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Financial assistance for people affected by the coronavirus
See our list of banks, lenders and state programs designed to help individuals.
We’ll continue updating this page with resources and information as new details emerge in the world’s response to COVID-19.
A growing number of resources are available if you’re struggling to keep up with bills and expenses amid the country’s response to the coronavirus pandemic. Explore several credit options or banks reaching out to offer assistance. You might even find help from your employer or through government resources.
What's in this guide?
- WATCH: Where to find financial assistance if you’ve been affected by coronavirus
- What financial assistance does the stimulus package offer?
- Banks and credit unions that offer coronavirus financial aid
- Lenders offering personal loan financial assistance
- How do I apply for financial assistance?
- Financial assistance available by state
- Financial assistance from utility companies
- Other financial aid resources
WATCH: Where to find financial assistance if you’ve been affected by coronavirus
What financial assistance does the stimulus package offer?
The Coronavirus Aid, Relief and Economic Security (CARES) Act established several financial assistance programs for individuals, including:
- Government checks. One-time $1,200 checks for Americans making less than $100,000.
- Expanded unemployment. Unemployment benefits now last 39 weeks. The federal government is also offering an extra $600 per week for four months.
- Expanded health care. Coronavirus testing and preventative care are now covered by all insurance plans, or Medicaid if you’re uninsured. Medicare and some private insurance plans also cover telehealth services, in addition to other medical assistance.
- Access to retirement funds. You can withdraw up to $100,000 from your IRA or 401(k) with no fee and can now borrow up to $100,000 from your 401(k). There are also no minimum distribution fees on IRAs for the rest of 2020.
- Student loan relief. Federal loan repayments are suspended until October 2020 and current students can get assistance — including emergency financial aid and canceled loans.
- Mortgage and rent relief. You can request forbearance for a total of 360 days on federally-backed mortgages. Landlords with federally-backed mortgages can’t charge late fees and you can’t be evicted until July 25, 2020.
- Expanded nutrition benefits. States will start to offer food delivery services to elderly residents and individuals with a disability who can’t shop due to social-distancing rules.
Banks and credit unions that offer coronavirus financial aid
Taking out new types of credit isn’t much of an option if you’re out of a job indefinitely. But the Federal Deposit Insurance Corporation (FDIC) is working with financial institutions to help ease the financial impact of the new coronavirus on people.
Below is list a banks offering financial assistance to customers, according to Forbes.
|Bank||Assistance||Customer service helpline||Where to find more info|
|Ally Bank||Learn more|
|Bank of America|
Bank of America also paused foreclosures, evictions and repossessions. It will not report any late payments mentioned above to credit bureaus as long as you’re up to date on your accounts.
|BECU Credit Union||Learn more|
|Capital One||Hardship assistance available case by case. Potential assistance varies by product and can include:||877-383-4802||Learn more|
|CBC Federal Credit Union|
Additional hardship assistance is available on a case-by-case basis.
|Chase||Hardship assistance available case by case. Chase may offer the following assistance soon:||877-242-7372||Learn more|
|Citibank||Credit card assistance:|
Retail bank assistance:
Mortgage customers should reach out for assistance options.
|Fifth Third Bank||Delayed payment programs for the following products:|
|Gesa Credit Union||888-946-4372||Learn more|
|Navy Federal Credit Union||Learn more|
|ORNL Federal Credit Union||Pandemic State of Emergency Assistance Loan Program:|
You must be an ORNL FCU member for at least 90 days and meet other requirements to qualify.
|865-688-9555 or 800-676-5328||Learn more|
|PNC Bank||Hardship assistance available on a case-by-case basis.||888-762-2265||Learn more|
Deposit account fee waivers are available based on customer need. Regions Bank will not conduct any new repossessions of vehicles or foreclosures on consumer real estate loans for 30 days from March 20, 2020.
|Santander Bank||Car loan assistance:|
Additional customers assistance:
|TD Bank||Financial assistance is available on a case-by-case basis.||888-751-9000||Learn more|
(Formerly BB&T and SunTrust)
|U.S. Bank||Hardship assistance available on a case-by-case basis. U.S. Bank also offers discounted loans to consumers and businesses.|
Discounted personal loans:
|Wells Fargo||Wells Fargo is offering payment deferrals, fee waivers and other assistance on the following products:||800-219-9739||Learn more|
What is forbearance?
Forbearance is a hardship solution that allows you to pause your credit card or loan repayments without facing penalties or damage to your credit score. But it should be used as a last resort. That’s because interest continues to add up while you’re in forbearance.
Lenders typically add interest that accumulates during forbearance to your balance, meaning you’ll pay interest on interest. You also often don’t get an extension on your term, resulting in higher monthly repayments.
Lenders offering personal loan financial assistance
Our table below is a small sample of lenders — not a definitive list. To ensure your finances stay stable while you’re unable to work during the coronavirus outbreak, check with your lenders to see if skipping a payment is possible.
|Lender||Assistance||Customer service helpline|
|Marcus by Goldman Sachs||844-627-2871||Apply now|
|LightStream||Payment relief assistance provided by Truist||877-820-2103||Apply now|
|Sofi||Offering assistance on a case-by-case basis||855-456-7634||Apply now|
|PNC Bank||Offering assistance on a case-by-case basis||888-762-2265|
|Santander Bank||Offering assistance on a case-by-case basis||888-222-4227|
|Wells Fargo||Offering assistance on a case-by-case basis||888-667-5250|
How do I apply for financial assistance?
The application process depends on your bank or credit union and the type of financial assistance you want to apply for. Generally, you’ll need to follow these steps:
- Find your account information. Have your account number on hand before you get started.
- Contact customer service. Call the number on your statement or the coronavirus assistance line to speak with a representative. Banks are experiencing a high volume of customer calls, so be prepared for a long wait.
- Provide any additional information. Some banks might want information about your financial situation and could request documents to back it up, especially if it’s offering aid on a case-by-case basis.
In some cases, you might have to fill out an online application, especially if you’re applying for a loan. After you sign up, make note of the day your repayments start up again if you qualify for deferment or forbearance.
What if I don’t qualify for assistance from my bank?
If you’re having a hard time getting your credit card or personal loan payments deferred by your lender, you still have options. Taking out a new credit card with a 0% APR introductory period can help you cover expenses in the short term without paying interest. Or consider taking out a line of credit — which gives you continual access to a credit line you can pull from as you need.
You can learn more with our guide to managing your finances during the COVID-19 outbreak.
Financial assistance available by state
Aside from banks, credit unions and lenders, many state governments are offering financial assistance to residents struggling to cover bills during the pandemic.
|Alabama||Alabama updated a few of its programs to help those affected by the coronavirus.|
|Alaska||While Alaska is still developing a plan for residents and businesses affected by the coronavirus, it has expanded its Unemployment Insurance program. If you’ve lost your job or your hours are reduced because of the COVID-19 outbreak, you may qualify for unemployment. The Alaska Department of Labor has a large list of FAQs to help you understand your eligibility.|
In addition, there’s a mandatory 14-day quarantine period to help reduce the spread of the virus for those who have traveled outside of Alaska — either between states or internationally.
|Arizona||While you may be eligible for unemployment and won’t have to pay your state income tax until July, as of March 23, there are no special relief programs for those affected by the coronavirus.|
|Arkansas||Arkansas has not made many moves to help those affected by the coronavirus, but you can check for updates on the Arkansas State Government website to see if any new programs or services become available.|
|California||California’s Employment Development Department offers resources for those affected by the coronavirus.|
|Colorado||You may be eligible for paid sick leave and unemployment benefits as well as pay for hours worked as a resident of Colorado.|
See the CDLE’s page on the coronavirus for more information on how to file a claim and who qualifies for these programs.
|Connecticut||On Connecticut’s official state website, you’ll find COVID-19 resources for employers, families, schools and travelers.|
|Delaware||As of March 24, all non-essential businesses in the state of Delaware are closed. If you need financial support, there are a few programs that could help you and your family:|
|Florida||Florida has a website dedicated to information about COVID-19. It includes a list of public services and resources available to residents, including:|
|Georgia||The Georgia Department of Labor (DOL) doesn’t yet offer resources for workers. To receive unemployment compensation, your employer must file a partial claim on behalf of its employees. If your employer hasn’t done this, contact the DOL for more information on next steps.|
However, state governments are adapting new policies to help fight the economic effects of the coronavirus. To stay updated, check the Georgia DOL unemployment page for more information.
|Hawaii||Starting March 25, workers in non-essential fields are required to stay at home until April 30. In addition, there are some programs to help Hawaiians who are out of work because of the coronavirus.|
Keep in mind that there is also a mandatory 14-day quarantine period for anyone flying into Hawaii to help reduce the spread of the coronavirus.
|Idaho||Governor Little announced a statewide 21-day stay-at-home order on March 25. Idaho has a page of information about the coronavirus and has opened unemployment benefits up for people who can’t work during the COVID-19 crisis.|
In addition, you may be eligible for other assistance programs throughout the state of Idaho.
|Indiana||On March 23, 2020, Indiana governor Eric Holcomb issued an order that all Indiana residents must stay at home unless working an essential job or performing an essential activity. If you can’t work during this time due to the coronavirus — you may qualify for a few of Indiana’s programs.|
Other assistance programs — such as SNAP, TANF and Medicaid — and housing assistance may be available. Indiana has a helpful PDF of resources for those affected by the coronavirus.
|Illinois||The Illinois Department of Employment Security (IDES) adopted emergency rules for those affected by COVID-19. If you’re temporarily unemployed because of the coronavirus or are caring for a family member officially diagnosed with COVID-19, you may qualify for unemployment insurance through IDES.|
You can learn more about the coronavirus and unemployment insurance offered by Illinois on the IDES website.
|Iowa||Iowans can explore COVID-19 updates and resources on the Iowa state website.|
|Kansas||Kansas is offering unemployment insurance benefits to those unemployed due to COVID-19. The benefit offers $122 to $488 weekly, for a maximum of 16 weeks. File applications online at Get Kansas Benefits, with video tutorials to help guide individuals through the process on the Kansas Department of Labor’s website.|
The Kansas Department of Health and Environment has also compiled a COVID-19 resource center for individuals and businesses.
|Kentucky||Kentucky has a dedicated website with state-specific information about the coronavirus, including resources available to its residents. However, it’s only updated its Unemployment Insurance policy in response to the coronavirus. You may be eligible to file for unemployment benefits if you are unemployed or have had your hours cut because of the coronavirus outbreak.|
If you are struggling financially, you may also be eligible for other state benefits like WIC or Medicaid.
|Louisiana||The Louisiana Workforce Commission has recently allowed workers affected by the coronavirus to file a claim for unemployment insurance. It’s also waiving the waiting period for workers seeking unemployment benefits due to COVID-19.|
|Maryland||As of March 23, Governor Hogan has enacted an emergency order that closes all non-essential businesses throughout the state. Resources that are available to help if you’re temporarily out of work because of the coronavirus include:|
There are also a number of other resources and volunteer opportunities for Maryland residents who need help or want to help their community.
|Massachusetts||Massachusetts has created a list of COVID-19 guidance and directives to help affected residents.|
|Minnesota||Changes to Missesota’s unemployment and sick leave regulations can help those facing lost wages as a result of COVID-19:|
|Mississippi||Mississippi has a few resources in place for those affected by the coronavirus:|
If you feel you may be sick with the coronavirus, check Mississippi’s updated list of testing sites and contact to make an appointment.
|Nevada||Nevada has taken some steps toward helping its community in the wake of the COVID-19 outbreak.|
|New Jersey||New Jersey offers comprehensive resources for those affected by the coronavirus through the New Jersey Department of Labor (NJDOL). Some of the programs offered include:|
|New York||New York is set to put more protections in place for those affected by COVID-19.|
|Ohio||Learn more about Ohio’s resources for economic support on the Ohio Department of Health’s website.|
|Oregon||Oregon has created a dedicated webpage for coronavirus information and resources.|
|Pennsylvania||Explore resources for individuals, businesses, families and schools on Pennsylvania’s COVID-19 resource guide.|
|Tennessee||The Office of the Governor has created a page covering updates to the spread of the coronavirus throughout the state. In addition, there are a few programs that may be available to residents of Tennessee:|
|Washington||Washington’s Employment Security Department created a helpful brochure of COVID-19 scenarios and benefits to help you determine resources you might be eligible for.|
Financial assistance from utility companies
As of March 16, 2020, the list includes:
- Atlanta Gas Light
- Atlantic Broadband
- Con Edison
- Dominion Energy
- Duke Energy
- Georgia Power
- Green Mountain Power
- National Grid
- Northern Indiana Public Service Company
- NV Energy
- Pacific Gas & Electric Co
- Southern California Edison
Comcast and Charter Communications are also offering 60 days of free basic Internet for new customers, and Pacific Gas & Electric has flexible payment plans for those affected by COVID-19.
What to do if you can’t pay utilities after the outbreak
You may qualify for the Low-Income Home Energy Assistance Program. The program offers financial assistance with heating and cooling bills, as well as help with “weatherization,” which involves switching to more energy-efficient sources to lower your utility bills.
Other financial aid resources
Consider the following resources if your job, child care or another aspect of your finances has taken a hit since the coronavirus outbreak:
- Sick leave. Thanks to the new aid package that recently passed, you may have more access to sick days than you did. But many employers — including Uber, Lyft, Walmart and the State of New York — have expanded their sick day policies anyway so you won’t take a financial hit if you need to self-quarantine for the recommended 14 days.
- Employer assistance. Some companies like Postmates are offering financial assistance to cover the cost of medical appointments if you need testing for COVID-19.
- Unemployment benefits. If your hours are reduced or you’re temporarily laid off for reasons related to the novel coronavirus, you might be eligible for unemployment benefits. Areas hit particularly hard, like the State of Washington, are expanding their unemployment programs and relaxing rules.
- Find a temporary job. Many companies like Fedex, Whole Foods, Walgreens, Instacart and more are hiring thousands of temporary workers nationwide to help keep up with demand during the coronavirus pandemic. Check out our list of 30+ companies hiring right now and find out how to apply.
- Disability insurance. If you have disability insurance on your own or through your employer, you may be able to file a claim if you can’t work due to COVID-19. It typically replaces between 60% and 80% of your paycheck, depending on the type of insurance you have.
- Insurance premium forgiveness. Many insurance companies are offering premium forgiveness, delayed payments or postponing canceling policies due to nonpayment. Contact your insurance company to ask about car insurance premium forgiveness due to financial hardship.
- Paid family leave. Caring for a loved one or need to watch your kids while they’re home from school? You might qualify for paid family leave, depending on the benefits your company offers and your state or local laws.
- Crowdfunded medical debt relief. Some nonprofit organizations like RIP Medical Debt are using crowdfunding to help people pay off medical debt at a discount, which could offset the cost of coronavirus-related medical bills.
- Food banks. New York and a growing number of other states are increasing funding for food banks in affected areas to make sure everyone has enough to eat. Contact your local food bank for details.
- Your creditors. Even if your creditors aren’t advertising financial assistance, they still might be willing to work with you if you think you might miss a payment or two.
- Student loan relief. The federal government has waived interest on federal student loans starting March 13, 2020 for the next two months — maybe longer. You can also apply for administrative forbearance to temporarily pause repayments entirely. Check out our guide to student loan relief during the COVID-19 pandemic to learn more.
Read up on the latest coronavirus news to stay on top of changing information.
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