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Economic relief for individuals

Economic relief for individuals

By Katie Krakowka

Things are in flux as new programs are being announced, but there are a number of resources available to individuals that are facing financial challenges in the wake of COVID-19. We will continue to update this page as new programs are announced.

Our list of economic relief resources for businesses can be viewed here.

 

The IRS has extended the tax filing and payment date. Tax returns are due July 15, 2020.

Consumer Resources

Pandemic Unemployment Assistance

Expands assistance to cover self-employed, independent contractors, and others. Adds $600 per week to each recipient of unemployment insurance for up to four months. Adds 13 weeks of eligibility through 12/31/2020 for those whose state-provided benefits expire.

Recovery Rebates

$1200 payable to individuals with gross income up to $75,000 (no rebate at $99,000). $2400 for married filers with gross income up to $150,000 (no rebate at $ 198,000). $500 per child. Rebates reduced by $5 for each $100 income exceeds threshold amounts. Eligibility determined based on 2019 or 2018 return.

Qualified Retirement Fund Distributions

Special rules for distributions made to an individual:

    1. who is diagnosed with Covid-19
    2. whose spouse/dependant is diagnosed with Covid-19
    3.  who experiences adverse financial consequences as a result of the Covid-19 pandemic

Withdrawals: Waives early withdrawal penalty on distributions up to $100,000. Taxable over three years.

Loans: Withdrawn funds my be recontributed within three years without regard to annual contribution caps.

Finance Authority of Maine Covid-19 Relief Consumer Loan Program

Not direct; this is a loan guarantee program. Loan amount up to $5,000, minus unemployment benefits received, provided to eligible employees (includes self-employed). Qualified borrowers may apply every 30 days and receive up to three loans. No interest accrues during a 90 day grace period. Repayment required within 9 months. Learn more.

State of Maine LD 2167

Expands access to unemployment insurance to cover: employees impacted by business closures due to coronavirus;
quaranteed employees who intend to return to work once isolation period is completed (THIS REQUIREMENT HAS BEEN WAIVED THROUGH MAY 14TH) Learn more.

Department of Education Student Loan Interest Waiver

Interest charged on federally held student loans is waived as of 3/13/2020 until further notice. Adjustments will be made automatically and no action is needed. Borrowers will continue to be charged the same monthly payment, but the entirety of each will go to pay down principal on eligible loans. To adjust or defer payments, borrowers must consult and apply for a payment adjustment program. Learn more.

Department of Education Student Loan Payment Waiver

Payment defaults greater than 30 days on direct loans will receive automatic National Emergency Forbearance through March 31, 2021. No additional action is necessary to receive this assistance. Direct loans not in default may be eligible for National Emergency forbearance by application. Learn more.

 

A number of banks are offering relief to customers at this time, including:

  • Bank of America (payment deferral, no fees, no credit reporting)
  • Capital One
  • Chase Bank
  • Citibank
  • Fifth Third Bank
  • US Bank
  • Wells Fargo