The current health crisis the coronavirus, COVID-19, has plunged the world into has brought global economies to a halt.
Some small businesses have been forced to close, and larger chain stores have had to adapt to stay afloat as the spread of the virus has prompted officials to restrict public outings. With mortgage payments and rents due, California legislators have pushed back some of the deadlines statewide.
Mortgage & loans
Federal lenders are letting borrowers suspend their student loans and loan payments without penalty for the next 60 days, according to 70th District State Assemblymember Patrick O’Donnell’s office.
The federal government’s Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, has allowed students to stop paying student loans through Sept. 30. No interest will accrue until this date and no garnishments will be issued to pay for student loans.
Most major banks have agreed to allow residential property owners impacted by the crisis to miss mortgage payments for 90 days. Folks are encouraged to contact their banks to make sure it is providing some sort of assistance before they decide to stop making payments.
For individuals that have lost their jobs, the California Employment Development Department is offering unemployment insurance and job opportunities via its CalJobs portal. Folks can apply for the unemployment insurance within a week of being let go or seeing a reduction in hours.
The federal government has also extended jobless benefits by 13 weeks on top of the 26-week limit.
The deadline to file state and federal taxes has usually been sometime in mid April, however, the COVID-19 pandemic has prompted the date to be moved over to July 15 for this year. This is probably good news for small business owners since many choose to forego the accountant and filing taxes when you are self-employed can be hard to expedite when deadlines are looming
Property taxes are still due this month, but beginning on April 11, those unable to pay on time may submit a request for penalty cancellation online. Folks may visit the state’s Treasurer and Tax Collector department to file for relief from interest or penalties.
State law enforcement, starting from March 16, are waiving car-registration payments or expired licenses for 60 days. Folks worried about making a visit to the Department of Motor Vehicles (DMV) will not have to, as the DMV has closed all of its offices. Starting April 2, people can complete DMV-related tasks online.
Also, the deadline to apply for a Real ID has been extended to Oct. 1, 2021.
The federal government’s recent series of emergency aid packages have allocated about $2.2 trillion for the country. Although most families will receive some sort of aid, everyone’s is different.
Assemblymember O’Donnell shared a link of the California Democratic Assembly Caucus’ website with his constituents so they can calculate how much they will receive.
Folks can follow the link, answer questions about their 2018 and 2019 taxes and an estimated total will be provided.