The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed by Congress are intended to assist business owners with whatever needs they have right now. When implemented, there will be many new resources available for small businesses, as well as certain non-profits and other employers. The Small Business Owner’s Guide to the CARES Act provides information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs. For up-to-date information also check SBA’s website.
Here are more specific resources as of 3/28/20 for small business owners from the CARE Act:
- The U.S. Small Business Administration offers guidance and low-interest disaster loans to eligible small businesses, private nonprofits, homeowners and renters. Find local assistance from your state’s Small Business Administration.
- The U.S. Chamber of Commerce has a Coronavirus Small Business Guide for those small businesses being affected by COVID-19. You can also search for your state’s Chamber of Commerce.
- Facebook’s Small Business Grants program is offering $100 million in cash grants and ad credits to businesses impacted by the Coronavirus crisis.
The Coronavirus has impacted individuals as well. Check out these resources to help ease your financial burden.
Coronavirus resources regarding Utilities (cellular, internet, electricity, gas, water)
- If you are a residential or small business customer of one of the broadband and/or telephone service providers on this list, note that they have signed the Federal Communications Commission’s “Keep Americans Connected Pledge.” For the next 60 days they promise not to terminate service and will waive late fees caused by the coronavirus pandemic. They are also opening their Wi-Fi hotspots to any Americans who need them.
- Some state and city regulators across the U.S. have started directing utility companies (gas, water and electric) to suspend shutoffs for customers struggling to pay their bills. Some companies are deferring bill collection, waiving late fees and deposits for residential and/or commercial customers. Don’t wait until your payment is past due to contact your utility company and negotiate relief if you’re experiencing hardship as a result of Covid-19.
Mortgage payments and Coronavirus
- If you’re struggling to pay your mortgage as a result of Coronavirus impacting your income, here’s guidance from the Consumer Financial Protection Bureau.
- The CFPB recommends contacting a housing counselor. Use this housing counseling agency search page to find a U.S. Department of Housing and Urban Development (HUD)-approved agency in your state. Or you can call the HOPE Hotline at (888) 995-HOPE (4673) or go to the Homeownership Preservation Foundation’s website.
- Bankrate’s explainer on mortgage forbearance and other ways to catch up on payments.
Car loan payments
- Worried about making your auto loan payment? The CFPB offers resources to help you work with your lender to avoid falling behind.
Student loan relief during the COVID-19 Crisis
- As a result of the COVID-19 pandemic, required payments on federally held student loans have been suspended for 60 days (as of March 20) with the possibility of extending that time period and interest rates set at 0%. (U.S. Department of Education’s press release.) Note: Don’t just blow off your loan payment. Contact your lender to see if your loan qualifies.
- FAQs for students, borrowers and parents from the Federal Student Aid office.
- Other relief options: You may be able to lower your monthly student loan payments by enrolling in a payment plan based on your income or a plan that extends the amount of time you will have to repay your loan.
- Visit the CFPB for information on repayment plans, whether your student loans are federal or private.
Debt collection
- Overwhelmed by debt? Learn how to negotiate a settlement with a debt collector.
- The CFPB explainer on the important differences between credit counselors and debt settlement (or debt relief) companies.
- Use LawHelp.org’s directory to find free legal aid programs, information and forms for low-income individuals.
Taxes and Coronavirus
- The IRS has extended the federal tax filing and payment deadlines to July 15 because of COVID-19. For the latest see irs.gov/coronavirus.
- The 2019 IRA contribution deadline has also been extended to July 15, 2020.
- Individual taxpayers are eligible to request a six-month filing extension. However, if you’re expecting a refund you should file your tax return ASAP. See IRS resources for forms and directions on how to file for an extension.
State payment/filing deadlines are not always the same. Check your state tax agency for the latest.
As you can see EVERYONE has been impacted by Coronavirus. Take advantage of these many resources to ease the financial burden this pandemic has created.