Helping Clients Through Pandemic

• CD early withdrawal for reprieve – no penalty fees
• Auto Loans Home Loans – clients can call lenders and they will put the payment at the end of the loan with no penalty

• • *Update* – Can defer up to a year

• • • https://www.npr.org/2020/03/19/818343720/homeowners-hurt-financially-by-the-coronavirus-may-get-a-mortgage-break

• Unemployment for Self-Employed and Small Businesses:

• • https://fortune.com/2020/03/26/stimulus-package-how-to-unemployment-benefits-small-business-student-loans-self-employed-retirement-coronavirus-bill/

• Mortgages: Americans can defer mortgages for up to 12 months (Depends on type of lender and client’s situation)

• • https://www.npr.org/2020/03/19/818343720/homeowners-hurt-financially-by-the-coronavirus-may-get-a-mortgage-break

• DM – banks meeting again today to discuss options
• DS – missing payments – try to keep in the program

• • We have been reviewing client requests to ensure it will not affect any settlements
  • If not a 1 month Lendstreet loan client
  • If none of the above are affected then approving to move payment to the end of the program and sending an amendment right away.

• Unemployment Reimbursement – Last resort – there are a lot of other options available to clients that should be fully exhausted before offering this option.  Please remember that they will need to meet requirements as per the URP Questionnaire.
• CA residents can apply for disability if a doctor determines if a patient has COVID-19 and needs to go to the hospital and/or quarantined.
• Taxes:

• • https://www.irs.gov/coronavirus
  • Federal state taxes are postponed from April 15th to July 15, 2020.
  • https://www.businessinsider.com/personal-finance/irs-to-extend-tax-filing-deadline-why-file-taxes-now-2020-3

• Suspension of student loan interest payments https://www.cnbc.com/2020/03/13/what-to-do-now-that-trump-suspended-student-loan-interest-payments.html
• Families First Coronavirus Response Act –

• • Requires some employers to provide full-time workers with up to 10 days (two weeks) of paid leave if they get sick from the virus. This provision will end at the end of this year.
  • Also provides paid medical and family leave from certain employers for up to three months for people forced to quarantine due to the virus or care for children or family members because of the outbreak.

• Food Assistance

• • Provides $500 million in food assistance for low-income mothers with young children and pregnant women
  • Puts $400 million into food banks and $250 million into a senior nutrition program
  • Suspends work requirements for the Supplemental Nutrition Assistance Program (SNAP) for the duration of the crisis.

• Unemployment (Varies State by State)- US Dept of Labor

• • Depending on the state, there are some states that are offering temporary unemployment related to the coronavirus.
  • People whom are quarantined and can’t go to work can also receive benefits, as can those who leave a job to care for infected family members.
  • Also, there is a Disaster Unemployment Assistance https://www.benefits.gov/benefit/597

• How to Turn your Home Into a School

• • https://www.npr.org/2020/03/27/816575527/comic-how-to-turn-your-home-into-a-school-without-losing-your-sanity