3 New Ways to Cash in if You’re Suffering Financially
Losing money? Federal programs can. help.
Thanks to federal programs easing financial strain during the coronavirus pandemic (COVID-19), you may be able to put money back in your pocket! Discover if you’re entitled to any of these benefits.
Small Business Cash
If you own a small business that’s experienced a temporary loss in revenue, federal programs may give you financial assistance to help you cover payroll, rent, electricity, and other expenses while the economy recovers.
For example, you may qualify for the Economic Injury Disaster Loan, which gives you an immediate advance of up to $10,000 and doesn’t need to be repaid. Other loans come with payment deferments until December 31, 2020. You may even qualify to get six months of payments for existing small loans covered! To learn more, visit SBA.gov.
Mortgage Pause
Wish you could free up money you use for bills to pay for other essentials, like food? If you’ve got a mortgage loan backed by the government through Fannie Mae or Freddie Mac, they’re offering ways to help, including plans that reduce or suspend payments for up to 12 months! Have a federal student loan for yourself or your child? As part of the CARES Act, you can halt payments until September 30, 2020, and your loan will not accrue interest during this time. Note that you’ll have to pay later, but it helps avoid penalties if you can’t now.
Paid Leave
Most large companies offer paid sick leave, but now, if you work for one that employs under 500 people, you may be eligible for it via the Families First Coronavirus Response Act. How it works: If
you’re under a mandatory quarantine, have been told by a health-care provider to self-quarantine or you’re experiencing COVID-19 symptoms, you get two weeks paid leave at 100 percent of your normal salary (up to $511 daily). Caring for someone with the virus? You get two weeks paid leave at two thirds of your salary (up to $200 daily). To find out if you qualify, ask your company’s HR department.
This article originally appeared in our print magazine.
