With the speed at which the virus is moving, and the economic impact that is following it, please bear in mind that things are changing very quickly and what was true last week could be out-of-date today. Please check back here often and, if you have specific questions, we encourage you to schedule a virtual consultation to go through your specific situation.
The Foreclosure Process is similar for every lender, even if the details are different. Some banks are offering deferments on mortgage payments (which you will have to pay in full at the end of the deferment) and others are offering interest-only payment options. This is a fast-changing aspect in the current situation though; it’s best to reach out to your lender to see what options they are offering. If you have specific questions, please contact us for a consultation.
How debt payments are being handled through the recession caused by COVID-19 will depend on the type of debt (for example: student loans, credit cards, home equity lines of credit) and the lender’s specific policies.
There is a lot of conflicting information about the CARES Act – what loans and grants are available for Small Businesses, how payments will work for individuals, and what Banks are able and willing to do.
Resources for Small Businesses
Click here to see the Senate’s Guide to what’s available through the CARES Act. If you would like help navigating through the application process, we are more than happy to help, just contact us to schedule a consultation.
Benefits for Individuals
- Early withdrawals from retirement plans and participant loans
- Waiver of required minimum distributions from retirement plans
- Recovery Rebates of $1200 per taxpayer and $500 per child
- Modification of limitation on losses for individuals
If you have any questions about how any of these benefits work, please don’t hesitate to contact us.
We’ll be talking weekly on our podcast: Truth 2020 on everything related to what’s going on. The podcast airs live on Thursdays at 6 pm. You can listen to the previous episodes here.