The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Information on this website may not be current. This website may contain links to other third-party websites. Such links are only for the convenience of the reader, user or browser; we do not recommend or endorse the contents of any third-party sites. Readers of this website should contact their attorney, accountant or credit counselor to obtain advice with respect to their particular situation. No reader, user, or browser of this site should act or not act on the basis of information on this site. Always seek personal legal, financial or credit advice for your relevant jurisdiction. Only your individual attorney or advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, contributors, contributing firms, or their respective employers.
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.
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.
Check out the following links to learn more about coronavirus financial relief measures, including the latest stimulus package.
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.
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.
Check out these official COVID-19 resources to find out more about pandemic response and coronavirus strategy:
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.
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.
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:
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.
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.
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.
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.
March 11, 2021
Personal Finance
February 18, 2021
Personal Finance