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COVID-19 AND YOUR MONEY

How the federal gov’t is trying to help lessen the impact to your wallet as a record 3 million Americans file for unemployment.

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“You may well see significant rises in unemployment and significant declines in economic activity, but there can also be a good rebound on the other side of that.”

Federal Reserve Chairman Jerome Powell explained that while we may be in a recession, it's not a normal recession because there's nothing fundamentally wrong with the U.S. economy. He added the first order of business is to get COVID-19 under control and that will dictate the timetable for the economic recovery ahead.
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YOUR HOME

Evictions and foreclosures for renters & homeowners suspended in some cases.

  • Mortgages: 60-day moratorium on foreclosures and evictions for single family homeowners with federally-insured mortgages. Gov’t directed mortgage lenders to do the same – some have done so in states like CA.
  • FYI: Many cities and counties have enacted temporary eviction bans.
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YOUR TAXES

  • Federal taxes aren’t due until July 15.
  • Treasury Dept. advises those able to do so to file their taxes by the “normal” due date of April 15 in order to speed up their refunds.
  • FYI: State tax filing deadlines vary by state, but many states are extending.

We provided a resource on our source page for you to check the latest deadlines in your state.

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YOUR BUSINESS

  • Small Business Owners: Businesses with 50 – 500 employees must provide limited family & paid-leave to employees affected by COVID-19, but they’ll get 100% back in tax credits, or payments.
  • Self-Employed: Pres. Trump indicated Wednesday that independent contractors and the self-employed will be eligible for unemployment benefits.  Details TBD.
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YOUR LOANS

  • Federal student loans: Interest waived for at least 60 days. Borrowers may suspend payments for min. 2 months.
  • Small business loans: Small business owners can apply for a low-interest federal economic disaster loan.
  • The Federal Reserve also has emergency lending powers and can step in to temporarily replace lending powers in arenas where there’s no credit flowing (ex: car loans) if needed.
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YOUR PAYCHECK? A third relief coronavirus response bill is being negotiated by congress. The exact details have yet to be approved by both the Senate & House, but it will reportedly include a provision for sending checks to Americans who earn below a certain income.

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