What COVID-19 Means for Federal Loan Borrowers

“The more you learn, the more you earn.”

-Warren Buffet

In the last few weeks, the news and response regarding the Coronavirus has escalated. While the full implications of how the virus will affect us are still unknown, there do appear to be some extremely good implications given the Government’s response. There will be opportunities, especially for federal loan borrowers.

We’ve seen many company’s capitalizing on opportunities from Coronavirus related contracts, and other services that help people by enabling them to continue to work remotely. There will be some losses and the economy will be greatly affected. However, an appropriate response can massively lessen the damage. 

Now that an economic relief plan has been put in place and $2.2 trillion dollars have been passed in the congressional stimulus bill, many Americans will be financially supported. The government has signaled billions of dollars in loans (potentially interest free) for businesses that have been affected by coronavirus.

Certain federal student loans will qualify for the pausing of payments at this time, which includes interest and the principal. The payment pause will not be applicable for private student loans. However, there are both loan forgiveness opportunities and various rehabilitation programs available.

Here’s what you can take advantage of:

  • SBA Forgivable Loans Up to $10,000,000*
  • SBA Emergency Grant Up To $10,000*
  • Withdraw Retirement Penalty Free Up to $100,000*
  • SBA Disaster Loans Up To $2,000,000
  • Defer Payroll Taxes Sec 2201 To 2021/2022*
  • ​Recovery Rebates $2,400 MFJ/$1,200 Single*
  • Get Cash For NOLs In ’18, ’19, ’20*
  • Employee Retention Credit Up To $10,000/employee*
  • Sick Employee Payroll Tax Credit Up To $2,000/employee/qtr

Want to learn more about what this means for you? Ella Rivkin will be providing consulting services to help individuals and businesses apply for loans, decide what to spend their money on, provide support and create an effective plan for repayment. There might also be direct cash support too.

Ella Rivkin is right here to keep you updated as we continue through this time together. She will walk you through every stage of the process and will share the most up to date, valuable knowledge and solutions at hand. If you have any questions or want to learn more about the current situation, Contact Ella today at (347) 462-2778 and you can set up a time to speak with one of our financial experts. 

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ERPS Group is a one-of-a-kind financial firm located in Metro New York City that offers a differentiated approach to helping people to achieve enduring financial results and support in choosing the perfect life insurance plan. They offer effective strategies that help to bridge the gap between financial freedom and personal or business goals.

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