💸 Money Related Changes
🎓Student Loans (note these changes only apply to federal loans)
0% interest for 6 months, happens automatically
Payments suspended for 6 months, happens automatically
The 6 mo of suspended payments count towards loan forgiveness programs
Employers will receive a tax break when they contribute to their employees’ student loans
💵$1,200 Direct Checks
One time payment of $1,200 if you make less than $75,000 ($150,000 salary and $2,400 check if married). You'll receive an additional $500 per child under 17
Not subject to income tax
Based on 2019 federal tax returns, if already filed, and otherwise on 2018 returns
Will be sent through a direct deposit
$600/week federal increase on top of existing state benefits for up to 4 months
Freelancers and contractors can now use the benefit
Deadline extended to July 15th for individuals and corporations
Those taxpayers who may have tax refunds can still file now to get their refund check
No negative marks for 120 days
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Besides the latest changes from the government, the corona virus is affecting other parts of our financial lives. Read up more on how you can be better prepared.
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About the COVID-19 Cheat Sheet
Hi there. We know a lot of you have been feeling overwhelmed by the coronavirus and what that means for your health, your wealth, and your friends & family.
We put together this resource of the latest information affecting your finances to better navigate this uncertainty. This is brought to you by the team at Snowball Wealth.
Whether you need help navigating your student debt or recently lost your job, we want to let you know that you are not alone. We plan to update this resource regularly.
We will get through this together.