Due to the effort against the spread of COVID-19, which has resulted in mass unemployment and the suspension of all non-essential social activities, many businesses and households in the U.S. are in dire need of financial assistance. To help support suffering industries and individuals, the U.S. federal government rolled out a $2.2 trillion stimulus package that includes:

· A $1,200 stimulus check for every tax-paying individual making $75,000 or less annually

· An additional $500 per child for married couples

· Billions in federal grants issued to large companies with more than 500 employees

· Paycheck Protection Program for small businesses with less than 500 employees

· Extended unemployment benefits for up to 39 weeks, plus an additional $600 a week for eligible recipients

Meanwhile, major bank and credit card companies are introducing measures of their own to alleviate some of the financial pressures being placed on borrowers during this strenuous time. 

Major Credit Lender COVID Assistance 

The following credit card lenders have relaxed the terms and conditions of their programs to help keep customer accounts from going past due and further into debt during the coronavirus pandemic.

· American Express – Amex is offering their customers financial crisis solutions on an individual basis that include temporarily waiving interest, return checks, and late fees as well as interest rate and monthly payment reductions. 

· Bank of America – Bank of America (BOA) customers can request payment deferral if they need assistance making credit card payments on time. BOA will not waive any interest but may allow skipped payments on a case-by-case basis. 

· Capital One – Capital One encourages any customers experiencing hardship to reach out to them online or by phone to work out payment assistance solutions. 

· Chase – Due to financial hardship, Chase is allowing cardholders to delay up to three credit card payments.

· Citi – Upon request, eligible Citi cardholders can take advantage of their assistance programs to receive credit line increases, collection forbearance options, and a waiver of minimum payment due requirements and late fees for two statement cycles. Citi will also report non-delinquent accounts to the credit bureaus as current during this waiver period.

· Discover – Relief is being extended to qualified Discover customers experiencing COVID-19-related financial difficulty. Assistance includes relaxed payment schedules and waived late payment fees.

· Wells Fargo – Customers in need of assistance are urged to call Wells Fargo to discuss options with a trained specialist. The lender is waiving fees and deferring payments for credit card holders. 

Need Additional Help With Credit Card Debt?

If your credit card debts are weighing heavily on you during these hard times, the professionals at Progressive Debt Relief are available to help. In addition to your temporary credit card lender assistance, we can negotiate with your debt collector so you can get better repayment terms and settle your debt faster. For more information on how we can help during this unprecedented time, contact us today.