Were you financially impacted by the Covid-19 outbreak? If you do, then you might just be eligible for paid family leave, unemployment insurance, disability insurance, relief from financial institutions, student loan relief and statewide moratorium on evictions.
Let us say for example that you have unfortunately loss your job or perhaps had the work hours reduced and have met the eligibility requirements, you can get Unemployment Insurance or UI benefits from the Employment Development Department of California.
California Eviction Moratorium
California has released statewide moratorium in relation to renter’s residential evictions whose financial capability suffered because of the Covid-19 pandemic. The moratorium is valid from March 27 to May 31, 2020.
Say that the virus significantly affected your capacity to pay either the entire rent or portion of it, then you should:
- Save your financial documentation
- Explain your current financial situation to the landlord and relay how much you could pay
- Pay as much as you can for the rent
In the event that the landlord is still trying to force evict you for not being able to pay the rent and has done the steps mentioned, that is when you should reach out to a local legal aid provider.
Getting Relief from Financial Institutions
California worked so hard is mitigating the financial burden brought by Covid-19 among its citizens who are struggling to pay their monthly bills and mortgage.
Several financial institutions like US Bank, Wells Fargo, JP Morgan Chase, Citigroup and almost over 200 state-chartered banks have made commitment of providing financial relief for homeowners and consumers in California to help them get through tough times.
Grace Period for making Mortgage Payments
The said financial institutions will be offering mortgage-payment forbearances of around 3 months or 90 days if your finances are heavily impacted by Covid-19. This allows people to delay or reduce their monthly mortgage payment. On top of that, they have to:
- Provide streamline process to request forbearance for Covid-19 related reasons that’s backed with proper documentation
- Confirm the approval of as well as terms of the forbearance program and;
- Offer the chance of extending forbearance agreement if you continue experiencing financial difficulty because of Covid-19.
It is crystal clear that the pandemic has brought severe damage to worldwide economy and its citizens. Thus, having their business to shut down, be laid off at their job and everything in between causing their finances to be heavily affected. Regardless, you need to work on your financial literacy on how to navigate through these situations such as using professional services to invest in cryptocurrency and grow your money and the likes.