Our entire financial landscape has changed over the last couple of weeks as the Coronavirus has brought our economy to a screeching halt. But with all these changes, there are some temporary measures that have been implemented to help you and your family stay afloat. Here are three:
- Deferred payments. Many utility companies have announced that they will not cut off services for now to those who can’t pay their bill. However, it would be prudent for individuals to contact all their service providers and financial companies to see what sort of help is available in delaying payments of all kinds. It is important that you actually reach out to each provider as it is not safe to simply assume help is available to the same degree from each company.
- Student loans. With federal loans, a decision has been made by the federal government to not charge interest for the next 60 days as well as offer forbearance for 60 days to those who request as well. You do have the option to keep paying as usual, and if you do, your payments will go entirely to principal for the next two months or until the federal government ends the interest-free period.
- Tax deadline. Typically the deadline to file your federal taxes is April 15, but this year that is being pushed back to July 15, allowing an additional 90 days to file. If you expect to owe the government money, this time may go a long way to help you make your payment on time. But if you are expecting a refund, you may want to file as soon as possible so you can receive your check.
As always, consult your local financial professional with further questions on how to navigate through these uncertain times.