Budget

• If you haven’t looked at a budget in a while, now’s the time to do so. Every Dollar is a great free app to use to get a budget together.
• Get clarity from your income sources as to what the reality will look like over the coming weeks.

Defer Payments

• If you’re still not able to cover all of your expenses, identify payments that can be deferred:
  • Call creditors to explain your situation. You can ask for temporary relief on your monthly payments. If you offer to still send some money, even if it’s a smaller amount than your typical payment, they might be more willing to work with you.
  • If you have federal student loans, you can forbear (interest accrues) or defer (interest doesn’t accrue on subsidized federal loans) your loan payments.
• If you’re paying extra on debt(s) right now and have less than one to two months’ worth of expenses in an emergency fund, it might not be a bad idea to temporarily stop extra payments and then restart them once things settle down.
• Enroll for health insurance, if you can.
• Use this week to get a game plan together and gather information, as there may be more changes coming.
• Reach out to our Financial Assistance Administrator HERE if you want to talk.

Effective Immediately (Updated: 3/27)

• On 3/27, the President signed into law the CARES Act, which offers more than $350 billion in support for small businesses through programs you can use to help your businesses now.The CARES Act includes the Paycheck Protection Program. This program could help you and your company obtain loans to help with payroll, paid sick leave, costs related to continuation of group healthcare benefits during periods of leave; employee salaries; mortgage payments; and any other debt obligations. A second program available now is the Economic Injury Disaster Loan Program. See details for both programs and apply through the Small Business Administration. As a small business, you may be able to apply for both programs, subject to additional requirements and so long as the funds are used for different purposes.
• Paycheck Protection Info Sheet from U.S. Treasury (includes when you can apply)
• Paycheck Protection Summary from U.S. Chamber of Commerce

• Payments on federal student loans may be paused without interest accruing. This will be in effect for 60 days effective 3/13. Borrowers should contact their loan servicer to ask about this.
• The tax filing deadline has been moved from April 15 to July 15.
• Foreclosures and evictions will be suspended for 60 days on all HUD-owned properties and mortgages backed by the FHA, Fannie Mae, or Freddie Mac. Additionally, homeowners are eligible for a forbearance plan to reduce or suspend their mortgage payments for up to 12 months. Borrowers should contact their loan servicer to ask about this.
• Free COVID-19 testing to anyone, regardless of insurance status. This relates only to insurance coverage – contact your healthcare provider about your need for the test first.
• Emergency paid leave  – you may be eligible for up to two weeks if you are sick, quarantined, or taking care of a sick family member. Visit the U.S. Department of Labor for more information.
• Paid sick leave for two weeks (employers with fewer than 500 employees).
• Bank of America, Wells Fargo, and Ally Bank have all said that if customers are having trouble making payments on loans (mortgages, credit cards, personal loans, auto loans, etc.) to call them to find out what options are available.

Proposed Ideas/Not in Place (Updated: 3/21)

• Send stimulus checks directly to American households in two rounds. The first round would begin April 6 and the second would begin May 18. The proposed amount for each round would be between $1,200 for every adult and $500 for every child. Check amounts will start to be phased out if adjusted gross income from 2018 tax returns is above $75,000 for an individual or $150,000 for a couple. Some reporting says that individuals with adjusted gross income above $99,000 will not be eligible.
• $300 billion small business loan program to provide companies with 500 or fewer employees access to funds to continue paying employees.

Rent

• The Supreme Court of Virginia has suspended all new eviction cases in the Commonwealth of Virginia for tenants unable to pay rent as a result of COVID-19 through April 6.

Utilities

• The State Corporation Commission (SCC) has issued an order directing utilities it regulates, such as electric, natural gas, and water companies in Virginia, to suspend service disconnections for 60 days to provide immediate relief for any customer, residential and business, who may be financially impacted by the COVID-19 outbreak. Read the order.

Find out what your particular electric company is doing:
In many cases, you must call in to request extensions – be sure to check with your particular utility provider.

• Dominion Energy
• Southside Electric Cooperative
• Rappahannock Electric Cooperative

Cell Phone / Internet

• Comcast will not disconnect or add late fees for customers who contact the company. Customers will have unlimited data for 60 days, and Xfinity Wi-Fi hotspots will be free for anyone.
• Comcast is also offering FREE internet to qualifying low income households for 60 days (25 Mbps).
• AT&T, Verizon, and Sprint will not terminate or add late fees for the next 60 days. Public Wi-Fi hotspots are also open and customers will receive unlimited Internet data.
• Verizon Wireless
• Sprint

Employment Relief

• Virginia Employment Commission

Business Resources

• Virginia Retail Federation
• Central Virginia Partnership – Small Business Development Center
• Small Business Administration
• Resources on Economic Injury Disaster Loans

All local sources have been vetted. This list will continue to be updated as resources are confirmed. If you need assistance or would like to help, please reach out to one of the sources below.

Food Pantries

Feeding Powhatan
Celebration Church Food Pantry – 804-651-3067

Social Services

Chesterfield County
Goochland County – 804-556-5880
Powhatan County – Phone only – 804-598-5612

Student Meals

Amelia County Public Schools
Chesterfield County Public Schools
Fluvanna County Public Schools
Goochland County Public Schools
King William County Public Schools
Powhatan County Public Schools
Prince Edward County Public Schools

Other

Financial Assistance Hotline – 434-234-4490
(for households in Charlottesville and the counties of Albemarle, Buckingham, Fluvanna, Greene, Louisa, Nelson, and Orange)

Virginia Employment Commission
Small Business Owners Survey – Open through 5pm March 27

Virtual Recovery Resources
How to Find a Virtual Recovery Meeting
Connections App
NIMH – Coping with Coronavirus: Managing Stress, Fear, and Anxiety
NIDA COVID-19 Resources
NAMI COVID-19 Resource & Information Guide
AA Updates