data that is requested
via email. You can learn more about how to avoid scams or report a scam by visiting the
Federal Trade Commission’s website. https://www.consumer.ftc.gov/features/coronavirus-scams-what-ftc-doing