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.
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.
Department of Labor:
Information on unemployment resources (including a link to state unemployment insurance programs), leave and support for dislocated workers.
Unemployment Insurance Expansion under the CARES Act:
The CARES Act extends access to unemployment benefits for workers impacted by COVID-19.
Economic Impact Payments:
Information about the recovery rebates for individuals provided by the CARES Act.
Consumer Financial Protection Bureau:
Provides information on how to protect yourself financially from the impact of Coronavirus (COVID-19).
Administration for Community Living:
Information for people with disabilities and older adults (see also 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.
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.
Individuals should check with their state tax agencies for clarification on deadlines.
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.
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.
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.
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.