News is moving fast so we wanted to provide a couple of updates to the below (as of 3/20/2020):
- Taxes: The tax filing deadline has now been moved to July 15th to match the change to the payment deadline that was made earlier this week. We encourage you to continue to move forward with your tax prep, especially if we have projected that you will be getting a refund!
- Student Loan Relief: No final news on this but there are now proposals for student loan support. We’ll keep you posted on this.
- Mortgage Relief: Keep an eye on news from your bank on this front. Bank of America has already announced that clients can request to defer payments on loans for those affected.
We know everyone is being inundated with information during this time so we want to keep this note brief and clear up some information we’ve been receiving frequent questions on.
2. Unemployment & Paid Sick Time: Massachusetts has put together an FAQ guide on your rights and employer obligations. They have waived the waiting period for filing a claim for unemployment. More details on this and paid sick time in the link here.
3. Small Business Support: A loan fund has been created to provide relief to Massachusetts businesses that have been affected by COVID-19. A couple of highlights:
- Open to Massachusetts-based businesses impacted by the COVID-19 with under 50 full- and part-time employees, including nonprofits
- Negative impact must be verifiable
- Loan amounts up to $75,000
- Loan amount not to exceed 3 months of demonstrated cash operating expenses for the 1st quarter of 2020
- No payments due for first 6 months, then 30-months of principal and interest payments (direct debited)
- Annual interest rate 3%
Find all of the details on the program here along with information on how to apply.
4. Con Artists: Unfortunately, con artists are exploiting public anxiety about the illness to sell fake products, worthless investments and capture personal information to steal identities. Below is some information from EverSafe on steps to take to avoid being a victim. I thought the first one was worth highlighting:
“Be very careful about clicking on links about coronavirus, because the wrong click could download a computer virus.” You can find further information here (yes, I understand the irony in providing a link right after suggesting you be careful of clicking on links!).
While speaking with our clients and revisiting their plans over the past week we’ve been constantly reminded how lucky we are to work with such caring people. As scary & stressful as times like these are, because of these relationships it is also a very rewarding time to be doing this work.
Stay safe & healthy. We’re here (virtually) if you need us.
Shaun Erickson & The SPP Team