A List of Covid-19 Financial Help Resources

The coronavirus pandemic has touched all of our lives — but some harder than others. Apart from its devastating health impact, Covid-19 has wiped out people’s finances. Covid-19 stimulus packages gave most people a financial breather. But the stimulus check is probably long gone, and you still have to make ends meet while on benefits. 

Even though there’s a glimmer of hope for economic recovery soon — like it or not, we’ll feel the effect of the coronavirus for many months. If you were trying not to drown in debt before Covid-19, chances are you’re struggling now. Or, maybe you’re in a new situation — jobless for the first time, in debt “thanks” to Covid-19, and not knowing how to pay next month’s rent or mortgage. 

Thankfully, financial help for Covid-19 and its effects is available. With a bit of leg work, you can find resources to get some relief until the madness of this health crisis is over. If you’re feeling the coronavirus pinch on your pockets, now’s the time to reach out for financial help for Covid-19.

The Need for Financial Help During Coronavirus

If you’ve seen your financial situation fall off the cliff edge, you’re not alone. According to statistics, around one-third of households in the US have seen their income slashed by up to 25%. At the same time, 13% of people have lost their entire income. The majority of jobless individuals are now claiming welfare. 

The CARES Act gave most people some financial help for the coronavirus fallout. Most folks got a stimulus check, unemployment benefits got a boost of $600 a month. Many got paid sick leave for the first time. However, some of those financial assistance packages are coming to an end. So, what now? What if you’re in a situation where your cash is going to dry up before month’s end?

Where to Get Financial Help During the Covid-19 Pandemic

The House of Representatives approved a second round of stimulus payments to help hard-up Americans. However, it remains to be seen if the Senate approves the bill. Chances are that it won’t make it through in its present form. But there are things you can do in the meantime to get by financially.

Let’s look at a list of resources for getting financial help during Covid-19.

Help with credit card debt

If you had large balances on your credit card before the coronavirus outbreak, they’re probably bigger now. If you’re having trouble making minimum payments, then reach out to your credit card provider. There are a few options that can give you relief. 

First, the CARES Act put a temporary freeze on interest. It also stopped credit card agencies reporting late payments to credit reporting bureaus. 

Second, many individual credit card issuers have hardship programs. Your provider may be willing to come up with a repayment plan, reduce interest rates, or waive late fees. However, credit card companies deal with applications on a case-to-case basis. 

For more information, please see the article on how to get credit card relief during Covid-19.

Financial help with mortgage payments

If you’re finding it tough repaying your mortgage due to Covid-19, reach out to your lender. Although the CARES Act gave some financial help because of the virus, moratoriums on evictions are coming to an end. However, many mortgage lenders are working with borrowers to come up with payment solutions. 

For example, you could qualify for mortgage forbearance or a loan modification. Adjusting the amount you have to repay could help get you through the next few months. It’s also worthwhile checking out your lender’s website. Many of them have Covid-19 statements or links to resources for financial coronavirus-related help. 

For more information, check out the article on coronavirus assistance for paying mortgages.

Assistance for paying rent during Covid-19

If you live in a rental unit, you’re probably losing sleep if you can’t pay June’s rent. Under the CARES Act, there are eviction moratoriums until the end of July. Then the earliest a landlord can file for eviction is the end of August. However, that only applies if you are in rented accommodation backed by a Federal loan.

What financial resources are available to help pay rent? Here are a few to check out:

  • NLIHC — The National Low-Income Housing Coalition has a rental assistance program to help folks hit by Covid-19. Check out their website to see what help you could be eligible for.
  • Local services — Your local state may have emergency rental assistance funds to help you. 
  • HUD — If you can’t pay rent or your mortgage, you can speak to a counselor about assistance programs to help you out. Here is the HUD website link.

For more resources, please see this article on where to get help to pay rent.

Get help with buying groceries

For many families feeling the financial strain, even a trip to the grocery store is anxiety-ridden. Food is more expensive during the Covid-19 pandemic. If you’ve got fewer bucks in your pocket, getting the essentials is tough. 

Here are resources for financial help to buy food:

  • SNAP — If you’re on a low income, you may be eligible for the Supplemental Nutrition Assistance Program. Because of the coronavirus, the SNAP eligibility was extended. So, getting food stamps may be a way to save some cash for other essential things. Go to the SNAP website here.
  • Food pantries — Getting food from a local pantry can help stretch your welfare checks to make them last a bit longer. Find a food pantry near you at this website.

For more information on SNAP during the coronavirus, please read this article.

Call 2-1-1

Of course, you have a unique set of circumstances. But getting financial help for Covid-19 is crucial for anyone who’s seen their income dry up. One excellent resource is United Way. By calling 2-1-1, you can speak to someone confidentially about your circumstances. Qualified counselors can help put you in touch with local resources if you need financial help with the following: 

  • Unemployment insurance and relief for gig workers
  • Health insurance
  • Paying your mortgage, rent, or utility bills
  • Getting food assistance in your local area
  • Getting cheap broadband deals for your home

Fast Financial Help During Covid-19

The financial impact of Covid-19 has hit the pockets of most Americans hard. As the pandemic drags on and the economy stutters and sputters to get going, your bills keep coming in. With some work and perseverance, you can find the resources you need to get you through the coronavirus crisis.