The Coronavirus has been a life altering event for our work schedules, schools classes, to our every day life. As new information comes daily, Know Money Inc.'s, Steven Hughes has three changes to our money that we'll see because of the virus.
1. Deferred Payments: Companies across the country are trying to provide their customers with financial relief as more people are affected by Covid-19. Call your mortgage company, credit card company and any other monthly bill you have and ask if there's relief for those who aren't able to work their normal schedule because of the outbreak. It's important not to assume but to engage in communication with each company.
2. Student Loans: On March 13, the federal government put a suspension in place where borrowers can defer payments without incurring interest. You are allowed to continue payments if you wish. If you need some financial relief, call your loan provider to request the pause in your payments.
3. Tax Deadline: If you owe the government less than $1 million or run a business that owes the government less than $10 million, the deadline to file and pay taxes has been extended. If you file your federal taxes by July 15, you will not be penalized. The South Carolina deadline is July 15.