COVID-19 Resources

Resources for contractors impacted by COVID-19 related layoffs.

As we navigate the challenges posed by the spread of COVID-19, we remain dedicated to supporting our clients and our flexible workforce population which supports our clients.  During these uncertain times, TalentWave is committed to keeping you informed about relief which may be available to you. The resource information below should not be construed as legal or tax advice, but rather a source of information which may be useful to you and your families. 

Mortgage Forgiveness
  • Check with your individual lender
    • California Gov. Gavin Newsom said Wednesday that four of the nation’s five biggest banks (Wells Fargo, U.S. Bank, Citibank and J.P. Morgan Chase) and more than 200 state-chartered banks and credit unions have committed to 90-day mortgage waivers “for those that have been impacted by COVID-19.
    • Freddie Mac and Fannie Mae have also said they would allow forbearance options to borrowers affected by the pandemic. Forbearance means your mortgage payments can be suspended for up to 12 months because of economic hardship that was caused by the coronavirus outbreak. The two agencies back about half of all mortgages in the U.S.
Rent Forgiveness
  • Currently, there is no order on this but there are eviction moratoriums depending on location, so while you may be unable to pay your rent, your landlord may not evict you for a certain time period due to pandemic.
    • What to do if you cannot pay your rent:
      • Check your local/state government website for any eviction moratorium or support during this time
      • Contact your landlord
      • Document your inability to pay in writing
Student Loan Interest Pause and Forbearance
  • Check to see what kind of student loans you have: Federal vs. Private
  • Federal Student Loan Interest Pause:
    • The CARES Act includes a 6-month payment pause and interest waiver for certain federal student loans that are owned by the U.S. Department of Education.
    • The payment pause ends on September 30, 2020.
      • This pause only applies to certain types of Federal Loans:
        • Federal Direct Stafford Loans, Federal Direct Parent PLUS Loans, Federal Direct Grad PLUS Loans, and Federal Direct Consolidation Loans
        • If your federal student loans are eligible, you do not need to do anything to pause the payments on your eligible loans. The payment pause and interest waiver will be automatic. You do not need to apply for the payment pause.
      • What kind of loans are not eligible?
        • Private loans
        • If you have private loans, you should contact your individual lender to discuss forbearance or deferment options. Many private lenders are offering forbearance and interest pause options. You do need to contact your lender in order to be considered for a forbearance or interest pause.
        • Some Federal Perkins Loans are not eligible, even if the loans are held by the federal government. Some Federal Perkins Loans are held by your individual college or university. Be sure to check who holds your Federal Perkins Loans to determine eligibility.
        • Federal education loans that are ineligible for the payment pause may qualify for a different type of payment pause, such as an economic hardship deferment, unemployment deferment or a forbearance.
      • Federal Student Loan Forbearance
        • Your payments will automatically stop from March 13, 2020, through Sept. 30, 2020. To provide relief to student loan borrowers during the COVID-19 national emergency, federal student loan borrowers are automatically being placed in an administrative forbearance, which allows you to temporarily stop making your monthly loan payment. This suspension of payments will last until Sept. 30, 2020, but you can still make payments if you choose.
        • Remember that this is only for federal student loans. If you have private loans, there is no automatic forbearance. You will need to contact your individual lender to discuss forbearance options.
401k Hardship Withdrawal
  • The CARES Act allows you to take a withdrawal of up to $100,000 from your retirement savings, including 401(k)s or individual retirement accounts, without the typical penalty.
  • You may also avoid taxes on the withdrawal if the money is put back in the account within three years. If it can’t be returned, taxes can be paid over three years.
State Unemployment
Federal Unemployment Under CARES
  • Who does it apply to?
    • Individuals who are already eligible for Unemployment Compensation under State Law. Under Section 2104 of the Act, individuals who are otherwise eligible for unemployment benefits under state or federal law will receive $600 per week, in addition to their regular unemployment compensation under state law, through July 2020.
  • How long do I have to wait to file?
    • Check your state unemployment website. Under Section 2105, if a state waives its standard one-week waiting period requirement, thus paying recipients as soon as they become unemployed, the federal government will fund the cost of that first week of benefits.
  • What happens when my state unemployment runs out and I am still unemployed?
    • Under Section 2107, if individuals remain unemployed after their state employment benefits are exhausted, the federal government will fund up to 13 weeks of additional unemployment benefits – thereby increasing to 39 weeks the 26-week maximum common under most states’ unemployment laws – at a weekly rate of $600 during that 13-week period.
  • Where do I file?
    • You can file through your state unemployment website. Note many states are experiencing delays due to high volume as well as awaiting guidance from the Department of Labor on how to implement CARES claim filing. Check your state unemployment website for more specific details.