Transcript for Stocks soar in reaction to relief package
Rebecca Jarvis joins us now Rebecca many large companies are able to support their workers through this downturn but. I ask you specifically about small businesses if you're. And owner of one of these enterprises look at this relief package from congress particularly the loan incentives mean for you. Well Lindsey first of all those small businesses thirty million of them the restaurants the bars the cafes. Did the smaller retailers in neighborhoods across the country they haven't really felt the brunt of these lock downs and this stimulus package the two trillion dollar stimulus package includes 370 billion dollars. That specifically set aside for small businesses that will be loans that convert their forgiven. Over time if those small businesses maintain their employees in the way that small businesses can go about getting these loans they they offer the loans up to ten million dollars. Is there rather than having to go through the SBA you can go through your own bank or a bank in your community. Go through that bank look for the loan and then your bank will do all of the paperwork with the SBA that's what Treasury Secretary minutia and says. They will be working and they believe. That those loans can start going out and the next couple of weeks Lindsey and we've heard so much about those 12100 dollar payments of the government has earmarked for many Americans how soon could those checks. Be sent out and will they be taxed. The numbers that we're hearing now is in the next three weeks and the answer to whether they'll be taxed is now when if you are someone earning Social Security for example if you're a battering you also would qualify for those checks around meet income requirements it's the 75000. Dollar income requirement or last. You get a 12100 dollar check. 500 for your kids Lindsey and of course we're nearing the end of the month when many bills are due so. What are some options for people who have range of mortgage payments coming up and then they just don't have the cash. Well something that's very important for people to remember right now is that a number of banks and credit card companies. Haven't been weaving fees that suspending foreclosures making. Really big. Concessions for their customers at this point in time but. What's really really important here is that you have to have a direct conversation with your banking your credit card company. If you are facing financial difficulties because of the corona virus. It is key to pick up that phone and let your bank your credit card company know about it right now. The government also has suspended foreclosures there's relief if you have student loan payments those student loan payments. The late fees the interests have been waved on them as long as they are government backed student loans. And the government through Hyde has also said they will be suspending foreclosures through. April but again Lindsay key here have the conversations. That different called conversations the ones that you might be afraid to have. Contact these companies because you are much more likely to get relief by having the conversation. Then not having the conversation let's talk about those difficult conversations about what's your advice for those people who. Are worried about some other bills and that they need to approach that companies and give them a call and they just don't know what's even say howdy start that conversation. Well first ball it also includes wireless companies and utilities again a number of these companies AT&T Verizon and number of utilities have said they will not suspend. Survey is if you are running behind they will not include late fees if you're running behind you want to call them up. Tell them your situation. Asked them what they can do for you and then you wanna get that in writing happen email it to you the most important thing names if you are talking to someone on the other line. What's your name how can I reach out in the future of what is the number that it will confirm that this is all. And all Lee jet that that we've all agreed to this and this is what everybody is on the same page. And finally Lindsay I would help people remember that those stimulus checks which are going to very likely be coming in the next handful of weeks. Use those checks not to pay the mortgage not to pay the things that you could get some relief fond from the lenders themselves. Use that to pay for your groceries and the really important. Near term necessities now of course if you can afford to pay make all the payments due all the payments you don't want to get behind for no reason. But if you are pressed for that cash. Make sure that you're covering your go to your groceries and you're near term expenses with those stimulus checks. Because the other areas right now. Are getting some relief from the lenders themselves. Certainly some news we can all use Rebecca Jarvis thank you so much we appreciate you as always.
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