Millennial Money has partnered with CardRatings and creditcards.com for our coverage of credit card products. Millennial Money, CardRatings and creditcards.com may receive a commission from card issuers. This site does not include all financial companies or financial offers.
At Millennial Money we’re committed to helping you get through the coronavirus by sharing up to date resources for your financial and emotional well-being.
A lot is happening very quickly. There are a wide variety of grants, loans, and stimulus opportunities popping up daily and we’ll do our best to share the best resources for you here.
Please check back regularly for updates, as well as the links we’ve provided to each bank and institution for the most up to date information.
If you have any resource that we’ve missed please email emily @ millennialmoney dot com so we can evaluate adding it to this list.
Coronavirus Stimulus Checks
The CAREs Act is $2 trillion relief package designed to support individuals and businesses negatively impacted by the coronavirus pandemic. Under the relief package many Americans will get a cash grant of $1,200, which is completely free money from the government. While this is isn’t a lot of money, every bit helps.
There are some income limit restrictions on the stimulus checks, meaning if you make over a certain amount of money, then you might be eligible for a smaller amount or none at all. If you’ve filled out a tax return in 2018 and 2019 and included your direct deposit information, then the government will direct deposit the money into your bank account.
To learn more about the stimulus checks, to see if you qualify, and to see when you should expect yours, checkout our guide to the coronavirus stimulus checks.
Small Business Administration’s Paycheck Protection Program
The PPP or Paycheck Protection Program is a program within the CAREs Act that designates $350 billion to support small businesses and self employed workers. The intent of the program is to help businesses with fewer than 500 employees continue to pay their employees.
Eligible companies and people self-employed can apply for PPP through most banks for loans up to $10 million or $100,000 per employee. While these are loans, if your business uses the loan for eligible expenses between February 15, 2020, and June 30, 2020 and you have documentation, then part or all of the loan could be forgiven.
The SBA (Small Business Administration) is working closely with banks in the United States to determine the best way to apply for, evaluate applications, and distribute the PPP loans to those eligible. As of Monday April 6th, this is causing a lot of headaches and banks are struggling to build application systems and process applications. I applied for a PPP loan for Millennial Money through our business bank Chase on Friday April 3rd, but haven’t received any updates.
To learn more about whether you qualify, the guidelines, and how to apply for a PPP loan, check out our guide on the paycheck protection program.
Coronavirus Life Insurance: Are you covered?
While most people who get COVID-19 are making a full recovery, unfortunately over 10,000 people have already died in the United States. While the risks are still low for most people, if your family relies on your or your partner’s income to survive, it’s worth considering life insurance.
Less than 10% of all millennials are currently covered under a term life insurance policy, which is concerning, given that more and more millennials are starting families and have little saved. However, it’s never been easier to buy life insurance online and most companies are providing coverage for coronavirus related deaths.
While death is an uncomfortable topic, it’s important to protect your family in the event something happens to you. If you already have life insurance, you should see if you’re covered if you die from coronavirus. We’ve created a detailed article on the topic: Does life insurance cover coronavirus?
Bank Coronavirus Resources & Updates
Many banks are offering some type of coronavirus relief, but it’s often on a case by case basis, so it’s worth contacting your bank if you’re experiencing some form of financial hardship to discuss your options.
In the past I’ve had success calling up my credit card company and bank when I’ve accidentally missed a payment or two, and they’ve always removed the late payment and interest charges for those months.
Most credit card companies and banks will waive these fees if you just call and ask them to be removed. Sometimes the first person you call won’t remove them, but if you call back and talk to a few different people, eventually one will work with you.
Here are a few ways you might be able to get help and should ask for from your bank.
- Credit card limit increases
- Removal of any late, overdraft, or maintenance fees
- Loan payment deferral for the next 90 days
- Business loan or payment deferral options
- Home or auto foreclosure relief for the next 90 days
- Removal of CD early withdrawal penalties
- Mobile check deposit limit increases
- Mortgage hardship assistance
One challenge right now is that most banks and financial institutions are experiencing high call and chat volumes so wait times are long. Given this, most banks and financial institutions are recommending customers use their website to complete any transactions.
Unfortunately, given the quarantine recommendations at the national, state, and local level, most in-person bank branches are closed for the near future.
- No check, debit card, or overdraft fees on savings and money market accounts through July 16, 2020
- Car loans can be deferred for up to 120 days
- Mortgage payments can be deferred for up to 120 days
Visit Ally Bank Coronavirus (COVID-19) Resources page for most up to date information.
Customer service support number: 1-877-247-2559
Read our Ally Bank review.
- Contact them at the number on the bank of your credit card. American Express are providing relief on a case by case basis.
Visit the American Express Coronavirus (COVID-19) Resources page for up to date information.
Apple Credit Card
- Deferring March payments, contact them for further deferments
Customer service support number: 877-255-5923
Bank of America
- Payment deferral on a case by case basis for credit card and mortgage customers
- Allowing borrowers to skip a payment on their small business, personal, mortgage, and home equity loans. The deferred payments then get added to end of the loan term.
- Refund of late, overdraft, insufficient fund, and maintenance fees
Visit the Bank of American Coronavirus (COVID-19) Resource page for the latest updates.
Phone number: 1-800-432-1000
- Refunds of overdraft fees can be requested
- ATM fee waivers can be requested
- Penalty-free CD withdrawals can be requested
Visit the BBVA USA Coronavirus (COVID-19) Resources page to get up to date information.
Customer service phone number: 844-228-2872
Read our BBVA USA review.
- Capital One is advising customers who are struggling to make their payments to contact them and stating that financial relief is available for all customers.
Visit the Capital One Coronavirus (COVID-19) Resources page to get up to date information.
- Deferred payments on personal, business, and mortgage loans are being considered on a case by case basis
- Removal of overdraft, insufficient fund, and maintenance fees on a case by case basis
- Currently working to implement SPP loan program for small businesses
- $1M community commitments to help those impacted by COVID-19 in NY, LA areas. With half of the funding going toward non-profits assisting small businesses in CA. CIT Bank press release.
- Fee waivers for consumers and small businesses
- Business bankers are taking calls after hours and on weekends. Contact your business banker if you have questions.
- Mortgage hardship assistance may be available
Cumberland Valley National Bank
- 90 day deferment of loan payments for it’s small business customers
Visit the Cumberland Valley National Bank Coronavirus (COVID-19) Resource page for up to date information
- Financial hardship available on a case by case basis, contact them to discuss your personal situation
- Not reporting late payments to the credit bureau
Visit the Discover Coronavirus (COVID-19) Resource page to learn more.
Customer service phone number: 800-347-7454
Fifth Third Bank
- Contact Fifth Third to get access to their relief programs
- Deferred payments up to 90 days are available for vehicles, mortgages, and other loan types.
- No late fees on credit card, mortgages, and home equity loans for 90 days
- Select business banking fees can be removed over the next 90 days
- They’ve suspended all foreclosures and vehicle repossessions for the next 60 days
Visit Fifth Third’s Coronavirus (COVID-19) Resources page for up to date information.
Fifth Third have also put together a great guide on how you can take advantage of your government stimulus benefits.
Customer service phone number: 866-601-6391
- Relief on a case by case business. Customers are advised to contact an HSBC relationship manager to discuss your situation.
- HSBC will be directing $25 million in funding globally to those most impacted by this crisis, including donating food in the U.S. through Feeding America
Visit the HSBC USA Coronavirus (COVID-19) Resources page for more information.
Customer service phone number: 866-949-2351
- Personal, home, auto, and consumer loan payments for up to 90 days with no credit score impact
- Credit card payment deferral options through April 2020
- Late fees on business credit cards and loans waived through May 2020
- Deferral of business loans for 90 days
- Contact Huntington Bank to discuss your personal situation
Visit Huntington Bank’s Coronavirus Resources page for up to date information.
Customer service phone number: 1-800-480-2265
Marcus by Goldman Sachs
- 30 day loan payment deferral with interest waived and payment moved to the end of the loans
- Waving early withdrawal penalties on all CDs
- Call to discuss your personal situation
Visit the Marcus by Goldman Sach’s Coronavirus relief page for up to date information.
Customer service phone number: Savings: 1-855-730-7283 and Lending: 1-844-627-2871
- Deferral of auto loan, personal loan, credit card, mortgages, home equity loans, and student loan payment for up to 90 days
- Small business loans and more are also available, including access to the government’s SPP program
- Contact PNC bank to discuss your personal situation
Visit PNC Bank Coronavirus (COVID-19) Resources page for up to date information.
Customer service phone number: 1-888-762-2265
- Late payment and overdraft fee refunds
- Waiving early withdrawal penalties
- Credit card increases are available
- No foreclosures are happening
- Business loan term negotiation
Visit Santander Bank’s Coronavirus (COVID-19) Resources page for up to date information.
Consumer customer service phone number: 844-728-0999
Small business customer service phone number: 877-768-1145
- Potential payment deferment and removal of late and overdraft fees for both consumer and small business customers
- Potential removal of CD early withdrawal penalties
- Contact TD bank or you personal banker to discuss your personal situation
Visit TD Bank’s Coronavirus (COVID-19) Resources page for up to date information.
Customer service phone number: 1-888-751-9000
- Loan and credit card payment deferrals and interest removal
- Options determined on a case-by-case basis
- Mortgage loan deferment
Visit Truist Bank’s Coronavirus (COVID-19) Resources page for up to date information.
Customer service phone number: 1-800-226-5228
- Waiving many fees, including overdraft and late payment fees
- Offering lower cost personal and business loans
- Offering a new 0% APR credit card
- Contact U.S. Bank to discuss your personal situation
Visit US Bank’s Coronavirus (COVID-19) Resource page.
Customer service phone number: 1-888-287-7817
- 90 day deferral for home loans for anyone who asks,
- Offering other fee waivers and payment deferrals on a case-by-case basis
Visit Wells Fargo’s Coronavirus (COVID-19) Resources page for up to date information.
Customer service phone number: 1-800-219-9739
Additional Disclosures: Millennial Money has partnered with CardRatings and creditcards.com for our coverage of credit card products. Millennial Money, CardRatings and creditcards.com may receive a commission from card issuers. This site does not include all financial companies or financial offers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.