Well readers, I knew eventually I would have to write this blog post. It’s time to talk about the end of the Coronavirus economic stimulus assistance. We knew it was coming. After all, there was no way this economic assistance could last forever, even though it feels like this “twindemic” just doesn’t seem to be letting up.
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Even though millions of people have been vaccinated and things are starting to open up, the economic impact of this pandemic has been substantial. We will likely feel the impact of it for years. We felt it starting in March of 2020 all the way through to the spring of this year. I hate to say it but I think we are about to hit another economic rough patch in September.
While I try to keep my content upbeat, I really feel that I would be doing my readers a disservice by not letting you all know what’s coming down the pike. Knowledge is power and a key to keeping your finances on track is planning. You can’t plan if you don’t know what’s what. So, here’s what’s happing in the next 60 days with the economic assistance.
First of all, the federal eviction moratorium expired yesterday. Now, that doesn’t mean that there isn’t some protection at the state level if you are behind on you rent or mortgage. It just means that there is no longer that extra level of federal protection. There is also a new tool from the Consumer Financial Protection Bureau to help folks who need help with their rent find assistance through programs they qualify for. You can find that tool here.
Second, federal unemployment payments are coming to an end. As of September 6, the federal extension of unemployment benefits is over and it is not likely to be extended again. Again, your state may still have some benefits available for you. However, the federal extension payment will stop on 9/6/21.
Finally, the forbearance on federal student loans and interest ends on September 30th. That means if you haven’t made a student loan payment since March of last year, get ready. You’ll have to resume making payments on October 1st OR you’ll need to make some other plan to deal with your student loan debt. Keeping in mind that if you ask for another forbearance, your loans will start accumulating interest again.
In some ways, I know none of this really comes as a shock to anyone. Again, these assistance programs couldn’t last forever. The late spring ease on infections and hospitalizations made us all believe there was light at the end of the tunnel. I know I certainly breathed a sigh of relief!
However, the last few weeks has shown us that more will have to happen before we can truly return to some semblance of normalcy. That means we still need to keep an eye on our bottom lines and we need to keep moving forward. It looks like the only way out of this thing is through it so, keep at it. Don’t be discouraged and don’t give up. While it may be a little longer before we can get back to anything that resembles normal, that doesn’t mean we can’t plan for the future. Brighter days are coming, keep hanging in there!
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