As we join you in watching the latest in COVID-19 unfold, ScoreShuttle is here with an ongoing commitment to the health and financial wellness of our fellow Americans.
If COVID-19 is impacting your bottom line, relief options may be available. ScoreShuttle is here with the following tips to protect your personal, financial, and credit health during the pandemic.
With your safety remaining ScoreShuttle’s top priority, we encourage you to follow the guidelines set by the CDC to protect yourself from the spread of the coronavirus. This includes washing your hands, practicing social distancing, and calling your healthcare provider if you are feeling unwell or believe you may have the virus, officially known as COVID-19.
In addition to the physical and social effects of COVID-19, the virus is also impacting the economy. Regardless of the times, it is crucial to both your financial and credit health that you continue to practice positive financial activity. This includes paying your bills on time. However, if you’ve recently lost your job or are suffering a financial loss due to COVID-19, this may be easier said than done. Fortunately, the recently-passed CARES Act may be able to help.
CARES Act Highlights
The coronavirus stimulus package, also known as the CARES Act, delegates over 2 trillion dollars in funding to individuals and business impacted by COVID-19. At a glance, below are some general highlights to consider.
- Stimulus checks ranging up to $2,400 for married couples and $1,200 for individuals are expected to be automatically distributed to qualifying U.S. citizens. The exact amount you may receive will be based on several factors. Your income, family size, and most recent tax return from either 2018 or 2019 will all play a role.
- Unemployment benefits have been extended to 39 weeks with an extra $600 expected to be added to each check. This amount will be in addition to the furloughed employee’s current state benefits.
- The majority of federal student loan payments are set to be automatically placed on hold. This should go into effect retroactively from March 13th, 2020 to September 30th, 2020.
If the stimulus benefits above still fall short of covering your monthly payments, the next best thing you can do is to proactively communicate with your lender or billing agency before your next due date.
Payment Relief Options
Depending on the company and type of bill at stake, deferment options and temporary payment assistance plans could be available. When it comes to items like a mortgage, credit card bill, and cell service, relief availability will vary and likely will not be automatic. Therefore, if you’re having trouble making your payments, it’s important to contact each billing agency direct to discuss what level of assistance may be available to you.
Maintaining excellent credit is a significant part of your overall financial health. In addition to continuing to pay your bills on time, either in full or by being properly enrolled into a company-specific relief plan, consumers can also take steps to protect and potentially even grow their scores online. Errors, fraud, or even ID theft could put your credit at risk. Because of this, regular report check-ups and quick-action disputing can help you keep your credit safe during these unsettling times. To check your current credit report and score, click here to access yours for free.
To learn more ways you can protect your financial wellness during COVID-19, you can chat with ScoreShuttle’s software support team here on our website or by calling (855) 542-4946 for more information. From our families to yours, ScoreShuttle wishes you ongoing health and safety.
Resources: [https://www.cdc.gov/coronavirus/2019-ncov/prevent-getting-sick/prevention.html [https://www.nytimes.com/article/coronavirus-stimulus-package-questions-answers.html]
Disclaimers: The information above is general in nature and is not a comprehensive list of the benefits included in the CARES Act or the private relief options that may available. Links to third-party web sites are provided for convenience only. ScoreShuttle does not endorse nor support the content of third-party links and is not responsible for the content of a third-party website. By clicking on a third-party link, you will leave the ScoreShuttle portal. Privacy and security policies may differ from those practiced by ScoreShuttle.