COVID-19 Financial Resources for Consumers

• By Tracy East
• March 24, 2020
• 1,526 Views
• 2 Comments

Updated September 1, 2020

We understand that these are concerning times for consumers. As communities continue to require the closure of businesses, schools and other public facilities or events, jobs are being put at risk every day. While these drastic actions are important to help reduce exposure and illness, it also comes with a great deal of financial uncertainty for consumers who are experiencing a loss of income.

If you are concerned about the impact on your finances from facing the COVID-19 pandemic, we have gathered a list of helpful resources to aid you in protecting your finances. We will continue to update these resources in the days and weeks to come.

COVID-19 Financial Resources for Consumers

Automobile Resources:

• These Auto Financial Services have information on deferred payments

Bank Resources

• FDIC: FAQ for Consumers
• Disaster Recovery and Your Money
• List of Banks offering to help consumers with a financial hardship

Benefits

• Benefit.gov: Benefit Finder -- locate benefits you may be eligible for

Consumer Finance Protection Bureau Resouces:

• Protecting your finances during the Coronavirus Pandemic Coronavirus and Dealing with Debt:
• Protect Yourself Financially
• Protecting your Credit During Coronavirus Pandemic
• Tips for Financial Caregivers
• Tips to stay on top of your finances during the coronavirus pandemic
• Online and mobile banking tips for beginners
• Help for small businesses during the COVID-19 pandemic
• Avoid scams while finding help during quarantine
• Credit card debt during coronavirus: Relief options and tips
• How to use your Economic Impact Payment prepaid debit card without paying a fee

Families First Coronavirus Response Act:

The Families First Coronavirus Response Act was signed into law as of March 18, 2020.  Provisions within the bill that directly benefits workers include:

• Making coronavirus testing free
• Providing paid sick leave for some workers
• Enhancing unemployment benefits
• Increasing funds for Medicaid
• Strengthening food security initiatives

Summary of Key Provisions

Free Credit Reports:

The three major credit bureaus are now offering free weekly online credit reports from now until April 2021. You can get a free credit report every single week from TransUnion, Equifax, and Experian. To get your free credit reports, visit annualcreditreport.com

COVID-19 Healthcare Resources:

• COBRA Continuation Coverage  can be an option if you are experiencing a lapse of employment. 
• Medicare and Medicaid benefits can help attain healthcare if you qualify. Make sure you understand the key differences between Medicare and Medicaid to find the best option to address your situation.
• Benefit.Gov: Healthcare and Medical Assistance section will help you explore all of the healthcare options available for you. 
• NFCC: Medical Bills During COVID-19 A Review of Waived Costs and Expanded Benefits

Housing Resources:

• HUD’s COVID-19 Resources Page
• The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) will extend the moratoriums on single-family foreclosures and real estate owned (REO) evictions until at least December 31, 2020.
  • Find HUD Housing Counseling by State
  • CFPB: What is Mortgage Forbearance
  • Fannie Mae: Fannie Mae Assistance Options for Homeowners Impacted by COVID-19
    • Fannie Mae: Know Your Options Loan Lookup

• National Consumer Law Center: Covid-19 State Foreclosure Moratoriums and Stays
• Resources for Renters: Protections for renters during the coronavirus pandemic

Local and State Resources during COVID-19:

• 211.org: Search by zip code to find resources for help in your state
• Food Assistance Programs:
  • SNAP
  • Find a local Food Bank
• Unemployment insurance:  The Department of Labor has given states the authority to revise their laws so more people affected by COVID-19 can access unemployment benefits. If your employer has either closed or reduced your working hours due to the COVID-19 pandemic, you may qualify for unemployment. For more information specific to the rules in your state, contact your state’s unemployment insurance program

National Consumer Law Center:

• Digital Library: Major Consumer Protections Announced in Response to COVID-19
• COVID -19 Consumer Protection Relief

Military Resources

• NFCC: Resources for Military Families During COVID-19

Resources for Parents to Support Children Learning at Home:

• Scholastic Learn at Home Program
• Free Science lessons K – 5^th Grade
• Free Educational Resources 6^th grade – college
• Virtual Museum Tours
• TED Talks
• Virtual Field Trips

Small Business Resources

• Small Business Administration loans: Coronavirus Relief Options

Student Loan Resources:

• Student Aid.gov:  Information for student loan borrowers impacted by the COVID-19 crisis
• NFCC: Student Loans and COVID-19

If you are facing a financial setback, it’s important to know that you aren’t alone and that there is hope for recovery. Coming back from a financial crisis can be more achievable when you’re aware of your options to turn for help.

If you are are looking for a financial solution, CESI is here to help. Our counselors are available to assist if you are experiencing job loss, temporary loss of income or financial hardship during this time.  Contact us today for a free financial assessment with one of our certified credit counselors.