Winning at Life with Gregory Ricks

The Daily Wrap: 04.08.20


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How do you get help from the Coronavirus stimulus packages? Here's a few ways:

Economic Impact Payment: this is the stimulus check that most citizens will get, and most people will get it automatically.
https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know


The Paycheck Protection Program: small business loans that may be forgiven if used to keep employees, and convert the rest to a low-interest SBA loan. SBA.gov
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp


Economic Injury Disaster Loans: business loans that may forgive a $10,000 advance, and convert the rest to a low-interest SBA loan.
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance



FFCRA - Family First Coronavirus Relief Act: This portion of the stimulus bill relaxes the qualification guidlines for unemployment, extends the length of benefits, and increases the size of unemployment checks.
https://www.dol.gov/agencies/whd/ffcra


Mortgage help: many banks are offering a deferment or forbearance on mortgages affected by the shutdown, but the details are different from bank to bank.



Student Loan payments suspended: federal student loan payments are automatically suspended until September 30, 2020. Also, a temporary stop to collections and garnishing for outstanding student loan dents.



Stimulus part 4: expect more money to be appropriated for the existing SBA rescue packages, and infrastructure spending to be approved in an upcoming stimulus bill.
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Winning at Life with Gregory RicksBy Winning at Life with Gregory Ricks