COVID-19 Pandemic Guidance and Financial Assistance

Mortgage Options

If you’re facing trouble in advance of your next mortgage payment, call your lender as soon as possible. Lenders offering assistance in response to the coronavirus include: 

• JPMorgan Chase
• Wells Fargo
• Bank of America
• Fifth Third Bank
• Ally Financial
• TD Bank
• Ocean First
• PNC Bank
• Citibank
• Quicken Loans

With the release of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, there are new relief options for individuals specifically with federally backed mortgages. You’re eligible for protections if your mortgage is held or backed by one of these agencies: 

• U.S. Department of Housing and Urban Development (HUD) 
• U. S. Department of Agriculture 
  • USDA Direct 
  • USDA Guaranteed 
• Federal Housing Administration (FHA) (Includes reverse mortgages) 
• U.S. Department of Veterans Affairs (VA) 
• Fannie Mae 
• Freddie Mac 

Nearly 50-percent of all mortgages are backed by either Fannie Mae or Freddie Mac.

If you’re not sure if your mortgage is federally backed, the first step is to call your servicer. Click here to find out who owns or services your mortgage. Your servicer should be able to provide you the name, address, and telephone number of who owns your loan.

Rent Options

If you are living in federally subsidized housing or renting from an owner who has a federally-backed mortgage, the CARES Act protects you from being evicted through July 24, 2020. 

Some states and local governments have also paused evictions to protect renters who may have been impacted by the coronavirus. Find out if you’re protected here.

If you’re facing trouble paying your rent, contact your landlord right away. Ask your housing authority, landlord, or management company if these protections apply to you. 

When you’re unexpectedly out of work, it’s important to know that there are options available to maintain a source of income. The federal government has given states the authority to expand their unemployment benefits programs and offer new options in response to COVID-19.

Under the Pandemic Unemployment Assistance (PUA) program benefits were expanded to include the self-employed, gig workers, independent contractors, part-time workers, and those experiencing reduced hours (who do not normally qualify for traditional unemployment insurance).

For the most updated information and to easily find your state’s unemployment benefits program, visit CareerOneStop.

Use this calculator to estimate what your state’s unemployment benefits are:

The $2 trillion Coronavirus stimulus legislation, also known as the CARES Act, provides multiple relief options in regards to federal student loans.

Federal student loan payments and interest are waved until September 30, 2020.  These benefits will be automatically implemented. 

The stimulus package does not address private student loans. Call your private lender to learn about your options if you’re facing a hardship that would prevent you from making your payments. 

Learn more on the Federal Student Aid website. 

The Federal Deposit Insurance Corporation (FDIC) BankFind tool allows you to locate FDIC-insured banking institutions in your area.

How Do I Choose the Right Account for Me?

Many people who do not currently have a bank account may find that a “checkless” checking account may be a good option for a first bank account.  Find more information on how to choose a bank account.

Provide Your New Bank Account Information to the IRS

When you open an account, the bank will provide you with a routing number and an account number.  You can submit that information through the IRS portal to receive your economic impact payment if you are eligible.  You can find more information on the IRS’s website, including these Frequently Asked Questions.