Cost of Carolina

Financial information during the coronavirus pandemic: Unemployment, stimulus bill, loan information and more

Wednesday, May 6, 2020

Answering your questions about unemployment benefits during the COVID-19 pandemic

People are struggling with finances across the country as we deal with the economic impact of the novel coronavirus.

We're using this page to provide you with resources you may need to manage your money.

Click here for small business information and resources

Unemployment

Gov. Roy Cooper responds to frustrations as nearly 1 million North Carolinians file for unemployment

What's the status of your benefits? Here's the latest from the NC unemployment office

Here's how to file for unemployment in North Carolina

What unemployment benefits are there for self-employed and contract workers?

Workers unemployed due to COVID-19 experiencing trouble filing for benefits

Employment Security official addresses website, phone delays and interruptions

Federal Unemployment Assistance: The Department of Labor gave states leeway to amend their laws so people impacted by COVID-19 could get unemployment insurance: "Under the guidance, federal law permits significant flexibility for states to amend their laws to provide UI benefits in multiple scenarios related to COVID-19. For example, federal law allows states to pay benefits where: (1) An employer temporarily ceases operations due to COVID-19, preventing employees from coming to work; (2) An individual is quarantined with the expectation of returning to work after the quarantine is over; and (3) An individual leaves employment due to a risk of exposure or infection or to care for a family member. In addition, federal law does not require an employee to quit in order to receive benefits due to the impact of COVID-19." More details on the Department of Labor's website.

Want to see U.S. unemployment numbers in a larger window? Click here

UNEMPLOYMENT CALCULATOR: See how wages stack up against the COVID-19 crisis unemployment benefits

Furlough vs layoff: What's the difference?

Gig Workers Relief

Uber: The company is offering 14 days of financial assistance to any driver who is diagnosed with COVID-19 or is quarantined: "Any driver or delivery person who is diagnosed with COVID-19 or is individually asked to self-isolate by a public health authority will receive financial assistance for up to 14 days while their account is on hold. We've already helped drivers in some affected areas, and we're working to quickly implement this worldwide."

Lyft: The company also said it would provide financial help for drivers impacted by the virus: "We will provide funds to drivers should they be diagnosed with COVID-19 or put under individual quarantine by a public health agency. This helps support drivers financially when they can't drive, while also protecting our riders' health." The company said it would also temporarily suspend drivers and riders who are diagnosed with COVID-19 from using Lyft until they are medically cleared.

Postmates: For delivery workers, Postmates created a fund that will credit Postmates for the costs of doctors appointments and medical expenses related to COVID-19's impact in over 22 states. They are also waiving restaurant commission fees for new merchants that want to use the service to make up for people not coming into their restaurants.

Doordash: The delivery company is offering up to "two weeks of assistance to Dashers and Caviar couriers who are diagnosed with COVID-19 or who are subject to quarantine at the direction of public health officials."

Instacart: The company announced an expanded sick-time policy in light of COVID-19: "In addition to sick pay for all in-store shoppers nationally, we're also offering additional support for all part-time employees and full-service shoppers affected by COVID-19. We will offer up to 14 days of pay for any part-time employee or full-service shopper who is diagnosed with COVID-19 or placed in mandatory isolation or quarantine, as directed by a local, state, or public health authority. This assistance will be available for 30 days to ensure our community is supported during this rapidly evolving situation, and we'll be sending more information to shoppers in the coming days."

The deadline for filing federal income taxes and for paying those taxes has been moved back three months, to July 15. If you're expecting to get a refund, experts recommend you file as soon as possible.

AARP's free tax prep program, AARP Foundation Tax-Aide, has been suspended until further notice.

You can still file for free with options like the IRS's Free File Program.

Financial tips

Guidance to help you through the coronavirus pandemic

4 things to focus on during these uncertain times

Local economy

North Carolina universities receive $165 million to assist with COVID-19 disruptions

Raleigh's plan for Dix Park, affordable housing community to take a huge hit as Wake County preps stay-at-home order

As Congress makes deal on stimulus, North Carolina lawmakers start negotiating their own COVID-19 plans

Wake County Realtors cautiously optimistic as COVID-19 creates uncertainty in home-buying market

Can the US economy reopen by Easter? One Duke economist weighs in on COVID-19 impacts

How to get your money back if your beach vacation is canceled because of coronavirus

Bank and Credit Card Relief

No late fees: List of companies, services addressing economic burden of coronavirus crisis

American Express: American Express customers can apply for their Financial Hardship program for relief, which can potentially take the form of lowered monthly payments, waived fees, and lower interest rates.

Bank of America: Bank of America is offering relief through its Client Assistance Program. BofA says that they will assess relief on a case-by-case basis, but that banking customers could have waived fees, and credit cardholders could have deferred payments and refunded late fees.

Capital One: According to a Capital One spokesperson, "The specific provisions offered really depend on the individual customer's needs, but can include fee suppression, minimum payment assistance and deferred loan payments."

Chase: If Chase customers are having difficulty making their payments, they should contact customer service.

Citi Bank: Bank customers can apply for fee waivers on monthly service fees and waived penalties for early CD withdrawal. Credit card customers can request credit line increases and collection forbearance.

U.S. Bank: U.S. Bank is waiving many fees and working on its payment-skipping program.

PNC Bank: They released the following statement: "We stand ready to work with those experiencing financial difficulty as a result, and we are taking the necessary steps to avoid potential disruptions of service to our customers. PNC is prepared to offer assistance, as needed, to impacted customers through a range of measures." They are urging customers to call them at 1-888-762-2265 (7 a.m. - 10 p.m. ET Monday - Friday; 8 a.m. - 5 p.m. ET Saturday & Sunday).

Wells Fargo: The bank says they will help customers experiencing financial hardships as a result of COVID-19: "If in need of assistance, we encourage customers to call us at 1-800-219-9739 to speak with a trained specialist to discuss options available for their consumer lending, small business and deposit products."

Student Loans

On March 27, President Donald Trump signed the CARES Act into law, which, among other things, provides broad relief for federal student loan borrowers.

Your payments will automatically stop from March 13, 2020, through Sept. 30, 2020.

To provide relief to student loan borrowers during the COVID-19 national emergency, federal student loan borrowers are automatically being placed in an administrative forbearance, which allows you to temporarily stop making your monthly loan payment. This suspension of payments will last until Sept. 30, 2020, but you can still make payments if you choose. Read the borrower Q&As to learn more.

Here's what the North Carolina coronavirus relief package means for you

Would you give up personal data to return to work amid coronavirus pandemic?

Protect yourself: Better Business Bureau warns of coronavirus-related scams

How COVID-19 'infodemic' is infecting the internet with false information

How to change your travel plans amid the global COVID-19 outbreak

How to be productive at home working with kids

Report a correction or typo