With economic and health news changing quickly, here’s what we know about important topics that touch your pocketbook: taxes, paychecks, bills, and banking. Take a moment to read a letter from Varo’s CEO Colin Walsh to our community.
The information below is aggregated from government and credible media sources. Please double check the information as the situation continues to change. — Editors at Varo, March 30, 2020
If you have already filed your taxes and received your refund: Great job. There is little else to do at the moment. Keeping that refund in your savings account could be a good idea as having an emergency fund has never felt so important.
If you have filed your taxes and are waiting for your refund: There should be no change and your refund should be deposited or sent to you on the original timeline, according to the IRS. You can track your refund here.
If you have not filed your federal tax return, the new deadline is July 15: The IRS has extended the deadline to file your tax return and pay taxes to July 15. Please check with the IRS website for ongoing updates. Check with your state for your state tax return deadline.
Many people are temporarily losing streams of income as the economy changes with the national pandemic response. You are not alone—and we aim to provide clear information to help you navigate this.
If you’re a salaried employee: Your employer may reach out to you with information relevant to your company and hopefully there are few changes for you. They might also provide programs to help you and your family. You might ask your human resources department or manager if you need special arrangements to account for childcare.
If you’re working hourly or in a tip-based or gig-economy position, or you’re self-employed: Things might be very different and you may be already out of work. Here are some resources to help:
Will there be aid from the government? The government will be sending stimulus payments up to $1,200 for the majority of Americans. Learn if you qualify and what you need to do to receive it.
Who can apply for unemployment? For workers who have lost their jobs through no fault of their own, the unemployment insurance supplies temporary income. Under the CARES Act, the government has extended benefits due to coronavirus; learn more about filing for unemployment. Each state has its own specific regulations about unemployment insurance, and you’ll want to check who is eligible to apply and the length of term you can receive it. You can find more information about your state with the Department of Labor’s website.
What about paid sick leave? Federal and state governments, and private employers, are moving quickly on programs to assist affected workers and their families. Here’s information on new unemployment and sick leave benefit programs for workers impacted by the coronavirus. Information is changing daily, and please refer to your state and city resources.
Where can you find more assistance? Many states and cities have local resources to help with specific things like food banks, diapers, and other essential supplies. Check your local food banks, churches or places or worship, and even community Facebook groups or NextDoor.
Many national employers have said they are not laying off workers—and even have programs to hire more people. Other ideas to consider at this time:
Don’t stop paying your bills—work with your companies to find a solution that will help you stabilize if you’re experiencing a change in income. It is better to work with a creditor and alert them to your situation than to stop payments altogether, which will have a negative impact on your credit. Many lending companies are putting more lenient policies into place to extend payment deadlines or offer a forbearance period.
Banks are considered essential businesses—like grocery stores and gas stations—and we are here for you. While many companies have moved their work forces to work remotely temporarily, you might face longer wait times for calls at traditional branch banks.
With so much confusion and potential changing of income and bills, please be on the lookout for unscrupulous characters—fraudsters—trying to take advantage of this situation.
Varo will never call, message or email you to request any of your personal information, including your account number. Be careful with any urgent messages that want you to follow a link or provide your personal information, and always double-check the source before sharing your information.
A few things to watch for:
Stay healthy 🙏
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