Financial Relief for Personnel

Financial Relief for Personnel

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Families First Coronavirus Response Act (FFCRA)

• Emergency Paid Family & Medical Leave
• Emergency Paid Sick Leave

Tax Assistance Options

• Extension of 2019 Tax Filing Deadline
• $1,200 checks to each individual making $75,000 or less and a sliding scale (downwards) for people
making between $75,000 and $99,000. No one making more than that will get a check

Unemployment Assistance

• Waiver of waiting period
• Waiver of work search requirement
• Unemployment benefits would be expanded from 26 weeks to 39 weeks and freelancers and gig workers would qualify for the first time

Federal School Loan Assistance (US Dept of Education)

• Interest rates on student loans reduced to 0% from 3/13/2020 to 9/30/2020
• Direct Loans
• Federal Family Education Loan (FFEL) Program Loans
• Federal Perkins Loans
• Lender should have information regarding deferral on their website
• Borrower can get a refund if they paid their monthly payment after President signed the CARES Act

Mortgage or Rent Relief (Consumer Financial Protection Bureau)

• FHA/HUD mortgages
• Fannie Mae/Freddie Mac
• Lender or loan servicer may not foreclose on you for 60 days after March 18, 2020
– You won’t incur late fees
– You won’t have delinquencies reported to credit reporting companies
– Foreclosure and other legal proceedings will be suspended
• If you can pay, pay
• If you can’t pay, contact your mortgage servicer
• Get it in writing
• Many states and municipalities have prohibited eviction activities in the next 60 days
• Any HUD/FHA back multifamily rental properties

Credit Card & Utilities Relief

• If you can continue to pay, pay
• Many credit card companies have options to enroll online for delayed payments
• Many cell phone and utility providers are offering waivers of late fees and deferred payments
Health Savings Accounts, Health Reimbursement Accounts, Flexible Spending Accounts
• Retroactively effective as of January 1, 2020, the CARES Act allows participants to now purchase the
following items and services, pre-tax, using their HSA, FSA, or HRA
– Over-the-counter medicines (these treatments no longer require a prescription)
– Menstrual care products (e.g., pads, tampons, liners, and related items)
– Telehealth services, pre-deductible without impacting HSA eligibility (provision in place until December 31, 2021)

Relief Related to Retirement Plans for Individuals

• Waiver of 10% Early Withdrawal Penalty Tax on Early Distributions from Eligible Retirement Plans
– The Act waives the 10% penalty tax on early distributions for distributions up to $100,000 in
2020 made to an individual
– Who is diagnosed with COVID-19,
– Whose spouse or dependent is so diagnosed or
– Who experiences adverse financial consequences as a result of being quarantined, furloughed, laid
off, having work hours reduced due to the virus, or closing or reducing hours of a business owned
or operated by the individual due to the virus

Wellness Benefits

• Health Plan Co-Pay & Deductible Waivers
– Waiver of co-pays and deductibles for testing and diagnosis of COVID-19
• Short Term & Long-Term Disability Insurance
– Your illness may qualify as a compensable illness under many short-term and long-term disability
insurance plans
• Mental Health Benefits
– All employer-sponsored health plans cannot restrict benefit maximums at a level under that which
is provided for other health benefits
– Employee Assistance Programs


COVID-19 coronavirus, Families First Coronavirus Response Act (FFCRA)