CORONAVIRUS STIMULUS PACKAGE: WHAT YOU NEED TO KNOW

The U.S. Senate officially designated April as National Financial Literacy Month in 2004. In support of this initiative, public and private sectors initiate outreach and education programs to help Americans understand and manage their finances. While the topics usually touch on personal finance matters like credit management, debt busting and setting goals and priorities for expenses and savings, this year, it feels appropriate to take a slightly different approach. 

With the pervasiveness of the COVID-19 crisis, Congress has introduced the “Coronavirus Aid, Relief, and Economic Security Act,” better known as the CARES Act. Every year, DailyPay supports employees with relevant financial literacy content and this year, we’re hosting “Financial Literacy Month: Financial wellness tips for uncertain times,” a 6-part personal finance video series that discusses key aspects of the stimulus bill. We hope that by empowering people with this information, it will help them navigate this crisis like an expert. 

As the leading fintech provider of on-demand pay solutions, DailyPay is at the forefront of creating a pay experience that puts employee needs front and center. Access to earned income has always been a core part of that mission but it takes on a new level of importance during this crisis when access to pay is critical to the financial stability of so many Americans. DailyPay has responded in numerous ways to support employers and employees alike through this crisis, from offering free next-day transfers to information-sharing through the DailyPay Workforce Index, which tracks the impact of COVID-19 upon the workforce across four key DailyPay partner industries. Creating exclusive content to keep our audience informed about the Coronavirus stimulus package for Financial Literacy Month is a natural follow-up to our other initiatives. 

Join us each week as we explore a new aspect of the CARES Act with Certified Financial Planner™ and founder of Brooklyn Plans, Kristen Euretig, as she explains what the various federal aid programs mean for you. 

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Below are the topics each video will explore and when you can expect to see them throughout Financial Literacy Month:

1) Assistance checks: April 13, 2020

Perhaps you’ve heard the government will be disbursing direct payments to individuals and married couples. In this video, we’ll discuss exact dollar amounts, timing and qualification thresholds so you know what help may be coming your way.

2) Housing/utilities/credit card payment relief: April 16, 2020

The coronavirus stimulus bill provides substantial aid centered around housing protections against foreclosures on mortgages and evictions for renters. Kristen will discuss policies that address failure to pay rent or mortgages, deferred credit card payments and protections for utility shutoffs.

3) Student loans: April 21, 2020

As part of the $2 trillion coronavirus stimulus bill, The Department of Education will suspend student loan payments, without penalty, through September 30, 2020. Kristen breaks down what that means for student loan borrowers.

4) Credit score: April 23, 2020

Kristen talks us through best practices for keeping your credit score high — even during a financial crisis.

5) Savings: April 28, 2020

Kristen walks us through her tips for saving and shares her advice for achieving financial stability during a financial crisis.

6) Unemployment: April 30, 2020

The record 10 million unemployed or furloughed Americans can thankfully seek relief through unprecedented expansions of unemployment benefits as part of the CARES Act. From increased weekly stipends to extended benefit durations, Kristen helps us understand what we can expect.

DailyPay feels that every American should have access to tools and resources to help them on their path to financial wellness and stability. During these challenging times, we know it’s more important than ever. We hope you’ll tune in and find the series helpful in understanding and leveraging the assistance available to you through the CARES Act.

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DailyPay is not a financial or investment advisor. The materials presented herein and in the video series are for informational purposes only and should not be relied upon as financial advice. Decisions based on information provided here and in the video series are the sole responsibility of the reader/viewer.

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