COVID-19 Financial Resource Guide

The COVID-19 pandemic has taken a financial toll on nearly all of us. Forced redundancies, business closures, dropped contracts and general economic instability have brought financial hardships to some more than ever. At the same time, missed rent payments and increased debt-to-credit ratios have produced a credit-ratings crunch across the board. COVID-19 loans for bad credit are on the rise—but do they deliver, or do they make things even worse?

We can see the extent of the financial crisis if we examine data gathered between November 11 and 23, 2020, by the Center on Budget and Policy Priorities (CBPP). In that time period, 16% of responders in households with children reported not having enough food to eat. In the same timeframe, 23% of renters with children were not caught up on rent. 

Do you find yourself in a similar situation? We’re here to help. In this article, we’ll provide a number of links to helpful COVID-19 resources, which you can use to get back on track. After that, we’ll provide a brief update about the latest big coronavirus stimulus package. 

1. Coronavirus financial relief measures
2. Useful COVID-19 resources
3. Measures you can take to prepare your finances
4. Other important resources
5. The latest on the coronavirus financial relief measures

Coronavirus financial relief measures

Check out the following links to learn more about coronavirus financial relief measures, including the latest stimulus package.

• All about the stimulus package: Find out about the CARES act and learn how it could affect your finances.
• Economic injury disaster loan: If you’re a small business recovering from an economic disaster—the COVID-19 pandemic, for instance—you could be eligible for a loan from the SBA.
• Coronavirus mortgage relief: If you have a mortgage backed by the federal government, you can obtain federal coronavirus mortgage relief. Read this article to learn how to apply.
• Credit report moratorium: The credit report moratorium wasn’t part of the eventual CARES act. Find out why, and what you can do to protect your credit score, in this article.
• Stimulus Acts and Student Loans: Learn more about student loans, including automatic forbearance, in this guide.
• Stimulus Checks 2021: Read more about how the recent round of stimulus checks are going—and if you qualify.

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Useful COVID-19 resources

There are lots of things you can do to protect your finances during the coronavirus pandemic. We’ve got you covered with a comprehensive list of resources. 

• COVID-19 resources if you’re unemployed: Stay above water if you lose your job with this helpful tip-based article.
• Your personal finances during the COVID-19 pandemic: You can maintain a feeling of control in the midst of the COVID-19 crisis by keeping tabs on your personal finances. Use this article to prepare for unexpected expenses, emergencies and the future.
• Steer clear of COVID-19 scams: Unfortunately, scams are common—even in the COVID-19 era. This post will help you protect your stimulus payment and keep your finances safe.
• COVID-19 employment opportunities: Lost your job? Here’s how to get another one in the middle of a pandemic.
• COVID-19 job search tips: Some companies are still hiring—here’s how to get noticed. 
• COVID-19 and investments: Is it wise to invest during a pandemic? We’ll answer this question—and others—in this helpful article.
• Debt collectors and your stimulus check: Most—but not all debts—won’t affect your stimulus check. Find out about the exceptions with this useful guide. 
• Retirement during COVID-19: Thinking of retiring in the middle of the pandemic? Here’s what you should know. 
• How to protect your credit score during COVID-19: How to keep your credit score stable during COVID-19.

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Measures you can take to prepare your finances

Finances can be tricky—but they’re worth getting right. The articles in this resources section can help you stay on top of money troubles and build wealth. Let’s dive in.

Unemployment resources

• How to get unemployment benefits: Learn how to support yourself if you lose your job during the COVID-19 pandemic.
• Manage your finances while unemployed: Find out how to stay on top of your finances during unemployment—and how to find a new job.

Financial strategy

• How to take control of your finances: Stop that out-of-control feeling and take charge of your finances with the tips in this great how-to article.
• How to budget 101: Find out how to make your money last, how to plan ahead from a financial perspective and how to build wealth—even if you’re not well heeled.
• Recession-proof your finances: We’re in a recession right now. Read this article and build a solid financial strategy in advance of the next recession.
• How to avoid payday loans: Payday loans are bottom-of-the-barrel financial traps. Read this piece to get out of the payday trap and choose other COVID-19 loans for bad credit instead.
• 401(k) withdrawal FAQs: Tempted to withdraw part of your 401(k)? Here are some of the benefits and drawbacks of doing so.

Savings tips

• All about savings accounts: Most of us are in a financial bind at the moment. The insider info in this article can help you build a healthy savings pot for the future.
• Saving for an emergency: An emergency savings fund can save you when the going gets rough—and this article will teach you how to create one. 
• Successful saving habits: Read this article to learn seven top tips you can use to build wealth.

Debt elimination strategies

• Reduce your debt: Want to reduce your debt? There’s no time like the present. Learn how to reduce your debt with the helpful tips in this article.
• Deal with medical debt collectors: The last thing you want to do in the middle of a pandemic is deal with a medical debt collector. If you or a loved one have been hospitalized with COVID-19, this is a must-read article.
• Medical debt and your credit score: Here’s how medical debt affects your credit score and how you can diminish its impact.

Small business resources

• Bad credit business loans: You can get a business loan with less-than-perfect credit—even in a pandemic. Read this article to find out how.

Homeowner and renter resources

• All about your foreclosure rights: Read up on your rights as a homeowner, some of which still apply in the event of a foreclosure.
• Eviction FAQs: Eviction is an ever-present threat for millions of Americans during the COVID-19 pandemic. These tips can help you handle eviction and bounce back afterward.

COVID-19 information

• All about tax deductions, credits and exemptions: Learn all about various types of tax breaks to reduce your 2020 tax burden.
• Free tax filing resources: You have until April 15, 2021, to file your 2020 taxes. Here’s where to file for free.
• Maximize your tax return: Learn how to get the most from your 2020 tax return with these top tax filing tips.

Helpful financial tools

• ExtraCredit: Track, manage and build your credit profile with ExtraCredit from Credit.com
• Credit Report Card: Check your credit report regularly to track your credit history and keep tabs on your accounts with your free credit report card.
• Low APR credit cards: Low APR credit cards can help you spread the cost of extra pandemic spending without incurring a lot of interest. 
• Repair your credit: Don’t wait until after the COVID-19 pandemic to begin repairing your credit. Start now with this comprehensive how-to article.

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Other important resources

Check out these official COVID-19 resources to find out more about pandemic response and coronavirus strategy:

• Centers for Disease Control and Prevention: Find out what to do if you get sick and how to protect yourself and others from COVID-19.
• United Way 2-1-1 Helpline: Figure out shelter and food—and find essential services during the COVID-19 pandemic via 2-1-1.
• World Health Organization: Learn about the global coronavirus response, view international COVID-19 reports and bust myths with the WHO.
• The Consumer Financial Protection Bureau: Protect your finances with helpful resources from the CFPB.

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The latest on the coronavirus financial relief measures

Setting aside the tabled Health and Economic Recovery Omnibus Emergency Solutions (HEROES) act, congress has passed two stimulus bills since the beginning of the pandemic. Let’s examine both of them in brief.

The CARES Act

Originally introduced as the Middle Class Health Benefits Tax Repeal Plan of 2019, the  Coronavirus Aid, Relief, and Economic Security Act (CARES) act eventually became law on March 25th, 2020. The measure included $300 billion in one-time payments to American taxpayers. 

Under the terms of the act, individuals received $1,200 payments, while married couples filing jointly received $2,400 payments. In both cases, people received additional $500 payments for qualifying dependents. Higher income couples and individuals saw reduced payments, which disappeared entirely over certain AGI thresholds.

The Consolidated Appropriations Act, 2021

After months of negotiations, the Consolidated Appropriations Act, 2021 passed both houses of Congress on Monday, December 21st, 2020. The act became law on Sunday, December 28th, 2020. This enormous piece of legislation includes a section known as Division M, or the Coronavirus Response and Relief Supplemental Appropriations Act, 2021, which includes another round of stimulus payments to individuals. 

In short:

• Stimulus payments are $600 for each qualifying individual or $1,200 for married couples filing jointly.
• Qualifying dependents receive a $600 stimulus payment—$100 more than the $500 CARES Act dependent payment.
• Spouses and children of undocumented migrants will also receive stimulus payments.
• Full stimulus payments go to individuals with an AGI of less than $75,000, couples with an AGI of less than $150,000 and head of household filers with an AGI of less than $112,500.
• Over the AGI thresholds, payments diminish and then phase out completely.

Most stimulus payments went out in late 2020 or early 2021. If your bank account information is on file with the IRS and you fall within the income guidelines, you probably received your stimulus payment via direct deposit. If you received a physical stimulus check after the passage of the CARES act and have not shared your bank account information with the IRS since then, you most likely received another check in the mail.

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Where can I find loans and other resources for my business during COVID-19?

Business owners all over the United States have struggled to make ends meet during the coronavirus pandemic. Thankfully, specific financial resources, including PPP loans, are available to help you sustain your company.

Payment Protection Program Extended

The Coronavirus Response and Relief Supplemental Appropriations Act, 2021also renewed the Paycheck Protection Program. PPP loans have enabled businesses across the United States to keep workers employed during the pandemic. The original PPP loans stopped taking applications in August 2020, but new and existing businesses can apply for second draw PPP loans beginning in late December 2020.

In summary

We’ll be updating this piece regularly, so stop back soon to learn the latest COVID-19 pandemic finance facts. To receive personalized tips and financial advice, sign up for your free credit report card today.

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