Good Morning! Here’s news you can use from NFCC
😷 If you have been impacted by COVID-19, our team is here to help, learn more
What Small Businesses Should Know about the Forgivable Loans under the CARES Act
Millions of Americans continue to feel economic pressure as a result of the COVID-19 crisis. There have been record job losses, other employees face reduced hours, and businesses are generally scrambling to survive during this unprecedented period. The CARES Act has provided some relief for individuals, including checks to every eligible American and new options to access retirement funds early.
What will happen if my house is in foreclosure and I don’t file for bankruptcy?
Foreclosure proceedings that run their course end with a public auction where the property is sold to the highest cash bidder or with the bank retaking the property. Depending on the state where you live, you may still owe the bank some money, and they could sue you to get it. If you file for emergency bankruptcy, you can temporarily stop this process.
Should You Access Your Retirement Funds Early Due to COVID-19?
One of the long-standing rules of personal finance has been that you should not take funds out of your retirement account early except as a last resort. The question now is whether the COVID-19 crisis has created a “last resort.” In other words, does it make sense to dip into retirement savings now? The CARES Act has temporarily changed the rules about accessing these funds, making it more favorable to do so before you are of retirement age.
NFCC In The News 📰
- Suddenly unemployed due to coronavirus? Read More...
- What to do, if you're having trouble paying bills? Read More...
- Experts weigh in on what to do if you can't pay your bills. Read More...
- Are Millenials with student debt buying homes? Read More...
Around the Country 🗽
Millions of Americans entered coronavirus pandemic with credit card debt
As financial uncertainty surrounding the novel coronavirus pandemic grows and more Americans face lost wages and hardship, dealing with existing high-interest debts can become even more of a challenge. According to a recent survey from CreditCards.com, a Bankrate sister site, 59 percent of American credit cardholders entered the outbreak already in credit card debt. That’s equivalent to about 110 million U.S. adults.
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