On May 22nd The California Senate Judiciary Committee advanced a piece of legislation that would allow small businesses like restaurants and bars to renegotiate the terms of their leases and rental agreements if they have been negatively impacted by the coronavirus shutdowns. Senate Bill 939 would grant small business owners the ability to modify their […]
If you’ve been considering bankruptcy, but the coronavirus pandemic has delayed your decision, here are some steps you can take now. The #QuarantineLife is first starting to end as U.S. businesses begin to open up. States are lifting COVID-19 restrictions at different paces. Even if you haven’t gotten out of quarantine yet, your state is […]
Even before the coronavirus pandemic, economists were warning of a possible recession in 2020. Trade issues with China, economic declines in other regions, flat global industrial production, and increasing personal debt are just some factors that have been stressing the U.S. economy. The longest economic expansion in history appears to have ended, with 10 million […]
If the coronavirus pandemic and the current state of the economy have switched your focus from debt consolidation to bankruptcy, you are not alone. John Rao of the National Consumer Law Center said people don’t typically file right away during a crisis; he said: “There is no question that given the effect of this pandemic, […]
Health and safety are top concerns during the coronavirus pandemic, but aside from COVID-19, economic and financial issues are also taking center stage. Financial hardship is impacting millions of Americans. Protecting your credit is important for your financial future. Missing payments will lower your credit score, which can affect your eligibility for a new credit […]
As novel coronavirus has spread across the globe, COVID-19 has affected every aspect of life. The U.S. Department of Labor reported nearly 3.3 million people filed for unemployment in the week ending March 21, the highest ever recorded.1 In California, 1 million people filed for unemployment in two weeks.2 The virus is not only overwhelming […]
The Senate passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) on March 25, 2020. Enacted on March 27, the legislation placed short-term restrictions on lenders and servicers of federally backed loans. It enforces mandatory forbearance obligations, moratoriums on foreclosures, and revises credit reporting obligations to help individuals and businesses facing financial hardship […]
The economic fallout of coronavirus is affecting tens of millions of Americans. In addition to those who have become ill with the virus, many have lost jobs, closed their businesses, and therefore struggling to pay rent. There are over 40 million renters and 30 million small business owners affected in the U.S., according to The […]
According to the U.S. Department of Labor, there were more than 6.6 million jobless claims in the week ending March 28, as more and more people stay home.1 Coronavirus infections and COVID-19 have devastated the U.S. job market. As the global pandemic persists, federal, state, and local governments have sought to ease the financial burden […]
Various federal, state, and local agencies have offered financial relief during the COVID-19 global pandemic. For example, New York announced it would cease collection of state-owned medical and student debt for 30 days.1 In California, there’s now a 90-day grace period for mortgage payments and a moratorium on initiating foreclosure sales or evictions.2 But for […]
