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

Economic Impact Payments

After Congress approved a second round of stimulus at the end of 2020, the IRS began to distribute a new round of Economic Impact Payments, also known as stimulus checks.

  • Adults and children earning less than $75,000 per year will receive $600 checks.
  • Those making between $75,000 and $87,000 will get less, and those making more than $87,000 will not receive a check.

Check the status of your payment here: https://www.irs.gov/coronavirus/get-my-payment

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.

Mortgage Relief

  • 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.

Tax Relief

  • Business meals can be fully deducted as a business expense instead of at the usual 50 percent.

Medical Billing

  • 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.

Financial Help is Available.
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Article last modified on January 12, 2021. Published by Debt.com, LLC