COVID-19 Update

Coronavirus Financial Relief Programs Are Ending. What Now?


As coronavirus relief and assistance programs expire, we know that financial struggles remain for millions of Americans.

To help you determine next steps, we’ve outlined expiring programs, solutions and educational resources.

  • Extra Unemployment Benefits

    The federal government provided $600 a week in additional jobless payments for individuals on unemployment insurance.

    Expiration: July 31, 2020

    What Can I Do?

    • Reallocate Your Budget: Focus on necessities such as rent/mortgage, food, transportation and insurance.
    • Call Creditors: If you won’t be able to make your payments, call your creditors to ask about hardship plans or other accommodations available for COVID-19-related hardships.
    • Get a Debt Review: Our free debt review provides you with an action plan for eliminating debts, including a credit report summary, workable budget and personalized debt repayment options. You may also talk with a credit counselor at 866-528-0588.
    • Explore Our Extended Modification Solution: If you are an existing Take Charge America client struggling with your existing Debt Management Plan (DMP) payments, we may be able to offer an Extended Modification Solution (EMS), which allows you to temporarily make a lower monthly plan payment and continue to receive DMP benefits, including reduced interest rates.

    Additional Resources

  • Eviction Moratorium

    Evictions were frozen for tenants in multifamily and single-family rental properties with federally backed mortgages.

    Expiration: July 25, 2020 for apartments and Aug. 31, 2020 for single-family properties. Though, tenants cannot be evicted for another 30 days from those dates.

    What Can I Do?

    • Talk With Your Landlord: Try to negotiate a plan with your landlord that avoids eviction and keeps you in your home as you pay off any overdue rent.
    • Reallocate Your Budget: Focus on necessities with the highest priority item being your rent, followed by food, transportation and credit card bills.
    • Get a Debt Review: Our free debt review provides you with an action plan for eliminating debts, including a credit report summary, workable budget and personalized debt repayment options. You may also talk with a credit counselor at 866-528-0588.
    • Explore Our Extended Modification Solution: If you are an existing Take Charge America client struggling with your existing Debt Management Plan (DMP) payments, we may be able to offer an Extended Modification Solution (EMS), which allows you to temporarily make a lower monthly plan payment and continue to receive DMP benefits, including reduced interest rates.

    Additional Resources

  • Mortgage Forbearance

    Under the federal CARES Act, homeowners with federally backed mortgages experiencing COVID-related hardships can suspend their mortgage payments for as long as two consecutive 180-day periods. This type of mortgage forbearance is requested directlythrough servicers, who are required to approve requests regardless of delinquency status. Furthermore, some private lenders also granted mortgage forbearance of 90 days or more to financially distressed homeowners.

    Expiration: The expiration of your forbearance depends on whether your mortgage is backed by the federal government or through a private lender. Under the CARES Act, federally backed mortgages can have forbearance up to 180 days. Most private lenders generally grant 90-day forbearance periods. If you are unsure of the details of your forbearance, contact your lender or servicer for full details.

    What Can I Do?

    • Contact Your Lender/Servicer: At the end of the forbearance period for federally backed mortgages, homeowners will be provided with several options to compensate for missed payments but will not be required to pay everything back all at once. If your mortgage is with a private lender, contact them to discuss any additional relief options.
    • Get a Debt Review: Our free debt review provides you with an action plan for eliminating debts, including a credit report summary, workable budget and personalized debt repayment options. You may also talk with a credit counselor at 866-528-0588.
    • Explore Our Extended Modification Solution: If you are an existing Take Charge America client struggling with your existing Debt Management Plan (DMP) payments, we may be able to offer an Extended Modification Solution (EMS), which allows you to temporarily make a lower monthly plan payment and continue to receive DMP benefits, including reduced interest rates.

    Additional Resources

  • Federal Student Loan Forbearance

    Borrowers with federal student loans were granted automatic forbearance and 0% interest rate for six months.

    Expiration: Sept. 30, 2020

    What Can I Do?

    • Rework Your Budget: If your financial situation allows, start accounting for your student loan payment in your budget. That way you’ll have some initial funds set aside for when payments resume in October.
    • Seek Out Additional Relief: If you know you won’t be able to resume payments even after the government-mandated forbearance period ends, contact your loan servicer to inquire about additional forbearance or deferral options.
    • Review Your Repayment Options: Depending on your circumstances, it may be time to review your repayment options and find one that fits your new situation. Our online student loan review can simplify the process and can help you identify the best option for your needs. You may also talk with a student loan counselor at 877-784-2008.

    Additional Resources

  • Credit Reporting Protections

    If your creditor has granted you payment deferrals or any other relief assistance or accommodation, the CARES Act requires creditors to report your account as current to all major credit bureaus. These guidelines apply to all assistance or accommodations made starting from Jan. 31, 2020.

    Expiration: July 25, 2020

    What Can I Do?

    • Call Creditors: If you’re still unable to make payments, contact your creditors to inquire about additional hardship plans or other accommodations to keep your accounts current.
    • Get a Debt Review: Our free debt review provides you with an action plan for eliminating debts, including a credit report summary, workable budget and personalized debt repayment options. You may also talk with a credit counselor at 866-528-0588.
    • Explore Our Extended Modification Solution: If you are an existing Take Charge America client struggling with your existing Debt Management Plan (DMP) payments, we may be able to offer an Extended Modification Solution (EMS), which allows you to temporarily make a lower monthly plan payment and continue to receive DMP benefits, including reduced interest rates.

    Additional Resources

Feeling overwhelmed? Still need help managing your financial situation?

Our FREE debt review will provide you with customized solutions to help you regain control of your financial life.

Here's what you can expect:

  • Personal guidance and support
  • Customized budget and recommendation
  • Free credit report summary
  • Free educational budgeting resources
  • Debt management options to reach your goal

We also offerstudent loan counseling. Complete an online questionnaire to get an action plan of all available repayment options.

For additional resources, visit our Financial Education Center.

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