COVID-19: Financial Relief Options
The last few weeks have been tough for millions of Americans. Your safety and health are certainly top of mind, however, with headlines pointing to a slow road of economic recovery, you might also be worried about your money. While you cannot control the instability of the stock market or the job market, there are still many things you can do to take hold of your money circumstances right now.
Stimulus check: Americans earning $75,000 or less, or $150,000 and below as a couple, are eligible for the full $1,200 per adult, plus $500 for each child under the age of 17. Individuals who make more than $75,000 might still be entitled to some compensation through the stimulus package, depending on their income. The CARE Act mentions that the check is reduced by $5 for every additional $100 you earn above $75,000. The cut off for eligibility is $99,000 for individuals and $198,000 for joint filers.
Student loans: The federal government has automatically set all loan interest rates to 0% until September 2020. In addition, Payments can also be suspended for up to 6 months. If you have private student loans and have difficulty making payments, contact your lender to explore options.
Credit card debt: If you’re struggling to make credit card payments you could be eligible to have your payments deferred and your fees waived if you’ve lost your job or income due to COVID-19.
Mortgage: If you’re struggling to pay off your mortgage and lost your job or income due to COVID-19, contact your lender. Homeowners with Fannie Mae and Freddie Mac mortgages are eligible for reduced payments, elimination of late fees, and up to 12 months of forbearance. If yours isn’t covered, be sure to contact your lender to explore your options.
Rent: If you can’t pay your rent, you won’t find yourself out of a place to live. Many cities have paused evictions. However, before you get into an eviction scenario, speak with your landlord to explore other options such as partial and late payments and they should be willing to be flexible since they also could potentially qualify for mortgage relief.
LiftRocket: Friend powered financial help when you need it. LiftRocket is a community where you can meet life’s needs with help from family and friends instead of a bank, paperwork or credit scores. Fix your car, meet a medical expense, or replace a smartphone. Pay It Forward or contribute to a Lift and we'll reward you with matching funds the next time you ask for a Lift. There are times we can all use a Lift.
Asking for help isn’t always easy, but reaching out to discuss your options and create a game plan will keep you on top of your finances and ahead of the curve.
LiftRocket is here to lend a helping hand during hard times. Learn more on www.liftrocket.com
