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Assistance with Financial Hardship during covid-19 Outbreak

Tuesday, March 24, 2020   (0 Comments)
Posted by: Michelle Schleibaum
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The Center for Financial Education and Economic Education at Westchester Community College has put together the following list of resources to assist those who may be facing financial hardship during this covid-19 pandemic.
 
We send our best to our entire alumni community during these uncertain times.
 
1.) If you have lost a job, file for unemployment benefits immediately, even if you do not think you qualify.  New York State has recently ended the 7-day waiting period, so you can file a claim sooner. You can file for benefits online through the New York State Department of Labor.

2.) If you worked for a restaurant chain or in the hospitality industry, check with your employer to see if they are offering any type of relief aid.  Some companies are providing employees with food and other types of assistance.

3.) The government is suspending all federal student loan payments for 60 days, and setting the interest rate on student loans to zero, until at least May 12th so if you owe money on student loans, you will be getting a break. To obtain the 60-day reprieve, borrowers will have to submit a request to their loan servicers, such as Navient, Nelnet, FedLoan Servicing or Great Lakes, over the phone or online.

4.) The Internal Revenue Service has postponed the tax filing date from April 15 to July 15th.  However, if you are expecting a refund, you do not need to wait. You should file as soon as possible in order to get your money more quickly. Please let us know if you need help filing a return.

5.) Keep in mind that the federal government is in the process of finalizing legislation that would send checks to taxpayers by the end of April.  The amount of the payments could vary depending on income and family size, but it is reported that some of the checks could be as high as $1,200. Those who did not earn enough to pay income tax would receive a smaller amount, about $600. Details have not yet been finalized, and not every individual will benefit.  We will communicate further information as soon as it becomes available.