Financial Help During COVID-19

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March 2020 has come and gone with a swirl of shocking news, uncertainty and stress, but in the midst of all this there may be a light at the end of the tunnel. Government, financial institutions and other organizations have come together to offer help in various ways. We have put together for you a list of resources that will help you navigate any financial uncertainty.

Financial Support from the Federal Government – check the details for the Federal Government Stimulus package here and see how much you and your family qualify for. As a guideline it is said that individuals earning less than $75,000 can expect a one-time payment of $1,200; while married couples earning up to $150,000 would get $2,400 and approximately $500 per child if declared on taxes.

California Mortgage Relief – Governor Gavin Newsom announced that Citigroup, JPMorgan Chase, U.S. Bank, Wells Fargo and 200 other state-chartered and credit unions have agreed to freeze collection of mortgage payments for up to 90 days from borrowers who can document they have been affected by the crisis. You should contact your local branch to apply for the mortgage freeze as each bank will have different requirements. Please note that Bank of America has only committed to a 30-day pause.

California Rent Relief – unfortunately no state or federal initiative has delayed or excepted rent payments, however some local governments have put measures in place to delay evictions if you are unable to pay the rent. You are still obligated to pay rent, but it’s worth contacting your landlord and see what options they can give you – from delaying your payment to perhaps paying in smaller installments – until you can get back on your feet.

Tax Returns – if you have not filed your taxes for 2019 don’t worry! The government has extended the deadline to July 15th, so you have some extra time to focus on your more pressing financial obligations.

Additionally, many financial planners and other organizations have offered free time and advice to help anyone affected. Please check this list if you need one-on-one help with your personal or small business finances:

  • Illumint – check their calendar here, pick a time and day and an expert will help you navigate your options, all completely free!
  • The Foundation of Financial Planning – has a comprehensive resources page where you can find webinars, worksheets, details on legislation and policies and other financial resources for individuals and families, check it out.
  • Mint.com the popular budget tracker and financial planner has a section of their site dedicated to COVID-19 and your finances. They have great resources ranging from details on how to claim federal benefits to student loans to travel updates and changes. Check their special section here >