In addition to our Online Resource Center, where we share information about how you can take care of your personal finances and keep your family healthy, we have created this guide to resources, programs and government agencies offering financial help during the COVID-19 crisis.

Below you will find links specifically gathered by Edelman Financial Engines to get you to the financial information and resources you need.

Please check these links regularly as the information they contain may be updated.

And as always, contact your planner to help you and your family with questions about any of these resources or any concerns at all that you have during this unsettling time.

FINANCIAL INFORMATION

Coronavirus-related Paid Leave for Workers:

The Families First Coronavirus Response Act provides certain workers paid sick leave for COVID-19 related reasons and expanded paid child-care leave when children’s schools are closed.

Click Here to read more from the Internal Revenue Service (IRS) regarding the Families First Coronavirus Response Act

Click Here to read more from Families First Coronavirus Response Act: Questions and Answers

Department of Labor:

Information on unemployment resources (including a link to state unemployment insurance programs), leave and support for dislocated workers.

Click Here to read more from the Department of Labor

Unemployment Insurance Expansion under the CARES Act:

The CARES Act extends access to unemployment benefits for workers impacted by COVID-19.

Click Here to read more from the CARES Act

Click Here to read more from the Department of Labor

Economic Impact Payments:

Information about the recovery rebates for individuals provided by the CARES Act.

Click Here to read more from the Internal Revenue Service (IRS)

Consumer Financial Protection Bureau:

Provides information on how to protect yourself financially from the impact of Coronavirus (COVID-19).

Click Here to read more from the Consumer Financial Protection Bureau

Administration for Community Living:

Information for people with disabilities and older adults (see also Social Security).

Click Here to read more from the Administration for Community Living

SOCIAL SECURITY

Social Security Assistance:

On Tuesday, March 17, 2020, the SSA suspended face-to-face service to the public in field offices and hearings offices nationwide until further notice. They will provide limited, critical services via phone, mail, and online.

Social Security Disability:

The SSA will continue to process applications for the most severe disabilities. If you have an appointment scheduled someone will attempt to contact you by phone to reschedule for a phone appointment – the call may come from a private number while representatives work remotely. SSA is discontinuing any current medical continuing disability reviews.

Click here to read more from the Social Security Administration

TAXES

Federal Tax Filing Deadline:

The tax filing and payment deadline originally on April 15, 2020 was extended to July 15, 2020 for all taxpayers. This also extended the deadline to make 2019 IRA contributions. The IRS expanded this relief to all taxpayers that had a filing or payment deadline that fell on or after April 1, 2020 and before July 15, 2020. The IRS has suspended in-person assistance, but mission-critical operations continue, and it is processing tax returns and issuing refunds.

Click here to read more from the IRS about the tax filing deadline

Click here for questions and answers from the IRS about filing and payment deadlines

Click here to learn more about tax deadline extensions

State Taxes:

Individuals should check with their state tax agencies for clarification on deadlines.

Click here to read more about State taxes

Required Minimum Distribution Rollover Relief:

The IRS announced that anyone who took a required minimum distribution (RMD) in 2020 has the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver for 2020.

Click here to read more about Required Minimum Distribution

HEALTH CARE

Medicare Telehealth:

Due to the COVID-19 Public Health Emergency, doctors and other health care providers can use telehealth services to treat COVID-19 (and for other medically reasonable purposes) from offices, hospitals, and places of residence (like homes, nursing homes, and assisted living facilities) as of March 6, 2020. Medicare will pay for these services for patients who have seen the health care provider or another health care provider in the same practice. Coinsurance and deductibles apply.

Click here to read more from Medicare about telehealth changes

Health Coverage Tax Credit:

The Health Coverage Tax Credit has been extended to December 31, 2020; it was set to expire in 2019 but is now extended for all coverage months in 2020. The Health Coverage Tax Credit (HCTC) is a federal tax credit administered by the IRS, for 72.5 percent of health care insurance premiums, which may apply to certain individuals who are at least 55 and up to 65 years of age and are receiving benefits from PBGC.

Click here to read more about the Health Coverage Tax Credit extension

High-Deductible Health Plans:

High-deductible health plans (HDHPs) can pay for Coronavirus (COVID-19) testing and treatment without jeopardizing their status, which allows participants in the plan to continue to contribute to HSAs.

Click here to read more from the IRS about high-deductible health plans covering coronavirus costs

Flexibility for employers to make temporary changes to FSAs:

The IRS released guidance to allow temporary changes to FSAs and dependent care assistance programs to extend the claims period and allow taxpayers to make mid-year changes.

Click here to read more about FSAs

SMALL BUSINESSES

Refundable Payroll Tax Credits:

Small and midsize employers are eligible for two new refundable payroll tax credits to immediately reimburse them for the cost of providing Coronavirus-related leave to their employees.

Click here to read more about two new refundable payroll tax credits

Click Here to read more about COVID-19 tax credits

Click Here to read more about Families First Coronavirus Response Act

Employee Retention Credit:

Employers impacted by the COVID-19 emergency and that do not take small business loans can qualify to receive an Employee Retention Credit based on qualifying wages.

Click Here to read more about Employee Retention Credits available

Click Here to read frequently asked questions about the Employee Retention Credit

Economic Injury Disaster Loans and Loan Advance Program:

The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million.There is also an opportunity for loan advances of up to $10,000 available within three days of a successful application.

Note: Funding for this program is limited. Check the links below to confirm that the SBA is accepting applications.

Click Here to learn more about disaster assistance

Click Here to learn more about disaster loan applications

Paycheck Protection Program:

The CARES Act authorizes the Paycheck Protection Program to help small businesses retain employees and pay for certain other expenses.

Note: Funding for this program is limited. Check the links below to confirm that the SBA is accepting applications.

Click Here to read more about assistance for small businesses through the CARES act

Click Here to read more about the paycheck protection program

U.S. Chamber of Commerce:

Resources to help small businesses navigate financial difficulties due to Coronavirus. Includes links to state and local resources.

Click here to read more about the resources available to help small businesses

Click Here to read more from the Chamber of Commerce

Department of Labor:

The U.S. Department of Labor has resources to help workers and employers prepare for the COVID-19 virus.

Click here to read more from the Department of Labor about resources that can help workers and employers prepare for COVID-19

FEDERAL STUDENT LOANS

Federal Student Loan Information:

Information about college studies or loan repayment – they are adding information for students, borrowers, and parents to this page on a regular basis.

Click here to read more about changes to Federal student loans

REAL ESTATE

Forbearance Programs:

Homeowners with home loans owned by Fannie Mae or Freddie Mac may be eligible to delay making monthly mortgage payments for a temporary period without incurring late fees and other negative impacts.

Click here to read more from the Federal Housing Finance Agency about mortgage help for homeowners impacted by the coronavirus

To find out if Fannie Mae or Freddie Mac owns your loan, use their respective loan lookup tools or contact your mortgage company to ask who owns your loan.

Click here to use the their respective loan lookup tools

Suspension of Foreclosures and Evictions:

The Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac to suspend foreclosures and evictions for at least 60 days due to the Coronavirus. The moratorium also applies to single family homeowners with FHA-insured mortgages.

Click here to read more from the Federal Housing Finance Agency about foreclosure and eviction suspensions

Click here to read the official press release from HUD

Eviction Suspension Relief for Renters in Multifamily Properties:

Fannie Mae and Freddie Mac will offer multifamily property owners mortgage forbearance with the condition they suspend all evictions for renters unable to pay rent due to the impact of coronavirus.

Click here to read more about eviction suspension relief for multifamily properties

Flexibilities for Home Sales and Refinances:

The Federal Housing Finance Agency directed Fannie Mae and Freddie Mac to provide alternatives for home appraisals to reduce the need for inspections of the interior of a home, and accept employment verification via email, to allow for homes to be bought, sold and refinanced during the COVID-19 emergency.

Click here to read more about flexibilities for home sales and refinances

Click here to read more

GENERAL INFORMATION

Government Response to Coronavirus, COVID-19:

Click here to read the official Government response to COVID-19

This material was prepared for informational and/or educational purposes only. Neither Edelman Financial Engines LLC nor its affiliates offer tax or legal advice. Be sure to consult with a qualified tax or legal professional regarding the best options for your particular circumstances.