UPDATE: the webinar dates have passed, but the City of Chicago has made most of the recordings available for viewing, and on the BACP Business Re-Opening Portal.
To view Reopening Chicago: Retail Service, click here. To view Reopening Chicago: Food Service, click here. To view Reopening Chicago: Health and Fitness,click here. To view Reopening Chicago: Personal Services,click here. To view Overview of Chicago’s Reopening Plan for Businesses (Spanish), click here. To view Overview of Chicago’s Reopening Plan for Businesses, click here.
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BACP will be holding a series of webinars to prepare Chicago’s businesses for reopening under Phase 3 of the Protecting Chicago framework.
Specific Industry Webinars:
Monday, 6/1 at 3:00 PM Webinar Reopening Chicago: Personal Services This webinar will provide an overview of the industry guidance for Personal Services such as hair/nail salons, barbershops, tattoo parlors, as they prepare to reopen in Phase Three. Click here to register for the Monday, 6/1 Webinar.
Tuesday, 6/2 at 12:00 PM Webinar Reopening Chicago: Health and Fitness This webinar will provide an overview of the industry guidance for Health and Fitness Centers as they prepare to reopen in Phase Three. Click here to register for the Tuesday, 6/2 12:00 PM Webinar.
Tuesday, 6/2 at 4:00 PM Webinar Reopening Chicago: Food Service This webinar will provide an overview of the industry guidance for Food Service establishments, such as restaurants and coffee shops as they prepare to reopen for outdoor dining in Phase Three. Click hereto register for the Tuesday, 6/2 4:00 PM Webinar.
Wednesday, 6/3 at 12:00 PM Webinar Reopening Chicago: Retail This webinar will provide an overview of the industry guidance for Retail Stores as they prepare to reopen in Phase Three. Click hereto register for the Wednesday, 6/3 Webinar.
Thursday, 6/ 4 at 4:00 PM Webinar Reopening Chicago: Commercial Buildings This webinar will provide an overview of the industry guidance for Commercial Buildings as they prepare to reopen in Phase Three. Click here to register for the Thursday, 6/4 Webinar.
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. This allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
Illinois is facing immense challenges as a result of COVID-19, including rising unemployment, health care issues and significant impacts on small businesses. Join U.S. Senator Dick Durbin as he explores the effect of the pandemic on our state, as well as his insights on international vaccine efforts, the need for increased testing and what Congress should do next in response to the crisis.
Featured Speaker: U.S. Senator Dick Durbin, State of Illinois Moderator: Greg Hinz, Political Reporter, Crain’s Chicago Business
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. This allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
The Chicago Department of Business Affairs and Consumer Protection is no longer offering their usual onsite workshops, but they are announcing a few virtual ones — not a whole month at-a-time, so I’ll just append this post as I learn of new ones. Here’s what we know about so far.
Wednesday, 5/13 at 3:00 PM Webinar Protecting Yourself Against Business COVID and Cybersecurity Scams – Stop Perpetrators in Their Tracks Presented by the Better Business Bureau of Chicago and Northern Illinois and Sagin IT Services/Data Protection and Network Security
Better Business Bureau of Chicago and Northern Illinois and Sagin IT Services/Data Protection and Network Security will team up for “Protecting yourself against Business COVID and Cybersecurity Scams – Stop Perpetrators in their Tracks.”
Click here to register for the Wednesday, 5/13 Webinar.
Thursday, 5/14 at 9:30 AM Webinar Paycheck Protection Program & Other SBA Resources for Small Businesses Presented by the SBA Public Affairs Specialist Jessica Mayle
If your small business has been impacted by coronavirus, join this free online training to learn more about serveral funding programs to address the COVID-19 outbreak, including the Paycheck Protection Program. We’ll discuss eligibility requirements, how to find a lender, and timelines for disbursement. Bring your questions.
Click here to register for the Thursday, 5/14 Webinar.
Friday, 5/15 at 9:30 AM Webinar Manage Your Business Remotely Presented by JinJa Birkenbeuel, Birk Creative, A Certified Grow With Google Partner
In this live class, I will share the free and easy to access Google tools that can help you stay productive no matter where you are. In this session we’ll show you how to: – Update your customers with critical business information through your Business Profile, Google Ads, and your website. – Communicate remotely with your customers and employees with tools like Google Meets and Gmail, and how to access and collaborate on files with your team through Google Drive. – And we’ll share next steps and resources available to help you manage remotely.
Wednesday, 5/20 at 3:00 PM Webinar A Focus on Empathy: Storytelling in Branding Presented by Adam Arcus, VP, Creative at 1871
Learn the importance of storytelling in branding that engages empathy alongside design, multimedia, and copywriting with Adam Arcus, VP, Creative at 1871. Take away tangible and actionable methods on how to lead with empathy as a business in order to connect with your customers during the Coronavirus Pandemic including: memory making science, multimedia storytelling made simple, and the importance of narrative in a brand.
Click hereto register for the Wednesday, 5/20 Webinar.
Friday, 5/22 at 9:30 AM Webinar Small Business Capital and Coaching During the Recovery Presented by Accion Serving Illinois & Indiana
As Chicago’s economy starts to reopen, how can your business be best prepared? Join this presentation, with moderated Q&A after, in which Accion Serving Illinois & Indiana CEO Brad McConnell will discuss capital and coaching options for small business during the COVID-19 recovery period.
Click here to register for the Friday, 5/22 Webinar.
Wednesday, 5/27 at 3:00 PM Webinar Transform Your Dream Into a Real Startup Presented by Score Chicago
Do you have what it takes to start and run a successful business? If so, do you know what the start-up journey is like? Or what initial steps you need to take? This webinar will help you assess your prospects, give you the initial direction you need, and inspire you to move forward to realize your dream. The webinar will also cover pricing, promotion, competition and marketing to give you a competitive edge. Topics Covered in the Start-up Webinar: · Identifying Successful Traits · Assessing Your Journey · Navigating Organization and Regulations · Gauging Market Potential · Avoiding Failure
Click here to register for the Wednesday, 5/27 Webinar.
Friday, 5/29 at 9:30 AM Webinar Marketing Strategy and Tactic Presented by Chimbly Consultants
Are you wondering what a marketing strategy can look like? Are you interested in learning about how marketing tactics are connected to strategy? In this workshop, Francisco Ramirez from Chimbly Consultants will cover the basics of marketing starting with strategy. Participants will leave with an understanding of the importance of marketing strategy and what tactics to use and measure to be successful in business.
Click hereto register for the Friday, 5/29 Webinar.
To view the Paycheck Protection Program & Other SBA Resources for Small Businesses, click here.
To view the Resources Small Businesses During the COVID Pandemic, click here.
To view the Navigating the New Stay at Home Order, click here.
To view the Workers’ Rights and Resources During COVID-19 webinar-Spanish, click here.
To view the Workers’ Rights and Resources During COVID-19 webinar-English, click here.
Partner Webinars:
To view the Coronavirus (covid-19): Small Business Guiance & Loan Resources by The Small Business Administration (SBA),click here.
To view Coronavirus (covid-19) Small Business Guidance & Loan Recovery for Sole Proprietors by The Small Business Administration (SBA),click here.
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. This allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
Earlier this week, the Illinois Department of Employment Security (IDES) released new instructions for 1099 workers who have lost work due to COVID-19. The new Pandemic Unemployment Assistance (PUA) program provides 100% federally-funded unemployment benefits for individuals who are unemployed for specified COVID-19-related reasons and are not eligible for the state’s regular unemployment insurance program. Workers, including independent contractors, who believe they may qualify for new federal benefits under PUA must first apply for regular unemployment insurance before applying for benefits under PUA. The new PUA application portal is set to open on May 11.
Workers who believe they may be eligible for new federal benefits under the Pandemic Unemployment Assistance (PUA) program must first apply for regular unemployment insurance before applying for benefits under PUA when a new application portal opens on May 11, 2020 via the IDES website.
If claimants receive an eligibility determination of $0, they can then appeal that decision by providing verification of wages earned, or they can submit a claim for PUA benefits. Claimants who have already applied for and been denied regular unemployment benefits can submit a claim through the new PUA portal when it opens. Receiving a denial for regular unemployment benefits is a mandatory first step in determining eligibility for PUA.
Filing for regular unemployment also provides claimants the opportunity to select how they want to receive benefits. Eligible claimants can choose between direct deposit or a [Key Bank] debit card onto which their benefits will be loaded. Debit cards can take up to one to two weeks to receive in the mail while direct deposit payments take two to three days once a claimant completes their weekly certification for benefits.
PUA provides 100% federally-funded unemployment benefits for individuals who are unemployed for specified COVID-19-related reasons and are not eligible for the state’s regular unemployment insurance program, the extended benefit (EB) program under Illinois law, or the Pandemic Emergency Unemployment Compensation program (PEUC), including independent contractors and sole-proprietors. Up to 39 weeks’ worth of benefits are potentially available under the program for COVID-19-related unemployment claims.
PUA claims will be backdated to the individuals’ first week of unemployment, but no earlier than February 2, 2020, and will continue for as long as the individual remains unemployed as a result of COVID-19, but no later than the week ending December 26, 2020. The program is similar to the federal Disaster Unemployment Assistance program which provides unemployment benefits in response to local disasters.
IDES Website, May 11 2020
From the feedback I’ve gotten from clients, even if you recently received PPP funding, you can apply for back-pay for the past two months — then you only certify for the weeks up until you received the PPP loan funds. You’ll indicate that you file Form 1040, as both your partnership income will show up there (Schedule E) and your sole proprietorship income will show up there (Schedule C). You’ll need to provide your 2019 tax returns, and income numbers from the return’s front-page. You also will need your driver’s license and social security numbers, and you’ll need to pick an appropriate job title/description.
To reiterate, you have to apply for regular unemployment and get denied first. Then on the middle of the regular unemployment page (as in, about halfway down) — there’s a button that says “certify for PUA” — it actually contains the application as well as the certification. You follow the prompts, answer the questions, upload your tax documentation… and wait.
Many thanks to the clients and colleagues who assisted in updating me with their personal experiences! If you have more to add, please do so in the comments rather than emailing me directly, so more folks can benefit from your experiences.
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. This allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
According to Antonio Romanucci, a speaker on today’s Crain’s “Crisis Relief for Businesses” webcast, he has yet to see a single insurance company honor a business interruption claim due to COVID-19 and the resulting stay-at-home orders.
The devil is in the details here, and there are several parts of insurance policies that are at the heart of the discussions:
Does a policy cover “All Risks” against loss or physical damage or is there “Stated Peril” for loss or damage to policies based on certain, covered causes?
Is there coverage for losses due to decisions or directions by a Civil Authority, like the government directed shutdown of non-essential businesses?
Is there a Virus Exclusion that does not cover losses due to viruses or bacteria, which could be general or name specific viruses or bacteria?
Regardless of the language in their policy, business owners should file a claim in writing to determine their insurance company’s response and, if the claim is denied, consider a conversation with a legal expert to have their policy reviewed and consider possible next steps, which could include the filing of a legal complaint to bring in the judicial system to review the insurance contract and declare whether or not coverage is deserved.
Insurance companies have collected billions of dollars in premiums that should first be paid to policyholders to keep those smaller businesses from going bankrupt. If the pandemic leads to critical financial strain on the insurance industry, then those enormous corporations should turn to the federal government for a bailout, very much like what is being given to the airline industry.
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. This allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
I have a lot of small business clients in retail and services that could use some assistance pivoting their offerings online, and am hoping this webinar can provide a jumping-off point.
Presented by World Business Chicago – Join 37 Oaks Consulting, ChiBizHub, World Business Chicago and City of Chicago Business Affairs & Consumer Protection (BACP) for an informational webinar to help inspire you on ways you can shift, move or elevate your business to an e-commerce model.
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. This allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
From the Chicago Department of Business Affairs and Consumer Protection, April 27th, 2020:
On Thursday, April 23rd, Governor Pritzker announced an extension of the Illinois Stay at Home Order to the end of May. Under this extension, there will be important modifications to the Stay at Home Order that will come into effect on May 1st. These modifications provide increased flexibility for certain businesses and important new guidelines to protect workers and consumers.
Here is an overview of the changes that will become effective May 1st and will last through the month of May. Please note that these rules are subject to change- please visit www.chicago.gov/coronavirus for updates.
1. NEW Requirement to Wear Face Coverings Effective May 1st, all individuals over the age of two that can medically tolerate face covering will be required to wear a face covering over their nose and mouth when they are:
in a public space and unable to maintain a six-foot social distance; or
in any indoor public space.
2. NEW Categories of Businesses Considered Essential The following businesses will be considered essential and may re-open beginning May 1st:
Animal Grooming Services
Greenhouses, Garden Centers and Nurseries
These businesses will be added to the full list of essential businesses under the previous Stay at Home Order, which can be found on the Frequently Asked Questions tab at www.chicago.gov/coronavirus. All essential businesses must follow the social distancing requirements outlined in number four below.
3. NEW Permissible Activities for Non-Essential Businesses Beginning May 1st, retail stores that are not designated as essential may re-open to fulfill online or telephone orders. These orders must be completed through pick-up outside of the store or through delivery. All non-essential businesses engaged in minimum basic activities such as these must follow the social distancing requirements outlined in number four below.
4. NEW Requirements for all Businesses to Protect Employees and Consumers Effective May 1st, all businesses are required to take the following steps to the greatest extent possible:
Provide employees with face coverings
Require that employees wear face coverings in circumstances where they are unable to maintain a six-foot distance at all times
Where work circumstances require it, provide additional Personal Protective Equipment
Evaluate whether employees are able to work from home
This applies to all essential businesses and non-essential businesses that are engaged in minimum basic operations. These requirements are in addition to existing requirements to designate six-foot distances, have hand sanitizer and sanitizing products available, designate separate operating hours for vulnerable populations and post online whether a facility is open and how best to reach the facility.
5. New Requirements for Retail Businesses to Protect Employees and Consumers In addition to the requirements outlined in number four above, all retail businesses are required to take the following steps to the greatest extent possible beginning on May 1st:
Cap occupancy at 50 percent of store capacity or occupancy limits
Set up store aisles to be one-way where practicable
Communicate with customers through in-store signage, public service announcements and advertisements about the social distancing requirements
Discontinue use of reusable bags
6. NEW Requirements for Manufacturers to Protect EmployeesIn addition to the requirements outlined in number four above, all manufacturing businesses are required to take the following steps to the greatest extent possible beginning on May 1st:
Stagger shifts
Reduce line speeds
Operate only essential lines, while shutting down non-essential lines
Ensure that all spaces where employees may gather, including locker rooms and lunchrooms, allow for social distancing
Downsize to the extent necessary to allow for social distancing
Please be advised BACP has been and will continue to enforce the Stay at Home Order. Citations for businesses violating the order, including the social distancing requirements, can range up to $10,000 per offense. The modifications in the new Stay at Home Order are essential to building on the lifesaving progress our State has made over the last month.
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. This allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
I received a call and email today from a concerned Illinois citizen, trying to bring awareness to what seems like a serious error on the part of the Illinois Department of Employment Security (IDES). I have contacted our State Representative’s office and they are looking into it. I will post an update here when I have one; in the meantime, here is the information I received — just in case you are struggling with the same issue, you can know you’re not alone, and folks are indeed trying to get it addressed. Note: I have not yet vetted this information… it was provided to me via an individual who is not a client.
Summary: The state of Illinois shut down on March 20th, and the CARES Act, including the Federal Pandemic Employment Compensation (FPUC) passed on March 27th. Even before it passed, the official message from the State of Illinois was that there was no different way to apply for the federal aid aside from applying normally for state unemployment. IDES posted on their FPUC FAQ that individuals otherwise eligible for unemployment during the weeks of the program would be eligible for and receive the increased assistance. They also wrote that the additional $600 per week would be active in benefit payments for unemployment certifications (not applications or claims) completed starting April 6th. Then, on April 15th, they retroactively decreed through a PDF that anyone who had any claim for benefits pending or active before March 29th would be denied the FPUC. —
The IDES is not applying the $600 FPUC increase for mandatory COVID-19 economic shutdown to people receiving regular unemployment benefits (in violation of the federal implementation guidelines and the CARES Act).
While the $600 payments cannot be retroactively applied to before the CARES act took effect, it is incorrect to not apply the $600 to later weeks for those with existing claims started prior to March 29th. There is no requirement in CARES FPUC that individuals may not already receive unemployment benefits or forfeit eligibility. In fact, the opposite is true, and the $600 is an increase to existing benefits.
The IDES COVID FAQ also states the correct interpretation in their FPUC FAQ: “Who is eligible to receive FPUC? FPUC is payable to individuals who are otherwise eligible for unemployment benefitsfor weeks of unemployment beginning March 29, 2020 and ending July 31, 2020“ https://www2.illinois.gov/ides/Pages/COVID-FPUC-FAQ.aspx#h2
IDES provides no alternative method to apply for or receive federal assistance beyond applying for normal state unemployment benefits. After certifying for benefits through 4/18, [this claimant] still has not received additional payments from FPUC/CARES, even though the IDES website had indicated that FPUC would be included for eligible recipients with their normal benefits starting April 6th:
“The $600 federal increase is now available! Those claimants certifying beginning April 6 will see the additional supplemental income applied to their weekly benefit amount. This increase is available through the week ending July 25, 2020.” https://www2.illinois.gov/ides/Pages/default.aspx
Due to the fact that [this claimant] has seen no additional $600 materialize, and the IDES changed the wording in their April 15th PDF, it seems they may have mistakenly adjusted the policy to not grant the $600 to recipients in this situation. IDES had not previously stated that claimants had to wait until after March 29 to apply to get FPUC — in fact, they indicated the opposite: that people should apply normally, and once it was enacted and implemented they would start seeing the additional funds.
Those who apply before March 29 are still eligible for benefits for weeks after March 29th, and thus still eligible for FPUC. The date of March 29th is to start $600 payments, not to cut off eligibility. This seems to be a serious error.
(Federal guidelines for the law are copied below for reference.)
CARES FPUC Guidelines: C. Operating Instructions. 1. Eligibility for FPUC. For an individual to receive FPUC, the applicable state must have a signed agreement with the Department. FPUC is payable to individuals who are otherwise entitled under state or federal law to receive regular UC for weeks of unemployment (including Unemployment Compensation for Federal Employees (UCFE)and Unemployment Compensation for Ex-Servicemembers (UCX)). FPUC is also payable to individuals receiving the following unemployment compensation programs: PEUC, PUA, EB, Short-Time Compensation (STC), Trade Readjustment Allowances (TRA), Disaster Unemployment Assistance (DUA), and payments under the Self-Employment Assistance (SEA) program. A number of state laws include provisions extending the potential duration of benefits during periods of high unemployment for individuals in approved training who exhaust benefits, or for a variety of other reasons. Although some state laws call these programs “extended benefits,” the Department uses the term “additional benefits” (AB) to avoid confusion with the Federal-State EB program. FPUC is not payable to individuals receiving AB payments. 2. FPUC Eligibility and Relation to Other Types of Benefit Payments. Individuals receive FPUC payments concurrently with payments under those programs identified above. Refer to UIPL 14-20, Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020 –Summary of Key Unemployment Insurance (UI) Provisions and Guidance Regarding Temporary Emergency State Staffing Flexibility, issued April 2, 2020, for additional information on how FPUC interacts with other programs authorized under the CARES Act.States that are unable to immediately pay benefits the week following the execution of the agreement with the Department to operate the program must provide retroactive payments to individuals eligible for FPUC for the weeks they would have been entitled.
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Many of my clients are self-employed (they file Schedule SE to pay payroll taxes on their income tax returns, rather than receiving a W-2 as an employee), and therefore are not required to pay into the state’s unemployment fund at the Illinois Department of Employment Security. This also means that they are not allowed to draw on the unemployment system.
However, with the current pandemic raging, the government recognized that these folks need the same safety net the rest of society can count on, and states were instructed to make benefits available to them.
There were a few problems with that. Although the federal government instructed states to cover self-employed people — this includes sole proprietors who have employees, as well as folks who don’t think of themselves as running a business: gig workers, independent contractors, and those performing odd jobs for a living — it unfortunately did not give states any guidance, budget or other resources for how to make that happen.
First-off, keep in mind that unemployment claims have skyrocketed. In one month, IDES has received more claims than in all of 2019. Staff are overworked, and being asked to come into an office instead of working from home, because data security issues have always required it. Many folks have become sick and had to take time off, or are struggling with childcare issues due to schools being canceled.
Then take into account the fact that most state unemployment computer systems are ancient in terms of technology. Many are actually written in COBOL, a language in wide use in the 1960s. So when these programs break, there aren’t a lot of software developers around who can fix them — to the extent that IBM is actually offering free COBOL classes to computer programmers (even beginners) in hopes they can help out some of these agencies. It’s already hard enough to work with these legacy systems… but reprogramming them to accept an entirely different application, documentation and workflow (self-employed people don’t have paystubs or W-2s to prove income) is a huge overhaul project in itself. (Which they don’t have time to do because claims have skyrocketed, they are overwhelmed, and understaffed.)
Furthermore, the staff working at state unemployment agencies aren’t trained to review this new documentation, or to make calculations as to the amount of benefits to which they’re entitled. Reviewing tax returns is simply not the same as reviewing paystubs and W-2s, and this will take some time — new rules will have to be devised, new procedures created, and then employee training will have to occur… all while a pandemic rages and folks are (see above) overwhelmed and understaffed.
So when I read comments like that of Morgan Ione Yeager from Highland Park, who is “appalled and disgusted” by the delays and claims, “there’s no reason why it needs to be this difficult,” I can’t help but wonder what she knows, about software programming and benefit calculation training while being overwhelmed with an unprecedented number of current claims and working onsite with insufficient protections… that I don’t.
Which is to say — this situation is indeed horrible, and difficult, and sad. But please remember these are human beings trying to make this happen.
Enter some good news. An entirely new system specific to self-employed workers is being written in a period of weeks in order to have things up-and-running as soon as possible, with benefits rolling out around May 11th, reports the Chicago Sun-Times.
In addition to the new system, other “upgrades include: recruiting retired IDES employees to come back to work; boosting IDES’ phone system capacity by 40% plus extending daily call center hours; opening another call center with 200 employees’ and hiring consultants to overhaul and build new IDES platforms.”
In the meantime, I recommend you continue to watch the news and the IDES site — please check it no more than once-a-day, to reduce the load and make it easier for others applying for benefits — and be ready with whatever you have that can support your calculation of your annual income, such as a tax return, 1099-MISC forms you have received for work performed, or a statement print-out of earnings from the company for whom you are a contractor. You may wish, as a former administrative law judge for IDES has recommended, to write a letter with the initial date you stopped receiving income and attempted the unemployment application submission, just to make sure you have backup illustrating you began the process (to me, this seems like it would clog the system up further, but if there’s any concern about your claim not being honored, it seems like a reasonable approach).
For more information on how unemployment benefits vary so widely from state-to-state, check out this great article. The number of complicating factors involved makes apples-to-apples comparisons almost impossible.
And… if you’ve got some free time on your hands and are interested in a career change, don’t forget about those free COBOL classes.
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. This allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
New financial relief for student loan borrowers who were not covered under the federal CARES Act was announced by Governor JB Pritzker:
“Under this new initiative, Illinoisans with commercially-owned Federal Family Education Program Loans or privately held student loans who are struggling to make their payments due to the COVID-19 pandemic will be eligible for expanded relief. Borrowers in need of assistance must immediately contact their student loan servicer to identify the options that are appropriate to their circumstances. Relief options include:
– Providing a minimum of 90 days of forbearance – Waiving late payment fees – Ensuring that no borrower is subject to negative credit reporting – Ceasing debt collection lawsuits for 90 days – Working with borrower to enroll them in other borrower assistance programs, such as income-based repayment.”
To find out if you qualify for this relief, please contact the U.S. Department of Education’s Nation Student Loan Data System at NSLDS.ed.gov or 1-800-433-3243 for questions about federal loans. For private loans, please contact your lending company directly.
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. This allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
