FInancial Help & Debt Relief for Coronavirus, COVID-19

Resources for COVID-19 Financial Help

Below you will find information about government programs and resources in response to the coronavirus pandemic as well as tips for when money is tight. This page will be updated as news releases.

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Financial Help for Coronavirus COVID-19

The federal government tripled down on its effort to help Americans through the Covid-19 pandemic.

If you are struggling through the pandemic, chances are there is a federal or state relief program available to assist you. To make it easier to sift through the Covid-19 relief options, we have prepared this helpful guide.

Government Programs for Coronavirus Relief

President Biden signed into law the American Rescue Plan March 11, 2021, providing more relief for Americans struggling through the Covid-19 pandemic. The $1.9 trillion stimulus package included stimulus checks, tax credits, housing assistance, extended unemployment benefits, and more help for small businesses.

COVID-19 Relief Checks

The highlight of the American Rescue Plan is a third round of stimulus checks. Eligible Americans are due $1,400 each from Uncle Sam, plus an additional $1,400 per qualifying dependent. Individuals with an adjusted gross income (AGI) of $75,000, or married couples filing jointly with an AGI of $150,000 or less are eligible for the payments. Payments are then phased out above those incomes until the limit of $80,000 for individuals and $160,000 for couples. Use the Get My Payment tool to check your eligibility and track your payment.

Expanded Unemployment Benefits

Federal unemployment benefits, totaling $300/week on top of state benefits. The American Rescue Plan also waives federal income taxes on the first $10,200 of unemployment benefits received in 2020.

Below is a list of end dates for the current $300 per week federal unemployment benefit. If your state is not on this list, the end date is September 6. 

Alabama: June 19
Alaska: June 12
Arkansas: June 26
Arizona: July 10;  $2,000 bonus for those returning to full-time work, $1,000 for part-time
Florida: June 26
Georgia: June 26
Idaho: June 19
Indiana: June 19
Iowa: June 12
Maryland: July 3
Mississippi (mid-June): Ended
Missouri: June 12
Montana: June 27, $1,200 bonus for returning to work
Nebraska: June 19
​​​​​​​New Hampshire: June 19
North Dakota: June 19
Ohio: June 26
Oklahoma, June 26, $1,200 bonus for returning to work
South Carolina: June 26
​​South Dakota: June 26
Tennessee: July 3
Texas: June 26
Utah: June 26
West Virginia: June 19
Wyoming: June 19

Keep in mind that each state has its own unemployment benefit program. Find more information for your state here

Expanded Supplemental Nutrition Assistance Program (Food Stamps)

For those who qualify, the monthly SNAP allowance has increased by approximately 15%. The amounts to an increase of $28 per person, per month. This benefit is available until the end of September. Learn more about SNAP and how to apply.

Free and Reduced Health Insurance Costs Through the ACA and COBRA

COBRA

If you lose your job involuntarily, your employer is responsible for covering the cost of COBRA from April 1 through September 30th.

Subsidized Policies through the ACA

The American Rescue Plan Act also increases the income ceiling to qualify for a subsidized premiums through the Affordable Care Act exchanges (healthcare.gov) or your state’s exchanges, to $157,200 (for a family of 4) and $76,560 for an individual, until the end of 2022.

Additionally, those who receive unemployment benefits can qualify for a free policy, regardless of income, through the exchanges.

To learn more, visit healthcare.gov.

Payments to Parents

As part of the American Rescue Plan Act, the IRS will commence sending payments to qualifying parents. These payments will be in the amount of $300 per child per month for children under 6 and $250 per child per month for children aged 6-17. Qualifying families must have adjusted gross income under $150,000 and single parents under $75,000. Here are the expected payment dates released by the IRS. These payments are an advance of the Childcare Tax Credit, which has been in place for several years, but is normally available only after filing taxes.

  • July 15
  • Aug. 13
  • Sept. 15
  • Oct. 15
  • Nov. 15
  • Dec. 15

Rental Relief

The moratorium on evictions was extended until July 31, 2021. To be eligible you must make under $99,000 individually or $198,000 as a couple. You also need to attest, in writing, that you can’t pay your rent by submitting this form to your landlord. In addition, Emergency Rental Assistance was made available to states and local governments.

Relief for Homeowners

Forbearance programs (when your mortgage servicer or lender allows you to pause or reduce mortgage payments) are available to homeowners, but they must be requested by June 30, 2021 for FHA, HUD, VA and USDA mortgages. There is no deadline for Fannie Mae and Freddie Mac loans. Typically, the forbearance program will last from 3-to-6 months, but could be extended up to 12 months or even 18 months in some cases. Check with the Mortgage and Housing Assistance Guide from the CFPB for more details. The foreclosure moratorium is set to expire July 31, 2021.

Student Loan Interest Suspended

President Biden, via executive order, extended the moratorium on student loan payments until at least the end of September 2021. Student loan borrowers have the option to suspend payments with 0% interest. For more details, student loan borrowers should contact their loan servicers.

Tax Breaks

The tax filing deadline for individuals was pushed back to May 17th.

The American Rescue Plan also expanded the Child Tax Credit to $3,600 for children under the age 6, and $3,000 for other children under age 18.

The first $10,200 of unemployment received in 2020 will no longer be considered taxable income. If you paid income tax on this money already, you should expect a refund from the IRS.

SNAP Benefits Application

Find information about how to qualify for food stamp (SNAP) benefits, how to apply for food stamps, and how much you can expect based on household size.

More About SNAP
Checklist of debts to pay first

Many workers will be out of a job as the fallout from COVID-19 sweeps across the nation. Here are the steps you should take if you find yourself unemployed and in debt.

More About Unemployment
Pile of unpaid bills

Find out where to get help paying your bills, including utilities, mortgage, rent, insurance and child support, and how to prioritize your payments and minimize the damage.

More About Paying Bills

Money Saving Tips

Managing your finances can be a struggle during these times of uncertainty. No one knows what the economic impact of COVID-19 will be and how long it will last, so it is important to get ahead of the game and prepare. We put together a list of money saving tips to help you streamline your budget.

Homeschooling Materials

As schools and businesses close, many parents are having to take on homeschooling duties, and with so much talk of the economy, there are sure to be lots of questions. There’s no better time than now to teach your kids about the importance of personal finance. InCharge has lesson plans and worksheets available for free to download and print for K-8, high school and even college students.

Financial literacy for kids

These lessons provide guidance, lesson plans and activities for teachers interested in introducing four to seven year old children (pre-school, pre-k, first and second grade) to early financial literacy concepts.

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Financial literacy for high school students

The teaching curriculum consists of fourteen lesson plans & worksheets designed to augment a semester course in life skills and personal finance management. The Teacher’s Guide, compiled in a separate, easy-to-use notebook, includes an outline of the curriculum, teaching notes and answer keys.

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Personal finance for young adults and college students

Our personal finance course covers a number of important topics faced by young adults who may be living on their own for the first time. These resources also lay the groundwork for major decisions that happen shortly after college graduation – like buying a home, a car and managing credit and debt.

Start Now!

Where to Go for Information About COVID-19

Your health should be the No. 1 priority right now, so we encourage you to take the proper precautions. The CDC has information about Covid-19 testing and vaccines. They also list some resources and guidance for businesses, schools, community organizations and travel companies.

State and Local  Resources

Check your state’s .gov page, and your city and county’s websites for more information about Covid-19 testing and vaccines. The CDC provides some information, but the rollout of the tests and vaccines will rely on state and local health departments as well as healthcare providers.

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