COVID-19 and Your Finances

Financial Relief:  Mortgage, Student Loans, Small Businesses, Car Insurance, and Stimulus Checks

The COVID-19 (Coronavirus) pandemic is affecting all of us in many ways. With so much uncertainty, it can be hard to find answers, solutions, or even just a little help. This is our second blog to try and share as much information as possible. PrivacyGuard® has analyzed the important topics that we think our valued members would want to know more about. Today’s post provides information relating to Mortgages, Student Loans, Small Business Relief, and Car Insurance.

We are working hard to continue to bring you information to help you stay informed and protected.

Forbearance: Possible Mortgage Payment Relief

Forbearance is an option that you can discuss with your lender. It allows you to stop making mortgage payments for a matter of months – it appears each bank is different, as is your type of loan and financial situation, however. You still owe the mortgage payments – but working with the lender, you can come to an agreement that you can handle financially.

Learn more:
Washington Post: Mortgage Forbearance

Student Loans

Forbearance isn’t just for mortgages. This relief is possible for student loans as well. Also, under the stimulus package, federal student loans will automatically have their interest rates set to 0% for a period for six months. Additionally, borrowers do not have to make payments during that six-month period. Just remember, before you stop making your payments, you should contact your lender first to discuss your options. And just like mortgage forbearance, you still owe your balance.

Learn more:
Forbes: Student Loan Forbearance
Forbes: What to Do About Student Loans

Small Business Relief

Small Businesses too may be able to find some help with the Paycheck Protection Program (PPP), designed to provide eight weeks of payroll to help small business with payroll and other bills. If you run a small business, applying as soon as you can is important.

Learn more:
Investopedia: Paycheck Protection Program

Car Insurance Breaks

With stay at home orders, Americans are driving about 50% less compared to typical travel. With our cars sitting unused for the most part, there is less risk for insurance companies. Many of these companies are providing relief – however, the relief is not uniform across the industry. Some are delaying cancellations, deferring premiums, and giving rebates on insurance premiums automatically, while others require the insured to act and call to find out if their insurance company is offering any relief.

Learn more:
Consumer Reports: Car Insurance Relief

UPDATE: Stimulus Checks

As we reported in our first blog post, there are certainly many scams popping up around you potentially receiving a check from the government. In the meantime, the first coronavirus checks have been deposited. To help taxpayers check the status of their payment, the IRS is rolling out a tracking tool called “Get My Payment” by April 17. The tool will also let users update their direct deposit information with the IRS.

Learn more:
CNBC: First Stimulus Checks Deposited

And if you’re unclear how much you can expect, this article is informative: Forbes: Stimulus Checks, How Much?

PrivacyGuard offers members 24/7 triple-bureau credit monitoring, and monthly triple-bureau credit reports. If you currently are a PrivacyGuard member with credit score benefits, we urge you to log in to your account and be vigilant about checking your report as soon as your next one(s) are available.

Friends, please be careful and courteous during this global pandemic. Remind your friends and family to practice social distancing, wash hands thoroughly and often, and stay home if you feel ill in any way – then seek treatment if appropriate. We at PrivacyGuard know that your “privacy is personal:” the only thing more personal is your health.