Coronavirus Financial Relief Options

Update August 2020: While America waits for Congress to act on the next version of a relief bill, President Trump has signed four executive orders that may, or may not, help in the interim. You can read the details here, as well as a follow-up regarding a rent payment moratorium here.

As more and more workers are affected by furloughs, reduction in hours and outright layoffs as a result of the actions taken to combat the coronavirus spread, financial relief and assistance are becoming top of mind.

Below is a list of coronavirus financial relief options of which affected workers may be able to take advantage.

First, it’s important to note that financial assistance will be coming from the federal government.

Our elected leaders are well aware of the dire financial circumstances resulting from the social distancing suggestions/requirements that have been instituted.

The only way to stem significant economic consequences is to put money directly into the pockets of all Americans and U.S. businesses to get over the coming months.

Currently, Congress is finalizing financial relief packages which should be passed and enacted in the coming days. Reports indicate that one of the provisions will pay each American a set amount based on income and family size. Payments are targeted for April 6, 2020, and May 18, 2020. More details will be released once the relief proposals are finalized.

While direct government payments are a start, more is surely forthcoming.

But, payments alone may not be enough to offset all expenses affected workers may have.

Here are some options that may help in that regard.

Credit Card, Bank and Loan Relief

All financial institutions are well aware of the current coronavirus and economic issues facing customers.

If you are having difficulty paying all your bills, a call to your credit card issuer or lender may result in payment flexibility.

For credit cards, use the telephone number on the back of your card.

For bank or other lender loans, use the customer service number on your statement.

Or, check the website of your financial institution. Many have already published announcements online regarding coronavirus relief.

During the call, tell them your situation and ask what payment flexibility options may be available.

Utilities and Telecommunications

Many utilities and telecommunications companies have already instituted forms of assistance for those in need.

Many electric and gas companies are suspending service disconnections for customers with unpaid bills during this time period. Additionally, they may offer payment plans for those affected by job loss.

A number of the wireless providers and cable and Internet providers have signed the Federal Communications Commission’s Keep Americans Connected Pledge which will waive late fees, suspend service terminations and open hot spots for Internet access.

To get the assistance, though, you have to ask.

Wrap Up

If you’re having a difficult time paying your bills as a result of coronavirus and the actions taken to curb its spread, make the call to your service providers.

Many companies already have a plan in place to work with affected customers.

Lowered payments, waived late fees and a halt to disconnections are a few of the options that may be available to you.

The U.S. economic situation is bad and getting worse as the coronavirus, and actions to address it, take hold in our country. Many Americans are going to be facing the same financial hardships. We’re all aware of what’s going on, and together, with the assistance of government, business and each other, we’ll get through it.

Let us know of other financial assistance options that may be of benefit in the comment section below.

image courtesy of Danilo Rizzuti at freedigitalphotos.net