Financial Help in Tough Times
These are a variety of options that are available during tough times. There may be more, but these are some of the ones that stood out to me as being helpful during this tough season of life.
United Way of South Hampton Roads: https://unitedwayshr.org/coronavirus-help/ This form is the one needed to apply for some assistance, whether it's financial, for food, or other needs.
Virginia Employment Commission: https://www.vec.virginia.gov/ This is the home page where you can apply for unemployment benefits. There are some helpful tools and articles there that will help provide some guidance and other programs.
If you own a small business or are a sole proprietor, there is the SBA emergency loan or Paycheck Protection Program. Some of the loans are forgiven if you use it towards your payroll. https://www.sba.gov/funding-programs/loans/coronavirus-relief-options
If you have a retirement plan, the government has waived all penalty fees for withdrawing from your account. Talk with your financial planner for more information. If you need one, I can recommend one to you. This isn't the best option, and should be the last possible scenario.
I'm making an assumption you own your home, but if there is some equity in your home, you could refinance. I have a good relationship with a couple of mortgage brokers who would be able to help you with this. You could refinance your home, and get some cash out to help you. Another option if you're in a pinch, you're able to talk with the company that is managing your mortgage, credit card companies, or your auto loan provider, and they will work with you to figure out a new payment plan. Some banks are able to delay mortgage payments and add it onto the end of your mortgage. These payments are NOT forgiven, but they're delayed. We're not sure how exactly how forbearance will affect credit in the future, even though it won't negatively affect our credit today.
Please let me know if you have any questions, and as always, our conversations will be confidential. We're here to help in any way we can. This is just one of the ways we can provide some assistance.