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If you’re receiving financial relief under CARES Act, this one step can help protect your finances before programs expire

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Summary:

  • If you are looking for temporary relief, you must first contact your lender first to discuss an agreement.
  • Skipping payments without an agreement in place could result in a negative impact to your credit score.

If you are impacted financially by COVID-19 and currently receiving benefits under the CARES Act, it’s important to remember that two key government programs providing financial relief under the CARES Act expire on December 26:

  • Pandemic Unemployment Assistance program, which provides jobless aid to freelance and gig workers
  • Pandemic Emergency Unemployment Compensation (PEUC) benefits, which authorized an additional 13 weeks of jobless aid beyond the typical 26 weeks that most states provide

Additionally, if you have a federal student loan, payments and accruing interest are expected to resume again after January 31, 2021. You can find more information about the student loan relief options here

If you are concerned about your finances and paying bills once these benefits expire, one of the most effective moves you can make is to call your lenders or bank directly to discuss payment and flexibility options. Many banks, lenders, and card issues have offered flexible payment options during the pandemic to help customers prioritize their bill payments. 

If you are looking for temporary relief, you must first contact your lender first to discuss an agreement. Skipping payments without an agreement in place could result in a negative impact to your credit score. 

Major Banks and Lenders

Below is a list of some of the major banks and lenders with links to their contact page. You can also try calling the customer service number on the back of their credit cards to ask about flexibility options based on your situation. 

Lenders by Category

Although we do not know of any specific programs the following lenders may have in place, we’ve provided their contact information below to help save you some time on research. Even if no relief programs are listed on their website, we encourage you to reach out to your lender if you need assistance.

Please comment below if you have any other companies that you know of that should be added to the list. In the meantime, Credit Sesame can be a free valuable resource to help you monitor your finances during these uncertain times.

Disclaimer: The information was collected independently by CreditSesame.com and has not been reviewed or provided by the banks or organizations mentioned.

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