With the Coronavirus majorly affecting health and the economy, President Donald Trump has signed a $2 trillion stimulus package for businesses and employees struggling. Due to COVID-19, many businesses have been forced to close their doors until the unforeseeable future – if ever – leaving millions of people unemployed and without their savings. The unemployment rate has grown so quickly that unemployment offices are overwhelmed with the number of people filing. In fact, many people are searching for "auto title loans" in order to find some financial relief.

In fact, AZ residents are using car title loans as a way to keep themselves afloat until their stimulus checks arrive or the economic downturn reverses course. Loans can be a useful way to stay financially solvent during an emergency. Arizona auto loans can be less of a hassle than asking for a credit card increase limit, and they do not pull your credit score.

The stimulus payment of 2020 is designed to help maintain your financial wellness as much as possible. But how is this set to work? When is it set to arrive? But if it arrives later than expected there are other options available like Arizona vehicle loans.

Online Banking and your Stimulus Check

This stimulus package is the biggest economic measure in our history. Part of the package is set to be distributed in the form of checks to people that meet the qualifications. If you do meet the qualifications, you could receive $1,200 or more. The rest of the stimulus package has been broken down to be dispersed into five major areas. Those are:

• $130 billion is going to hospitals for ventilators and any other needed equipment.
• Unemployment insurance will be extended for workers.
• $150 billion are going to state and local government.
• Lending for corporations has been expanded.
• And interest-free loans are being created for small businesses trying to sustain their business during these tough times.

How to Keep Your Savings in a Crisis

Stimulus Checks Are Being Sent Out

As I said, part of the stimulus package of 2020 is being used in the form of checks. Starting sometime around April 16, checks of $1,200 or more could find its way to you. There are certain income brackets that will determine how much or how little you are to receive. Depending on the following income brackets you fall under, you will receive the appropriate corresponding amount. Those income brackets are:

• If you have a child that is 16 or younger, you will receive an additional $500 for every child.
• Single adults who have a gross income of $75 thousand or less will receive the full $1,200.
• Married couples with no children and are making $150,000 or less will receive $2,400.
• For those filing as head of household and are earning $112,500 or less, you will receive $1,200.
• For those who are single and are earning $99 thousand or married and are earning $198 thousand, you will not receive a check

Unemployment Benefits and Payment Options

Then the unemployment rate is skyrocketing these days due to the virus. For those who find themselves unemployed, aside from receiving your unemployment check, this stimulus package 2020 will give you $600 a week for four months. Aside from this money, the package will extend your unemployment benefits. Ordinarily, for most states, including Arizona, the maximum amount you can receive is 26 weeks of unemployment benefits when you lose your job. With this package, you could receive an additional 13 weeks – bringing it to 39 weeks of unemployment benefits. These benefits also extend to those workers who are freelance, own their own business, or are working part-time only.

Student Loan Services and Business Loans

For many of us, student loan debt can be one of the biggest forms of debt we have. Top that with the coronavirus taking away many of our jobs, we could be in a lot of trouble trying to pay off this debt. Well, with the stimulus package, we may not have to worry about that. With the stimulus package, student loans are being suspended. The Department of Education originally announced they would allow student loan borrowers to suspend their payments for 60 days. The package will increase this for six months – until September 30 – without penalty or interest adding up.

Wealth Management and News for Homeowners

If you rent or own a home, you don’t have to stress about not being able to make your payments. With this bill, renters and homeowners are breathing a sigh of relief. You can request a 60-day hold on your mortgage payments – which can then be extended for four extra months. Banks are not allowed to charge you any fees or interest for your withheld payments. They must either extend your loan or come up with a repayment plan when this period ends. For renters, you have a 120-day ban on evictions if you cannot make your payments. Just like homeowners, renters cannot be charged fees or penalties as well.

 

For Any Additional Help With Emergencies, Look Too Fast Auto Loans, Inc. In Arizona

This stimulus package can and most likely will be a much-needed cushion for families struggling financially with the Coronavirus. But sometimes the financial struggle brought on by an unexpected emergency is too great. If this stimulus package will do little to alleviate your struggles, you may want to check out Fast Auto Loans, Inc. around Arizona. Fast Auto Loans, Inc. provides online auto title loans that will help get you out of your financial burden while you are dealing with this emergency. Just go to the ‘title loans near me’ page to learn how you can get the simple process started.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.