Forum Member Actions
Updated May 29, 2020
The Coronavirus (COVID-19) pandemic is an unprecedented challenge for the world and the global economy and the largest U.S. banks are committed to supporting our customers, clients and the nation.
The response to the pandemic requires a unified public-private effort and Financial Services Forum member banks have taken significant steps to support individuals, small businesses, and the broader economy through lending and other important services.
Don’t miss the Forum’s COVID Update with the latest news on our efforts in support of the pandemic response. The latest issues below:
Forum members have instituted a variety of fee waivers, payment deferrals, hardship programs and other policies that can be accessed by customers who are struggling right now, with no negative credit bureau reporting for up-to-date clients.
Forum members have announced assistance programs like deferred loan repayments without interest.
- Bank of America has processed 1,320,000 deferrals of mortgages, credit card and auto loans; including 160,000 mortgage deferrals.
- Citi’s mortgage sub-servicer Cenlar FSB is offering 90-day forbearance for Citi’s mortgage loans where the borrower is experiencing hardship, during which there will be no negative reporting to the credit bureaus for up-to-date customers.
- JPMorgan Chase is providing a 90-day grace period for mortgage and auto loan/lease payments and waiving any associated fees.
- Wells Fargo has a number of existing options available to help mortgage customers address short- or longer-term financial changes that may impact their ability to keep up with their monthly mortgage payments. Customers should contact Wells Fargo about their circumstances to identify the best way to help them. Wells Fargo also has temporarily stopped all foreclosure-related activity for loans held in the bank’s portfolio
Forum members are making sure customers and clients are able to access the money they need now, through actions like waiving early withdrawal fees from CDs.
Customers with credit cards from many Forum member institutions also have access to programs allowing for increased credit limits, waived late fees and extra time to make payments.
All our members are working to make sure they are there for all of their customers and clients right now. As such, banks have increased the hours that bankers and other customer service professionals are available to answer questions and address concerns.
Forum members have taken steps to ensure that branches and ATMs are cleaned regularly to prevent the spread of the virus.
Forum members are also encouraging customers and clients to stay home and use mobile banking apps for as many of their banking needs as possible.
Forum members are regularly reassessing their policies and protocols based on the latest information available in order to best serve their customers and clients. The efforts listed above are just a sampling of steps being taken by Forum members.
Small businesses and their employees have been especially hard hit by the current economic challenges, and Forum members have stepped up to support them.
Forum members are offering loans and new lines of credit to small business clients, as well as actively participating in the Small Business Administration’s Paycheck Protection Program and other government efforts to support small businesses. Those participating in the PPP have committed to using net proceeds to support the small businesses, communities, and nonprofits they serve.
Forum banks have made or approved more than 750,000 PPP loans to small businesses, totaling nearly $75 billion.
A closer look reveals that these loans are reaching the small businesses Congress intended the program to help. More than half of the loans (55 percent) by Forum members are for small businesses with four employees or less. And nearly half (48 percent) of the loans are for less than $25,000 and nearly 80 percent are for less than $100,000.
Specific policies and programs have also been put in place to help small businesses facing financial hardship, including fee waivers, after-hours support, and other aid.
In addition to government stimulus-supported programs, members have stepped up their own efforts in support of small business:
- Goldman Sachs will be using part of their $550 million contribution to COVID-19 response efforts to create a Small Business Stimulus Package of emergency loans to small businesses across the country and grants to Community Development Financial Institutions (CDFIs).
- JPMorgan Chase is working to prudently extend credit to businesses of all sizes for working capital and general corporate purposes, having extended $950 million in new loans to small businesses in two months’ time.
- Wells Fargo is providing $10 million in relief to struggling self-employed and small business owners through philanthropic capital provided to nonprofit lenders and Community Development Financial Institutions who serve diverse entrepreneurs, including a $1 million grant to Opportunity Fund to seed a $50 million small business relief fund.
- Morgan Stanley is making an investment of $10 million to support the New York Forward Loan Fund, part of Governor Andrew M. Cuomo’s initiative to reinvigorate New York’s small businesses and critical non-profits.
Forum members are regularly reassessing their policies and protocols based on the latest information available in order to best support the small business community. The efforts listed above are just a sampling of steps being taken by Forum members.
Learn more about what Forum members are doing to support small businesses.
Forum members have collectively committed over $985 million in support to relief efforts in the global communities they serve.
Forum members aim to help communities increase medical response capacity, address food insecurity, increase access to education in the face of school closures, protect impacted small businesses, and provide support to the world’s most vulnerable populations.
- Bank of America is working with Khan Academy to help deliver a virtual classroom experience and curriculum while school is closed to ensure that tens of millions of students continue to learn over the weeks and months ahead.
- Goldman Sachs has donated approximately 600,000 N95 masks to hospitals with 400,000 of those going to New York and New Jersey.
Financial support is being dispersed to a number of specific organizations and programs including the World Health Organization’s COVID-19 Solidarity Fund, the CDC Foundation, No Kid Hungry, Feeding America, National Centers for Disease Control and Prevention’s Emergency Relief Fund, the International Medical Corps and several other community-specific relief groups.
- JPMorgan Chase has announced a $50 million philanthropic investment to help address immediate and long-term global impacts of COVID-19.
- Bank of America plans to provide $100 million to support local communities in need of medical response capacity, food security, and other assistance. In addition, Bank of America will provide up to $10 million in philanthropic grants specifically to help fund the operations of CDFIs.
- Goldman Sachs intends to deliver $550 million to support communities in the most urgent need globally and to create a Small Business Stimulus Package of emergency loans to small businesses across the country and grants to Community Development Financial Institutions (CDFIs).
- Morgan Stanley has committed $25 million to COVID-19 response efforts, with $15 million of those funds specifically devoted to organizations that are fighting hunger, focused on disease control, caring for the sick, and offering financial support for those most vulnerable in our communities.
- The Wells Fargo Foundation is donating $175 million to support economic recovery for communities and vulnerable populations impacted by COVID-19.
- Citi and the Citi Foundation are providing over $65 million in support of COVID-19-related community relief efforts around the world.
Forum members are actively helping ensure the well-being of their more than 750,000 employees.
Citigroup and JPMorgan Chase are providing employees earning less than $60,000 annually with a special compensation award of $1,000 to help ease the financial burden of the COVID-19 pandemic.
JPMorgan Chase employees are receiving five additional paid days off to help manage personal needs during this challenging time. All branch employees are also being paid for their regularly scheduled hours even if those hours are reduced or their branch is temporarily closed.
Goldman Sachs is also offering resiliency support and counseling services to employees and their dependents.
Bank of America has committed to continuing to pay employees if they are out of work due to direct or indirect virus-related impacts.
BNY Mellon is supporting employees with paid leave benefits and an Employee Assistance program for all employees and their direct family members, including a 24/7 COVID-19 support line.
Wells Fargo has activated assistance for employees via its WE Care Fund, which provides grants to Wells Fargo employees who face a catastrophic disaster or financial hardship resulting from an event beyond their control – like the COVID-19 pandemic.
- Additionally, Wells Fargo is providing a special one-time cash award to all employees earning less than $100,000 annually. Eligible full-time U.S. employees will receive $600 and eligible U.S. part-time employees will receive $300. Wells Fargo will also be making additional cash payments to those frontline employees whose roles require them to come into the office to serve customers or other employees.
Forum member employees are teleworking whenever possible and a number of institutions have created rotations for employees who cannot telework.
- For those employees who are needed in offices and retail bank branches, Forum members are ensuring all facilities are being stocked with available hand sanitizer and cleaned and disinfected at increased intervals with the use of strong disinfectants on high-touch surfaces.
Forum members are regularly reassessing their policies and protocols based on the latest information available in order to best protect their employees. The efforts listed above are just a sampling of steps being taken by Forum members.
All Forum members have announced they would temporarily suspend share buybacks for the remaining period of the first quarter and the second quarter of 2020 to provide maximum support to individuals, small businesses, and the broader economy.
Collectively, Forum members announced they would access funding from the Federal Reserve’s discount window, which provides short-term loans to banks of all sizes to reassure all financial institutions that they should feel confident taking advantage of this tool to meet client liquidity needs during this difficult period.
Forum members are actively participating in the Small Business Administration’s Paycheck Protection Program to help small businesses secure critical loans.
Forum members are working diligently to help large-scale institutional clients – who directly and indirectly employ millions of Americans, helping shape the economy – navigate volatile markets and manage their business needs.
During the first quarter of 2020, Forum members increased their lending to businesses by roughly $272 billion, which amounts to a more than 15 percent increase in business lending over the quarter. The historic $272 billion in new business lending during the first quarter of 2020 is an important part of the solution that will help the entire country get ahead of the virus and bring the economy back online.
Forum members also increased their deposit base by over 13 percent to $818 billion during the first quarter of 2020. This increase is large relative to both the historical average (1.3%) and the increase observed at all large U.S. commercial banks and represents an important financial service for businesses and households of all types and sizes throughout the country in these uncertain times.
Forum members are also continuing to underwrite transactions in capital markets, facilitate the flow of credit to businesses, create new receivables services to improve supply chain transparency, and provide critical loans to commercial clients.
Forum members are regularly working to ensure they are doing everything possible to support the global economy during this challenging time. The efforts listed above are just a few specific steps being taken by Forum members.
Bank of America
Bank of America is providing assistance to clients in need and taking proactive steps to protect clients and teammates in Financial Centers. This includes enhanced cleaning procedures and other measures to limit the risk of exposure, based on recommendations from the Centers for Disease Control (CDC).
Bank of America is offering assistance for clients impacted by coronavirus, including the following:
- Consumer and Small Business deposit accounts: clients can request refunds including overdraft fees, non-sufficient funds fees, and monthly maintenance fees.
- Consumer and Small Business credit cards: clients can request to defer payments, refunds on late fees.
- Small business loans: clients can request to defer payments, refunds on late fees.
- Auto loans: clients can request to defer payments, with payments added to the end of the loan.
- Mortgages and home equity: clients can request to defer payments, with payments added to the end of the loan.
- In all of these instances, there will be no negative credit bureau reporting for up-to-date clients.
- The bank has also paused foreclosure sales, evictions and repossessions.
The bank is also continuing to pay employees if they are out of work due to direct or indirect virus-related impacts. They have committed to hiring more than 3,000 teammates through their summer internship and campus recruitment programs. The bank continues to attract and hire teammates, and in March alone, hired more than 2,000 new employees to the company.
To support its more than 208,000 teammates through the crisis, the bank’s enhanced compensation and benefits include:
- Special compensation incentives for those serving clients in U.S. financial centers, call centers and operation centers – eligible employees are being paid for their regular, full weekly schedule, even if their hours are reduced, and are receiving a special supplemental payment of $200 per pay period. Those who continue going into the office and working overtime are receiving double the hourly base pay rate for any overtime worked.
- Expanded employee benefits include – no-cost coronavirus testing and related office, urgent care and emergency room visits; access to Teladoc® with 24/7 virtual access to doctors; home delivery service of prescription maintenance medications; and access to virtual consults with board-certified psychiatrists, licensed psychologists or therapists. The bank is protecting paid sick time and paid time off, and providing access and special allowances for child or elder care. The company is also paying for transportation for teammates who need to come into work, so they don’t need to take mass transit. Its specialized Life Event Services team is providing support and resources to help teammates navigate everyday challenges.
Bank of America announced it has committed $100 million to support local communities in need as the world faces unprecedented challenges from the coronavirus. The funds will help increase medical response capacity, address food insecurity, increase access to learning as a result of school closures through the bank’s partnership with Khan Academy, and provide support to the world’s most vulnerable populations.
Bank of America also announced it will provide up to $250 million in capital to community development financial institutions (CDFIs) by funding loans through the newly established Paycheck Protection Program. In addition, as part of its $100 million commitment, Bank of America is providing $10 million in philanthropic grants specifically to help fund the operations of CDFIs. Read More.
BNY Mellon stands shoulder-to-shoulder with governments, non-governmental organizations (NGOs), and other public health organizations to mitigate the outbreak’s effects on the most vulnerable, and combat its impact on communities, markets and people around the world.
BNY Mellon’s top priority is the health and safety of employees and clients. Approximately 95% of the global employee base is now working remotely. This creates adequate social distancing for the essential in-office staff remaining onsite to perform roles that cannot be done remotely. Since the crisis began, the firm has remained operational and responsive to client needs during this unprecedented period of market disruption.
BNY Mellon has taken a series of humanitarian actions in an effort to help those negatively affected by the virus, including:
- Making philanthropic commitments to important support organizations in regions where employees live and work, including organizations working on the front lines in the U.S., EMEA and mainland China and other affected areas in Asia and India.
- Announcing a two-for-one matching program for employee donations.
- Donating 600+ video capable-tablets to public hospitals in New York to help patients and medical staff communicate with loved ones.
- Donating 50,000 facemasks to New York City hospitals experiencing shortages.
- And, partnering with non-profit organizations to provide aid to first responders, healthcare, transit and other front-line workers, as well as serve some of the most vulnerable populations through the provision of critical items such as meals, shelter, medical equipment, educational supplies and financial support.
BNY Mellon is supporting employees and their families with a number of actions and programs:
- Paid leave benefits and an Employee Assistance Program for all employees and their direct family members, including a 24/7 COVID-19 support line.
- Enhanced U.S. healthcare coverage so that COVID-19 testing and related outpatient services will be provided without any employee out-of-pocket expense.
- In the U.S., BNY Mellon has waived all costs for COVID-19 testing and outpatient care including for testing, telehealth visits, office visits, urgent care, and emergency room services related to evaluation and treatment related to COVID-19.
- In the U.K., BNY Mellon has ensured that our on-site health service switched to a digital telehealth to support our employees.
- In India, BNY Mellon has introduced a new TeleHealth service to support all our employees.
- Through the end of April 2020, BNY Mellon guaranteed that employees who have tested positive for COVID-19 or self-quarantined will receive full pay for the duration of any absence.
- Guaranteed full pay for up to two weeks when an employee is unable to work due to caring for an immediate family member with COVID-19 or COVID-19-like symptoms.
Citi is offering assistance to impacted customers in the U.S. through a range of measures, including fee waivers for Citibank customers, hardship programs, and additional small business support, such as extended banker availability. Citi is also continuing to pay employees whose hours are impacted by the pandemic.
“This is a rapidly evolving situation and we want our customers to know we are here to provide assistance should they need it,” said Anand Selva, CEO, Citi’s U.S. Consumer Bank.
Citibank’s individual and Small Business customers impacted by COVID-19 may be eligible for the following assistance:
- Retail Bank: Fee waivers on monthly service fees, safe deposit boxes, and non-Citi ATM usage fees; waived penalties for early CD withdrawal.
- Credit Cards: Fee waivers on late fees and deferral of minimum payments for two months. Accounts will be reported as current to the credit bureaus during the waiver period, unless the account was delinquent before the waiver period began.
- Small Business: Fee waivers on monthly service fees and remote deposit capture; waived penalties for early CD withdrawal; Bankers available after hours and on weekends for support. In addition, Citi is participating in the Small Business Administration’s Paycheck Protection Program.
Citi’s mortgage sub-servicer Cenlar FSB is offering 90-day forbearance for Citi’s mortgage loans where the borrower is experiencing hardship, during which there will be no negative reporting to the credit bureaus for up-to-date customers.
In addition, Citi has “always on” assistance programs for eligible credit card customers, including credit line increases and collection forbearance programs.
Citi will be providing more than 75,000 employees globally with a special compensation award to help ease the financial burden of the COVID-19 pandemic. In the United States, a $1,000 award will be provided to employees earning under $60,000 in annual base salary.
Citi will be delaying the start of their summer internships, but will be providing all interns with their full summer compensation and those interns who meet the minimum requirements of the program will receive a full-time offer from Citi upon graduation.
Citi and the Citi Foundation have announced they will provide over $65 million in support of COVID-19-related community relief efforts around the world. This support will include financial assistance to Community Development Financial Institutions (CDFIs), help providing meals to frontline workers, and charitable contributions to the COVID-19 Solidarity Response Fund, No Kid Hungry, and other international, country, specific relief organizations.
In addition, Citi is launching a new employee donation campaign called Double the Good. For every $1 donated by a Citi employee in support of COVID-19 relief, Citi will donate a dollar to four different relief organizations selected by each of Citi’s regions to address their unique challenges.
Customers impacted by the virus are encouraged to contact Citi’s 24/7 dedicated assistance line at the number on the back of their cards. Read More.
Goldman Sachs online bank, Marcus, and Apple credit card customers can take an extra month to make payments, with no penalty or additional interest, if they are financially stretched due to the coronavirus. Customers can access their accounts 24/7 at marcus.com or on the Marcus app.
Goldman Sachs has donated approximately 600,000 N95 masks to hospitals with 400,000 of those going to New York and New Jersey. With these updated numbers, the firm has donated the vast majority of the masks that they had in storage from previous epidemics.
- A portion will be used to create a Small Business Stimulus Package of emergency loans to small businesses across the country and grants to Community Development Financial Institutions (CDFIs).
- The remainder will be devoted to supporting communities in most urgent need globally, with the firm contributing to match employee donations up to an additional $5 million.
Goldman Sachs is also offering 10 days of family leave to employees globally to care for family members, as needed, due to COVID-19 related illness or childcare needs, including homeschooling.
Goldman Sachs intends to honor the full financial commitment of those who had previously planned on interning with the firm for the upcoming summer and continuing to explore different internship formats, including virtual components.
Marcus has extended its Disaster Relief Program (DRP) to assist customers that are unable to make a payment due to reduced income related to C-19 Coronavirus. Impacted customers may reach out to Marcus to request assistance. There is no fee to enroll in the program.
Marcus is also extending the DRP Program to credit card customers as well. Read More.
JPMorgan Chase customers who have been affected by the pandemic should call the number on the back of their credit or debit cards or on their statement to receive assistance. The bank has also ensured that branches, including ATM screens and keypads, are cleaned daily with EPA-approved disinfectants and have sanitizer on hand.
JPMorgan Chase is taking the following steps to best support their customers during the COVID-19 pandemic:
- Providing a 90-day grace period for mortgage and auto loan/lease payments and waiving any associated fees.
- Removing minimum payment requirements on credit cards and waiving associated late fees.
- Not reporting payment deferrals such as late payments to credit bureaus for up-to-date clients.
- Continuing to responsibly lend to qualified customers.
- Waiving or refunding some fees, including early withdrawal fees on CDs.
JPMorgan Chase is also working to prudently extend credit to businesses of all sizes for working capital and general corporate purposes, having extended $950 million in new loans to small businesses in two months time. The firm is currently waiving and refunding fees for those businesses in need and finding ways to help more small businesses through resources available at the Small Business Administration.
JPMorgan Chase continues to pay employees who are at home because they have had exposures to the virus or their health is higher risk. The firm is also providing paid medical leave to employees who are unwell. JPMorgan Chase has retained clinical staff internally to support their employees through this difficult time, whether it is fielding general inquiries related to COVID-19 or locating testing or other medical facilities.
All JPMorgan Chase employees are receiving five additional paid days off to help manage personal needs, which may include dependent care, child care or other issues. All branch employees are also being paid their regularly scheduled hours even if those hours are reduced on their branch is temporarily closed.
Additionally, JP Morgan Chase is making a special payment of up to $1,000 to help full- or part- time employees whose job requires them to continue working on site or are Consumer Banking branch-based employees, and to recognize their ongoing commitment to the bank’s customers, clients and communities.
JPMorgan Chase has also announced a $50 million philanthropic investment to help address immediate and long-term global impacts of COVID-19. These funds will support communities and people hit hardest by this public health crisis and will provide humanitarian relief as well as support for impacted small businesses.
Additionally, the firm is providing $50 million in low-cost, long-term capital to a Community Development Financial Institution, Grow America Fund, so they can support small businesses in underserved communities that need capital to cover expenses such as rent and employee salaries.
“We’re doing all we can to make sure our branches are open, our bankers are there and our call centers are staffed,” JPMorgan Chase has told its customers. “You can count on us at times like this, especially if you need our help.” Read More.
Morgan Stanley has instituted expanded work-from-home policies for its global workforce. The bank is honoring payments to vendors with the expectation they continue to pay and support their employees.
Morgan Stanley has announced a $10 million cash commitment in aid to support Coronavirus relief efforts around the world. The aid will be distributed to a variety of relief organizations including Feeding America, the CDC Foundation, and the World Health Organization’s COVID-19 Solidarity Health Fund. Read More.
The funding has also been distributed to organizations like the Child Mind Institute to assist with digital mental health resources for children, adolescents and young adults during this global health crisis, with a focus on vulnerable communities who traditionally lack access to these resources.
Morgan Stanley has announced an additional $15 million in grants to support the ongoing relief efforts to the global COVID-19 crisis. This effort will support organizations that are fighting hunger as well as organizations focused on disease control, caring for the sick, and financial support for those most vulnerable in our communities who are struggling with economic loss. As part of this expanded commitment the firm is also launching the Morgan Stanley COVID-19 Hunger Relief Campaign, which incentivizes employees globally to contribute to local feeding programs.
Morgan Stanley is making an investment of $10 million to support the New York Forward Loan Fund, part of Governor Andrew M. Cuomo’s initiative to reinvigorate New York’s small businesses and critical non-profits.
State Street – through its charitable foundation – is committed to working with local, national and global organizations who are on the front lines of the Covid-19 health crisis.
State Street Foundation has announced it will provide initial grants to the World Health Organization’s COVID-19 Solidarity Response Fund, the Centers for Disease Control Foundation, and Give2Asia, as well as the Boston Resiliency Fund. State Street Foundation has also announced it will double match (2:1) employee charitable contributions to any of the above organizations, as well as to the International Red Cross, The Boston Foundation’s COVID-19 Response Fund, and the United Way of Massachusetts Bay and Merrimack Valley’s COVID-19 Family Support Fund.
State Street is also actively working with our community partners globally to determine their specific volunteer needs and to identify opportunities for “virtual volunteerism” for our employees. Moving ahead, State Street will be continuing to monitor the situation to determine the evolution of needs within our communities. Read More.
Wells Fargo is committed to helping customers experiencing hardships. Customers in need of assistance can speak with a trained specialist to discuss options available for their consumer lending, small business and deposit products.
Wells Fargo is currently providing assistance including fee waivers, payment deferrals, and other expanded assistance for credit card, auto, mortgage, small business and personal lending customers who contact the bank, and will continue to communicate with customers as the situation evolves.
Wells Fargo has a number of existing options available to help mortgage customers address short- or longer-term financial changes that may impact their ability to keep up with their monthly mortgage payments. Customers should contact Wells Fargo about their circumstances to identify the best way to help them. Wells Fargo also has temporarily stopped all foreclosure-related activity for loans held in the bank’s portfolio.
Wells Fargo is also encouraging customers to use its convenient mobile and online tools to deposit checks, pay bills, transfer money, set and receive alerts, and send and receive money through Zelle®.
Wells Fargo will cash stimulus payment checks for non-customers in its branches, with no fees charged. Further, for 30 days, the bank will pause the collection of negative balances existing at the time when stimulus payments are deposited, allowing customers to access the full amount of their payment.
In addition, the Wells Fargo Foundation announced it is donating $175 million to support economic recovery for communities, small businesses, and vulnerable populations affected by COVID-19 through the Wells Fargo Foundation. The philanthropic funding includes providing $10 million in relief to struggling self-employed and small business owners through philanthropic capital provided to nonprofit lenders and Community Development Financial Institutions who serve diverse entrepreneurs, including a $1 million grant to Opportunity Fund to seed a $50 million small business relief fund.
Wells Fargo has made several significant enhancements to its benefits and time away programs to provide additional support to all employees during this public health emergency, including benefit enhancements specifically for employees directly affected by coronavirus through illness or school closures.
Wells Fargo is making additional cash payments to employees whose roles require they come into the office to serve customers or other employees. Additionally, the company is providing a special one-time cash award to approximately 170,000 U.S. and international employees to recognize their focus and dedication to the company throughout 2019. Combined, this could equate to up to $1,600 for certain qualifying employees.
The company also made a $10 million grant to the WE Care employee relief fund, which provides resources to U.S. and international employees who face a catastrophic disaster or financial hardship resulting from an event beyond their control, and added new flat grants of up to $1,500 that qualifying employees can use for mortgage, rent, or other assistance while continuing to work. Read More.
Financial Services Forum members are in regular contact with federal and state regulators, which have encouraged banks to meet the financial needs of customers affected by the coronavirus. “The agencies recognize the potential impact of the coronavirus on the customers, members, and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision,” the regulators said in a statement.
Other Federal Resources
The Centers for Disease Control and Prevention (CDC)
The CDC is the federal government’s primary source of health information related to COVID-19, along with resources for families, schools, businesses and others. Read More.
The Federal Reserve
The Federal Reserve has taken a series of actions in response to the COVID-19 outbreak and stated that it is prepared to use its full range of tools to support the flow of credit to households and businesses and thereby promote its maximum employment and price stability goals. Read More.
The Small Business Administration
The Small Business Administration will work directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Read More.
Internal Revenue Service (IRS)
The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus. Read More.
Housing and Urban Development (HUD)
Housing and Urban Development has announced a suspension in foreclosures and evictions for Federal Housing Administration-insured mortgages for single-family properties for the next 60 days. Read More.
Fannie Mae is providing assistance options for Homeowners Impacted by COVID-19. Homeowners can find out if they have a Fannie Mae-owned mortgage and access to the Disaster Response Network. Read More.
Freddie Mac is providing mortgage forbearance for up to 12 months; waiving assessments of penalties and late fees; suspending reporting to credit bureaus of delinquency related to forbearance; and offering loan modification options that lower payments or keep payments the same after the forbearance period. Read More.
Other Government Response Info
Federal, state, and local governments are working to limit the spread of COVID-19 in the U.S. and to develop effective treatments for it. Read More.