COVID-19 Financial Resource Guide

The COVID-19 pandemic has taken a financial toll on nearly all of us. Forced redundancies, business closures, dropped contracts and general economic instability have brought financial hardships to some more than ever. At the same time, missed rent payments and increased debt-to-credit ratios have produced a credit-ratings crunch across the board. COVID-19 loans for bad credit are on the rise—but do they deliver, or do they make things even worse?

We can see the extent of the financial crisis if we examine data gathered between November 11 and 23, 2020, by the Center on Budget and Policy Priorities (CBPP). In that time period, 16% of responders in households with children reported not having enough food to eat. In the same timeframe, 23% of renters with children were not caught up on rent. 

Do you find yourself in a similar situation? We’re here to help. In this article, we’ll provide a number of links to helpful COVID-19 resources, which you can use to get back on track. After that, we’ll provide a brief update about the latest big coronavirus stimulus package. 

  1. Coronavirus financial relief measures
  2. Useful COVID-19 resources
  3. Measures you can take to prepare your finances
  4. Other important resources
  5. The latest on the coronavirus financial relief measures

Coronavirus financial relief measures

Check out the following links to learn more about coronavirus financial relief measures, including the latest stimulus package.

  • All about the stimulus package: Find out about the CARES act and learn how it could affect your finances.
  • Economic injury disaster loan: If you’re a small business recovering from an economic disaster—the COVID-19 pandemic, for instance—you could be eligible for a loan from the SBA.
  • Coronavirus mortgage relief: If you have a mortgage backed by the federal government, you can obtain federal coronavirus mortgage relief. Read this article to learn how to apply.
  • Credit report moratorium: The credit report moratorium wasn’t part of the eventual CARES act. Find out why, and what you can do to protect your credit score, in this article.
  • Stimulus Acts and Student Loans: Learn more about student loans, including automatic forbearance, in this guide.
  • Stimulus Checks 2021: Read more about how the recent round of stimulus checks are going—and if you qualify.

Useful COVID-19 resources

There are lots of things you can do to protect your finances during the coronavirus pandemic. We’ve got you covered with a comprehensive list of resources. 


Measures you can take to prepare your finances

Finances can be tricky—but they’re worth getting right. The articles in this resources section can help you stay on top of money troubles and build wealth. Let’s dive in.

    Get everything you need to master your credit today.
    Get started for free

    Unemployment resources

    Financial strategy

    • How to take control of your finances: Stop that out-of-control feeling and take charge of your finances with the tips in this great how-to article.
    • How to budget 101: Find out how to make your money last, how to plan ahead from a financial perspective and how to build wealth—even if you’re not well heeled.
    • Recession-proof your finances: We’re in a recession right now. Read this article and build a solid financial strategy in advance of the next recession.
    • How to avoid payday loans: Payday loans are bottom-of-the-barrel financial traps. Read this piece to get out of the payday trap and choose other COVID-19 loans for bad credit instead.
    • 401(k) withdrawal FAQs: Tempted to withdraw part of your 401(k)? Here are some of the benefits and drawbacks of doing so.

    Savings tips

    • All about savings accounts: Most of us are in a financial bind at the moment. The insider info in this article can help you build a healthy savings pot for the future.
    • Saving for an emergency: An emergency savings fund can save you when the going gets rough—and this article will teach you how to create one. 
    • Successful saving habits: Read this article to learn seven top tips you can use to build wealth.

    Debt elimination strategies

    • Reduce your debt: Want to reduce your debt? There’s no time like the present. Learn how to reduce your debt with the helpful tips in this article.
    • Deal with medical debt collectors: The last thing you want to do in the middle of a pandemic is deal with a medical debt collector. If you or a loved one have been hospitalized with COVID-19, this is a must-read article.
    • Medical debt and your credit score: Here’s how medical debt affects your credit score and how you can diminish its impact.

    Small business resources

    • Bad credit business loans: You can get a business loan with less-than-perfect credit—even in a pandemic. Read this article to find out how.

    Homeowner and renter resources

    • All about your foreclosure rights: Read up on your rights as a homeowner, some of which still apply in the event of a foreclosure.
    • Eviction FAQs: Eviction is an ever-present threat for millions of Americans during the COVID-19 pandemic. These tips can help you handle eviction and bounce back afterward.

    COVID-19 information

    Helpful financial tools

    • ExtraCredit: Track, manage and build your credit profile with ExtraCredit from Credit.com
    • Credit Report Card: Check your credit report regularly to track your credit history and keep tabs on your accounts with your free credit report card.
    • Low APR credit cards: Low APR credit cards can help you spread the cost of extra pandemic spending without incurring a lot of interest. 
    • Repair your credit: Don’t wait until after the COVID-19 pandemic to begin repairing your credit. Start now with this comprehensive how-to article.

    Other important resources

    Check out these official COVID-19 resources to find out more about pandemic response and coronavirus strategy:


    The latest on the coronavirus financial relief measures

    Setting aside the tabled Health and Economic Recovery Omnibus Emergency Solutions (HEROES) act, congress has passed two stimulus bills since the beginning of the pandemic. Let’s examine both of them in brief.

    The CARES Act

    Originally introduced as the Middle Class Health Benefits Tax Repeal Plan of 2019, the  Coronavirus Aid, Relief, and Economic Security Act (CARES) act eventually became law on March 25th, 2020. The measure included $300 billion in one-time payments to American taxpayers. 

    Under the terms of the act, individuals received $1,200 payments, while married couples filing jointly received $2,400 payments. In both cases, people received additional $500 payments for qualifying dependents. Higher income couples and individuals saw reduced payments, which disappeared entirely over certain AGI thresholds.

    The Consolidated Appropriations Act, 2021

    After months of negotiations, the Consolidated Appropriations Act, 2021 passed both houses of Congress on Monday, December 21st, 2020. The act became law on Sunday, December 28th, 2020. This enormous piece of legislation includes a section known as Division M, or the Coronavirus Response and Relief Supplemental Appropriations Act, 2021, which includes another round of stimulus payments to individuals. 

    In short:

    • Stimulus payments are $600 for each qualifying individual or $1,200 for married couples filing jointly.
    • Qualifying dependents receive a $600 stimulus payment—$100 more than the $500 CARES Act dependent payment.
    • Spouses and children of undocumented migrants will also receive stimulus payments.
    • Full stimulus payments go to individuals with an AGI of less than $75,000, couples with an AGI of less than $150,000 and head of household filers with an AGI of less than $112,500.
    • Over the AGI thresholds, payments diminish and then phase out completely.

    Most stimulus payments went out in late 2020 or early 2021. If your bank account information is on file with the IRS and you fall within the income guidelines, you probably received your stimulus payment via direct deposit. If you received a physical stimulus check after the passage of the CARES act and have not shared your bank account information with the IRS since then, you most likely received another check in the mail.


    Where can I find loans and other resources for my business during COVID-19?

    Business owners all over the United States have struggled to make ends meet during the coronavirus pandemic. Thankfully, specific financial resources, including PPP loans, are available to help you sustain your company.

    Payment Protection Program Extended

    The Coronavirus Response and Relief Supplemental Appropriations Act, 2021also renewed the Paycheck Protection Program. PPP loans have enabled businesses across the United States to keep workers employed during the pandemic. The original PPP loans stopped taking applications in August 2020, but new and existing businesses can apply for second draw PPP loans beginning in late December 2020.

    In summary

    We’ll be updating this piece regularly, so stop back soon to learn the latest COVID-19 pandemic finance facts. To receive personalized tips and financial advice, sign up for your free credit report card today.

      Get everything you need to master your credit today.
      Get started for free

      You Might Also Like

      Rolled up $20 bills sit on a table.
      With two stimulus checks under our belts, planning is curren... Read More

      March 16, 2021

      Personal Finance

      financial productivity
      The following is a guest post by Orion Talmay, of Orion’s M... Read More

      March 16, 2021

      Personal Finance

      We’re not going to lie—2020 was a tough year for everyone. Be... Read More

      March 16, 2021

      Personal Finance

      Credit.com receives compensation for the financial products and services advertised on this site if our users apply for and sign up for any of them. Compensation is not a factor in the substantive evaluation of any product.

      Hello, Reader!

      Thanks for checking out Credit.com. We hope you find the site and the journalism we produce useful. We wanted to take some time to tell you a bit about ourselves.

      Our People

      The Credit.com editorial team is staffed by a team of editors and reporters, each with many years of financial reporting experience. We’ve worked for places like the New York Times, American Banker, Frontline, TheStreet.com, Business Insider, ABC News, NBC News, CNBC and many others. We also employ a few freelancers and more than 50 contributors (these are typically subject matter experts from the worlds of finance, academia, politics, business and elsewhere).

      Our Reporting

      We take great pains to ensure that the articles, video and graphics you see on Credit.com are thoroughly reported and fact-checked. Each story is read by two separate editors, and we adhere to the highest editorial standards. We’re not perfect, however, and if you see something that you think is wrong, please email us at editorial team [at] credit [dot] com,

      The Credit.com editorial team is committed to providing our readers and viewers with sound, well-reported and understandable information designed to inform and empower. We won’t tell you what to do. We will, however, do our best to explain the consequences of various actions, thereby arming you with the information you need to make decisions that are in your best interests. We also write about things relating to money and finance we think are interesting and want to share.

      In addition to appearing on Credit.com, our articles are syndicated to dozens of other news sites. We have more than 100 partners, including MSN, ABC News, CBS News, Yahoo, Marketwatch, Scripps, Money Magazine and many others. This network operates similarly to the Associated Press or Reuters, except we focus almost exclusively on issues relating to personal finance. These are not advertorial or paid placements, rather we provide these articles to our partners in most cases for free. These relationships create more awareness of Credit.com in general and they result in more traffic to us as well.

      Our Business Model

      Credit.com’s journalism is largely supported by an e-commerce business model. Rather than rely on revenue from display ad impressions, Credit.com maintains a financial marketplace separate from its editorial pages. When someone navigates to those pages, and applies for a credit card, for example, Credit.com will get paid what is essentially a finder’s fee if that person ends up getting the card. That doesn’t mean, however, that our editorial decisions are informed by the products available in our marketplace. The editorial team chooses what to write about and how to write about it independently of the decisions and priorities of the business side of the company. In fact, we maintain a strict and important firewall between the editorial and business departments. Our mission as journalists is to serve the reader, not the advertiser. In that sense, we are no different from any other news organization that is supported by ad revenue.

      Visitors to Credit.com are also able to register for a free Credit.com account, which gives them access to a tool called The Credit Report Card. This tool provides users with two free credit scores and a breakdown of the information in their Experian credit report, updated twice monthly. Again, this tool is entirely free, and we mention that frequently in our articles, because we think that it’s a good thing for users to have access to data like this. Separate from its educational value, there is also a business angle to the Credit Report Card. Registered users can be matched with products and services for which they are most likely to qualify. In other words, if you register and you find that your credit is less than stellar, Credit.com won’t recommend a high-end platinum credit card that requires an excellent credit score You’d likely get rejected, and that’s no good for you or Credit.com. You’d be no closer to getting a product you need, there’d be a wasted inquiry on your credit report, and Credit.com wouldn’t get paid. These are essentially what are commonly referred to as "targeted ads" in the world of the Internet. Despite all of this, however, even if you never apply for any product, the Credit Report Card will remain free, and none of this will impact how the editorial team reports on credit and credit scores.



      Your Stories

      Lastly, much of what we do is informed by our own experiences as well as the experiences of our readers. We want to tell your stories if you’re interested in sharing them. Please email us at story ideas [at] credit [dot] com with ideas or visit us on Facebook or Twitter.

      Thanks for stopping by.

      - The Credit.com Editorial Team