We’re six months into the COVID-19 pandemic. Millions have lost their jobs and are struggling to stay afloat. Payment deferral, eviction moratoriums, unemployment benefits and stimulus checks helped, but more assistance is needed. Congress and the White House are at odds about a second pandemic relief package, but there is an option for people who need help right away.
Many banks and institutions have stepped up and are offering coronavirus hardship loans. There are advantages and disadvantages to these loans, but it’s an option worthy of exploration to help shore up your finances during the pandemic.
Coronavirus hardship loans, explained
It’s important to understand that the Federal Deposit Insurance Corporation (FDIC) has actively encouraged banks and lenders to help those impacted by COVID-19, and these institutions have largely stepped up. Also, consider two recent surveys, one from the research institution NORC at the University of Chicago and th… Read More