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What financial help can I apply for during the COVID-19 pandemic?

SOLVEDby TurboTaxUpdated 2 weeks ago

Navigating all the different information about the coronavirus can feel overwhelming. So we’ve brought together as many different ways of getting financial support or relief as we can.

You can check out our page: Coronavirus and your finances for more resources to help you navigate your finances during coronavirus. 

What coronavirus relief measures have been announced?

Click on the following links to learn more about various relief measures that you can consider:

Credit products (mortgage, loan, credit card)

You may be able to apply for payment breaks online with most lenders, or you can give them a call. A payment break is exactly that – you won’t need to pay for a short period of time agreed between you and your lender. If you want a payment break on products from different lenders, you’ll need to speak to each lender to arrange one. It’s important to note that interest will still apply during the break, and you’ll need to make arrangements to resume paying at some agreed point in the future.

The good news is that the main credit bureaus that hold your credit information – Equifax, Experian and TransUnion – have promised that so long as you arrange a payment break with the lender, there won’t be any impact to your credit score when you don’t pay during the time agreed. As a reminder, Intuit Credit Karma shows your TransUnion credit report.

When each payment break comes to an end, it’ll be your responsibility to resume paying at the same rate as before, unless you request an extension or arrange to repay in a different way.

For that reason, it’s worth making a note of when each payment break you arrange is due to end so that you can make sure you’ve got plenty of time to request an extension, ask about changing the way you repay or resume payments as before.

Rent and Utilities

If you think you’re going to struggle to pay rent either now or in the coming months, it’s worth contacting your landlord. Your landlord might be able to offer you a payment break, or give you more time to pay or the opportunity to catch up on payments in installments.

You can contact your internet provider and ask for a payment break. 

You can do the same with other subscription services. For example,some sports subscription services are offering to credit customers’ accounts since there’s no sports on at the moment.

If you’ve lost your job

If your employer has laid you off  and you need support, you should make it a priority to apply for unemployment benefits. With more people applying at the moment, it’s going to take longer for each application to be processed, so it’s worth submitting an application  as soon as possible.

To find out more about unemployment relief in your state, you can visit the U.S. Department of Labor’s CareerOneStop website.

If you’re self-employed or a small business owner

You may be able to receive government support if you are a small business owner or self-employed. You can learn more at the US Small Business Administration (SBA) website.

More resources

While we want to be as helpful as possible, we can’t give financial advice and guidance tailored to your specific circumstances. If your situation isn’t covered here or you simply need more help, here are some resources that could be useful.

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