Debt.com is dedicated to keeping consumers updated on financial changes caused by the COVID-19 pandemic. The following points are consistently updated to reflect the latest laws that could affect your wallet.
COVID-19 Relief Programs
Free Consumer Credit Report Access
- The three major credit bureaus in the U.S. (Experian, Equifax, TransUnion) are providing consumers with free weekly credit reports through April 2021. You can download your free reports each week through annualcreditreport.com
Federal Student Loan Relief
- Federal student loan forbearance has been extended to January 31.
- Interest rates on federal loans are also frozen, so any payments made during this time will be wholly used to pay off the principal debt.
- The foreclosure and eviction bad on FHA, Fannie Mae, and Freddie Mac properties has been extended through January 31, 2021.
Eviction Protection for Renters
- The eviction moratorium has been extended through January 31, 2021.
- Business meals can be fully deducted as a business expense instead of at the usual 50 percent.
- Part of the December 2020 relief bill includes a provision against surprise medical billing. Patients should ideally receive a cost estimate that’s as accurate as possible three days before the procedure.
Small Business Relief
- Some small businesses could be eligible for a second PPP loan.
- (Economic Injury Disaster Loan) EIDL grants are coming back, and some businesses may be able to get the full $10,000.
Free Financial Crisis Resources and Guidance
This global pandemic is going to have far-reaching effects on people’s finances. It’s important to get informed, so you can take the right steps to maintain financial stability in the short-term and protect your interests long-term.
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Helpful Resources for Managing Finances During This Crisis
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Quarantines can drive you crazy. With so many hours to fill, take some time to read some of Debt.com’s how-to guides for your money.
- How to recession-proof your finances
- How to save money on groceries
- How to create a budget
- How to get out of credit card debt
Debt.com has a range of free financial calculators that can help you develop better strategies for paying off debt and handling other financial challenges.
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Article last modified on January 12, 2021. Published by Debt.com, LLC