The Covid crisis is impacting the finances of both individuals, families and small businesses. We are sharing the information below to inform community members of the many resources available. (This list was compiled by the Young Israel of Woodmere)
Achiezer’s Westwood Financial Management Division has created a task force comprised of Achiezer staff as well as professionals from within the community. To access this assistance, please contact awartelsky@achiezer.
Mortgage Owners
The Federal government and NY government are working to establish relief programs for borrowers unable to pay their mortgage payments due to Coronavirus.
Contact your mortgage company directly to learn the most up-to-date info. NY announced that if you’re not working or only working part time, financial institutions will offer 90/180 day mortgage relief. This will not have a negative impact on your credit score.
Banks will not charge late fees and they will postpone or suspend foreclosures.
Agudath Israel of America’s SBCO division has set up an emergency mortgage hotline to assist the community with all mortgage and other bank loan matters in response to the financial hardships brought upon by the Coronavirus. SBCO urges people who seek guidance and assistance to call the hotline at 718-435-1300 extension 120. Callers are asked to leave a clear message as prompted, and a SBCO Counselor will return the call as soon as possible.
Automobile Owners
Many car lease financers, such as Honda Finance and Toyota Finance are offering Lease Deferral options. In addition, car insurance companies are offering reductions in their premiums. You can inquire directly from your company.
Federal and State Assistance
An important resource for funds during this difficult time is both the Federal and New York State government. We are not making any recommendations, just communicating important information that may be of assistance to you. We strongly recommend that you contact your accountant to determine what benefits and relief are available to you at this time.
Individual
There are unemployment credits and other amounts that are available for employees who have lost their jobs.
Unemployment Insurance (UI)
Unemployment Insurance is temporary income for eligible workers who lose their jobs through no fault of their own. To collect benefits, you must be ready, willing, and able to work, and actively looking for work during each week in which you are claiming benefits. Many community members are having difficulty getting the UI. Please continue to call. All claims are backdated so you will not lose out on any assistance.
Pandemic Unemployment Assistance (PUA)
In addition to Unemployment Insurance, the recently passed CARE ACT created Pandemic Unemployment Assistance (PUA) which provides payment to workers not traditionally eligible for unemployment benefits (self-employed, independent contractors, workers with limited work history, and others) who are unable to work as a direct result of the coronavirus public health emergency.
For more information on both UI and PUA, click here
Small Business
Please be aware if you are a small business owner (including self-employed individuals), you may be entitled to relief from the Federal government in the
form of very low interest rate loans some of which may be forgivable and
certain grants.
EIDL Loan Advance
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid.
Paycheck Protection Program
(PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
For more information on SBA Coronavirus Relief Options, click here
COVID-19 Stimulus Payment
- One-time direct payments to Americans in the amount of $1,200 per adult making up to $75,000 a year and $2,400 to a married couple making $150,000 with $500 payment per child will be issued.
- Payments will be deposited directly to the bank account reflected on the tax return for direct deposit of a refund or otherwise they are to be mailed to the taxpayer.
- To register for Direct Deposit, check the status of your payment, or change your address click here.
Financial Assistance
- HEBREW FREE LOAN SOCIETY is offering interest free bridge loans for anyone facing financial challenges because of Coronavirus, who live in the 5 boroughs, Westchester County, or Long Island. Interest free loans of $2000-$5000 are available for purposes including lost wages due to being unable to got to work, child care costs due to school closing, small business losses and others. Click Here for more information.
- NYC EMPLOYEE RETENTION GRANT PROGRAM: The city is offering small businesses with fewer than five employees a grant to cover 40% of payroll costs for two months to help retain employees. To learn more about this and to see if you are eligible and apply click here
- NYC SMALL BUSINESS CONTINUITY LOAN FUND: Business with fewer than 100 employees who have seen sales decrease 25% or more will be eligible to apply for zero interest loans of up to $75k to help ensure business continuity. Click Here for more info.
Health Insurance
COBRA: If you have recently lost your job in NY or NJ and your employer has more than 20 employees, you may be eligible for continued coverage. Contact the HR department at your previous employer for more information about applying for COBRA.
Students
NYS Higher Education Services Corporation (HESC) is working to protect NY students and borrowers during COVID-19. Click Here for more information. Click Here for Student Aid FAQ’s for information for students, borrowers and parents.
IRS Tax Information
The IRS has extended the federal tax filing deadline to July 15. You can file your own taxes for free at one of the following sites:
- If you earn $36,000 or less, you can file free with turbo tax Free Tax Filing click here.
- If you earn between $36,001 and $66,000, you can file your taxes free by clicking here
- You can file your taxes for free with IRS Free File by clicking here .
Utilities
ConEd and National Grid will NOT turn off your service for non-payment of a bill, for more information click here.
SNAP (Formerly Food Stamps)
You can apply online on NY by clicking here
Click here for a SNAP Application and this link to see a Documents Guide SNAP.
All current recipients of TA/MA/Snap and SNAP have been automatically extended for 3 months. Click Here for more info
Social Security
All local social security offices will be closed to the public for in-public service until further notice. Online services remain available at www.socialsecurity.gov. You can also call SSA’s National number at (800) 772-1213. You can apply for disability, retirement and Medicare benefits online, check the status of an application or an appeal, request a replacement card, print a benefit verification letter and more.
COVID-19 Aid Round Up
Please follow this link above for a comprehensive list of resources
