Here’s some information for consumers to help you during the coronavirus (COVID-19) outbreak:
Foreclosures/Evictions: On March 21, 2020, President Trump ordered all foreclosures and evictions to cease for 60 days.
Mortgage Payment Deferment/Forbearance: Please remember that you have to reach out to the individual banks to get a deferment or a waiver, it is not automatic. With deferments/forbearances, it is important to know that these payments will eventually come due and oftentimes, all at once, so keep in touch with the banks to work out a payment plan or a modification before the payments come due.
Ally Bank: Offering deferments up to 120-days for mortgage and car payments without late fees. Bank fees, overdraft fees, are waived. 866-401-4742.
Bank of America: Paused foreclosure sales, evictions, and repossessions. Requests for deferment are being reviewed for mortgage, car loan, and credit card payments. Bank fees, overdraft fees, are waived.
Chase Bank: It will review your loan for options including a repayment plan, forbearance, or a loan modification.
Fifth Third Bank: 90-day waiver for mortgage, car, and credit card payments without late fees. Bank fees, overdraft fees, are waived.
Quicken Loans: 3-month forbearances without a negative credit hit.
TD Bank: Contact the bank at 800-222-5522 to discuss options.
Wells Fargo: Contact the bank at 800-869-3557 to discuss options.
Interest on all student loans owned by the US Dept of Education, such as Direct Loans, as well as Federal Perkins Loans and Federal Family Education Loan (FFEL), will be waived for 60 days starting on March 13, 2020. This will be implemented automatically. If you want a suspension on your monthly payments, you’ll need to contact the US Dept. of Edu. directly to apply. 1-800-4-FED-AID.
If you have a privately held student loan, many banks are offering forbearance programs. Be sure to call the individual banks to apply.
Refunds: Still being issued within 21 days of filing.
Extension to file: 2020 tax returns are now due on July 15, 2020.
Deferment on payment: IRS has deferred up to $1mil. in 2020 tax payments to July 15, 2020, without penalties or interest.
Georgia has received a statewide disaster declaration from the US Small Business Administration which provides assistance through the SBA Economic Injury Disaster Loans to small businesses. Loans are available for small businesses and non-profit organizations. Can apply at https://disasterloan.sba.gov/ela/
The maximum allowed for one senior citizen under the Supplemental Nutrition Assistance Program (SNAP) is $194, and all recipients will receive the maximum allowed for March and April.