Slayton Law is doing all we can to support members of our community during the COVID-19 outbreak. This page contains information and resources to help you navigate the financial piece of your life during these unprecedented times.
I’m having trouble making rent. What are my rights as a tenant/renter during COVID-19? Check out this article from Blue Ridge Legal Services for information about tenants rights during COVID-19.
I am concerned about foreclosure during COIVD-19. Here is a Summary of Foreclosure Alternatives for Borrowers with COVID-19 Hardships
I can’t pay my mortgage right now. How can I get help with my payments? Here is a summary of Possible Mortgage Relief as of March 20 2020.
I’ve been let go from my job. Can I get unemployment insurance? Quite possibly. The CARES Act has created three new categories of unemployment insurance. Read about them here: Unemployment Insurance Provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The Federal Government is providing a stimulus payment (which is different than unemployment insurance) to Americans. How much will my stimulus payment be? Most people will get $1200, although some will get less. Children 16 and under will receive an additional $500. Calculate Your Stimulus Check (Washington Post Calculator).
Do I have to apply somewhere to receive my stimulus payment? No. If the IRS already has your bank account information, it will transfer the money you are eligible for to you by direct deposit.
What if I haven’t filed a tax return recently? Will that affect my ability to get my stimulus check? It could. File your tax return immediately, at least for 2018, according to the IRS website. “Those without 2018 filings on record could potentially affect mailings of stimulus checks,” the site says.
Will most people who are receiving Social Security retirement and disability each month also get a stimulus payment? Yes.
How about people who are receiving unemployment insurance? Or veterans? Yes, both groups would receive stimulus checks.
Do I have to pay income taxes on my stimulus payments? No.
I have student loans. What is the government doing to help me? “If you have a federal student loan, you should automatically receive som relief without lifting a finger: Borrowers will be placed in so-called administrative forbearance, which allows you to temporarily stop making payments from March 13 until Sept. 30.” See the full New York Times article here.
Are all student loans eligible for administrative forbearance? No. Older Federal Family Educational Loans (FFEL) that the U.S Department of Education does not own will not be eligible, nor would Perkins loans, loans from state agencies, or loans from private lenders like Discover, Sallie Mae and Wells Fargo. The holders of all those kinds of loans may be offering their own assistance programs.
Should I take money out of my IRA account to live on? You could do this and even avoid the usual 10% penalty for early withdrawal, if you are doing so because of financial problems you’ve encountered because of the coronavirus. BUT, if you are considering this I would strongly suggest making an appointment to talk with me first. There are usually MUCH better alternatives available to you and I can show you preferable options.
What about my 401K? Yes, you could borrow up to twice the usual amount from your 401K, if you’ve been affected by the coronavirus. But again, please make an appointment to talk with me personally if you are considering this. There are usually much better options for your financial health.
Will there be any damage to my credit score if I take advantage of virus-related relief? There is not supposed to be. But if you had any problems with your credit report before coronavirus relief, they will still be there unless you fix the underlying issue.
Did the Federal legislation make it illegal to cut of internet or other utilities because of nonpayment? No.
I’ve got a small business. What relief can I get?
- A $10,000 disaster assistance loan/grant from the Small Business Administration (SBA). Click here to apply. Government officials have suggested to apply now even if you think you don’t need it. It could protect you if things get worse.
- A Small Business Administrative (SBA) Paycheck Protection Program loan to cover your payroll. You will need to apply to a bank such as Suntrust, Virginia National, or Bank of America, so contact them directly. Here is an article describing these loans.
- According to Forbes, you may not be able to receive both loans, so be sure to check out the fine print of both.