COVID-19 Links

Financial First Aid

COVID-19 is thought to spread mainly from person-to-person contact or who are within about 6 feet of each other. It is also passed on through respiratory droplets produced when an infected person coughs or sneezes. Sypmtoms include trouble breathing, persistent pain or pressure in the chest, new confusion or inability to arouse, and bluish lips or face. This list is not all inclusive. Please consult your medical Provider for any other symptoms that are severe or concerning. For more/updated information please consult the CDC's website here http://www.cdc.gov 

 

Financial Fun Stuff

As this pandemic progresses and more and more people shelter in place, companies have begun to offer various forms of financial relief for customers. Below are links to various forms of relief or guidance being offered in response to COVID-19

 

Auto

Some automakers are setting up programs to allow borrowers (on a case by case basis) to defer loan payments if they have been financially impacted by COVID-19. Some of them are offering sort of vague promises to help however they can on a case by case basis. Either way we have the links to a majority of the financial help pages of the automakers below. Communication is key in times like these and if your looking at a situation where an auto payment isn't in the cards call them and see what they can do.

BMW-  https://www.bmwusa.com/financial-services.html 

Mini-  https://ol.miniusa.com/ContactUs.aspx

FCA (Fiat, Chrysler, Dodge, Jeep, Ram and Alfa Romeo)- https://chryslercapital.com/blog/chrysler-capital-responds-to-possible-coronavirus-impact-on-customers

Ford- https://www.ford.com/finance?gnav=header-finance

General Motors (includes Chevrolet, Buick, GMC, Cadillac)- https://www.chevrolet.com/chevy-cares-were-open

Honda- https://www.hondafinancialservices.com/contact-us

Acura- https://www.acurafinancialservices.com/contact-us

Hyundai- https://www.hyundaiusa.com/us/en/assurance/hyundai-assurance

Kia- https://www.kmfusa.com/

Mazda (Chase Bank)- https://www.chase.com/digital/resources/coronavirus/auto-lending

Maserati- https://autofinance.chase.com/maserati-capital-usa/home

Mitsubishi- https://media.mitsubishicars.com/en-US/releases/mitsubishi-motors-north-america-inc-statement-regarding-coronavirus-covid-19

Nissan- https://www.nissanusa.com/coronavirus.html

Porshe- https://www.porsche.com/usa/approvedused/porscheapproved/features/porschefinancialservices/

Toyota- https://www.toyotafinancial.com/us/en.html

Lexus- https://www.lexusfinancial.com/us/en.html

Wells Fargo and Ally Financial service a lot of car loans and both have hotlines availible for consumers facing financial hardship during this emergency. 

Wells Fargo- https://www.wellsfargo.com/jump/enterprise/coronavirus-response

Ally- https://www.ally.com/coronavirus-response

 

Mortgage

Numerous banks are offering payment deferral programs, waiving late fees, suspending foreclosures, and promising to not report missed payments to credit bureau agencies. States are also implementing measures to help relieve some of the mortgage pressures people are under. For example New York State will also suspend mortgage paymetns for people who are out of work for 90 days. Business Insider compiled an excellent list of 22 banks and links to their responses to COVID-19, Which I will link below. Rember to record ALL conversations about mortgage assistance in writing. If you can email your lender all the better. 

Business Insider Article- https://www.businessinsider.com/personal-finance/banks-help-with-mortgage-payments-coronavirus-2020-4

 

Credit Card

Some credit card companies are offering waivers on late payments and the option to skip March's payment. Most of the majority of credit card companies are offering non comittal case by case assurances. Credit Karma has compiled an excellent list of the major credit cards and their responses.

Credit Karma- https://www.creditkarma.com/advice/i/coronavirus-credit-card-relief-options/ 

 

State Filing Dates

The federal tax filing date has been moved from April 15th, 2020 to July 15th, 2020. 44 States including New York have followed suit with the only exceptions listed below. Please check with your states website as this pandemic continues and local goverments adapt. The last day to file an extension for your 2016 taxes is still April 15th, 2020

Hawaii- Tax payment and filing due July 20th, 2020

Iowa- Tax payment and filing due July 31st, 2020

Indiana- Tax payment and filing due June 15th, 2020

Mississippi- Tax payment and filing due May 15th, 2020

Virginia- Taxes filing due May 1st, 2020 Payment is due June 1st, 2020

Colorado- Tax filing deadline October 15th, 2020 Payment is due July 15th, 2020

 

Student Loans

Under the CAREs Act, Employer Tuition assistance up to $5,250 will be tax free if made after the enactment of the CAREs Act and before January 1, 2021 (i.e., the repayment is excluded from the employee’s income). Lenders must stop all payments for federal student loans through Sept. 30. During that time, interest will not accrue on the loans and nonpayment during that period cannot be used to affect credit scores or a person’s qualification for loan forgiveness. This does not apply to private student loans, FFEL loans held by private institutions, or the Department of Health student loans. Borrowers will continue to accrue credit towards loan forgiveness programs (the Care act treats the months as if you were making payments)

Private Lenders are offering different options.  Nerdwallet.com has a great link to all the different lenders https://www.nerdwallet.com/blog/loans/student-loans/private-student-loan-relief-coronavirus/

 

Leases

Read your lease very carefully to see if your Force Majeure(unforeseeable circumstances that prevent someone from fulfilling a contract) provisions,  very tightly restrict the events that may constitute a force majeure

https://www.bakerdonelson.com/coronavirus-impact-on-office-retail-and-industrial-leases

https://commercialobserver.com/2020/03/a-first-look-at-legal-issues-in-leases-thanks-to-coronavirus/

https://ny.curbed.com/2020/3/24/21185407/nyc-rent-coronavirus-covid-19-moving-landlords

 

401k/ IRA

The CAREs Act allows an individual to withdraw up to $100,000 from a qualified retirement account without uncurring the 10% penalty for early withdrawals if

(1) They are diagnosed with COVID-19

(2) Their Spouse or dependent is diagnosed with COVID-19

(3) They experience adverse financial consequences as a result of being quarantined, furloughed, laid off, having work hours reduced, being unable to work due to lack of child care due to COVID-19, closing or reducing hours of a business owned or operated by the individual due to COVID-19 or other factors as determined by the IRS.

 COVID-19 related distributions may be repaid to the plan within 3 years. Amounts repaid are treated as a rollover contribution to the plan and are not subject to the annual contribution limit

 

https://www.labor.ny.gov/ui/pdfs/pandemic-unemployment-assistance.pdf

 

Unemployment

If you lose your job through no fault of your own your're eligible for unemployment.

Go to http://www.ny.gov and click the unemployment assistance tab under popular services, create a login and apply. Do not forget to have the following documents handy:

- Your social security number
- Your driver license or Motor Vehicle ID card number (if you have either one)
- Your complete mailing address and zip code
- A phone number where we can reach you from 8 am - 5 pm, Monday –Friday
- Your Alien Registration card number (if you are not a U.S. Citizen and have a card)
- Names and addresses of all your employers for the last 18 months (including other         states)
- Employer Registration number or Federal Employer Identification Number (FEIN) of        your most recent employer (FEIN is on your W-2 forms)
- Your copies of forms SF8 and SF50, if you were a federal employee
- Your most recent separation form (DD 214), for military service

NY Links

-  https://coronavirus.health.ny.gov/home

- https://www.nysenate.gov/coronavirusresources