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COVID-19 Resources

A $2.2 trillion relief bill will help provide stimulus checks, expand unemployment benefits, make changes to student loans and modify retirement account rules. Here are a few links we rounded up to assist you in obtaining the help that you might need.

 

Small Business Owners

Here are some links that might help your small business during this tumultuous time:

Disaster Loan Assistance – Federal Disaster Loans for Businesses, Private Non-profits, Homeowners and Renters

Resources for Small Businesses Located in Virginia

Resources for Small Businesses Located in Maryland

Resources for Small Businesses Located in DC

Resources for Small Businesses Located in West Virginia

Chamber of Commerce Resources for Small Business, by state

Facebook is offering cash grants and ad credits for eligible small businesses in over 30 countries, during this time of need.

 

Mortgage and Utilities

If you’re experiencing hardship due to the COVID-19, you may be eligible to pause your payments. The Consumer Financial Protection Bureau has a step by step checklist that might allow you to avoid foreclosure. You can also contact a housing counseling agency approved by the U.S Department of Housing and Urban Development

For utilities, the Keep Americans Connected Pledge states that for the next 60 days the broadband and/or telephone service providers on this list promise not to terminate service and will waive late fees caused by the COVID-19 pandemic. They are also opening their Wi-Fi hotspots to any Americans who need them.

Unemployment

Filing for unemployment varies from state to state. Here is a link that provides step-by-step guidelines for how you can file in your state.

The unemployment benefits have been expanded to include many people who would normally be considered ineligible, including gig workers, freelancers and independent contractors.

Car Loans and Repayment

The Consumer Financial Protection Bureau has resources to help you work with your lender, regarding your car payments.

Student Loan Relief

Required payments on federally held student loans have been suspended through September 29th, due to the COVID-19 pandemic. Interest will not accrue during this time, but you must contact your lender to ensures that your loan qualifies. Here are some FAQs from the Federal Student Aid, an Office of the U.S. Department of Education.

Debt Collection

This article describes the difference between a credit counselor and a debt settlement or debt relief company.

Retirement Account Changes You Should Be Aware Of

Contributions to IRAs for the 2019 tax year have been extended to July 15. Be careful to indicate that your deposit is for 2019 or notify your IRA custodian may flag it to the 2020 tax year.

Required minimum distributions (RMDs) from IRAs and workplace savings accounts have been suspended for the 2020 calendar year.

The IRA is waiving the 10% early withdrawal penalty for those who may need to withdraw from a workplace retirement account or IRA due to the COVID-19 crisis. There is a limit and you will still owe income taxes, but you will be allowed to spread out those payments over three years. There are additional provisions for borrowing money from retirement accounts and you can read about those here.

Tax Information

Please note that although the federal tax filing and payment deadline has been extended to July 15, due to COVID-19, state payment and filing deadlines are not always the same. Check your state tax agency for the latest information.

Elderly Relief

The National Council on Aging is offering resources and information for the elderly. This might include food assistance, information on Economic Impact Payments and even updates and tips to help you lookout for scams.

 

Although this list may not include everything, feel free to reach out to us if you have further questions.  We will make every effort to give you the resources you may be looking for.