Ep. 13 - How to Offset the Financial Impact of COVID-19 (ft. Pearl Chan)

With how extensively COVID-19 has impacted our economy, many of us are thinking and/or worrying about our finances. So for today's episode, I tapped into the expertise of Pearl Chan, one of the co-founders of Snowball Wealth, to get tips on:How we can financially protect ourselves in these trying times, andWhat to expect from the $2.2 trillion stimulus plan that the U.S. government recently passedSince the relief bill makes up the majority of our conversation, I've divided the episode into chapters so you can reference and find the most relevant parts of the discussion as quickly & easily as possible. Here are the questions that get answered:Chapter 1: Stimulus ChecksHow many checks or payments can we expect?Does everyone qualify for these payments?How will the money be distributed?Since the 2019 tax filing deadline has been pushed back from April 15th to July 15th, what happens if people haven’t filed their taxes yet?What if last year, someone’s income was too low and they didn’t need to file their taxes, how can they ensure they receive this help?Is this check counted as income, so will we have to pay taxes on it?When can we expect this money to arrive?If the payment doesn’t arrive on time, how can we be sure it wasn’t misdirected?Is there a particular government agency responsible for any other questions listeners might have on the stimulus checks?Chapter 2: Unemployment BenefitsWho is covered by the extended program that’s included in the Stimulus Plan?Where do gig workers, freelancers, independent contractors, and self-employed individuals fall?What if someone is a part-time worker who has lost their job because of the Coronavirus, but their state doesn’t have part-time worker unemployment benefits. What are their options?What if someone relies on a school, a day care or another facility to care for a child, elderly parent or another household member so that they can work, and that facility has been shut down because COVID-19. Are they eligible to receive these benefits?What happens if someone has a job and their place of work is considered essential so it’s open, but they can’t work because they’ve tested positive for the virus and have a mandate to stay home?How long will this unemployment assistance last?What if someone is already receiving unemployment benefits unrelated to COVID-19. Do they still qualify for Stimulus help?Will the additional money from the Stimulus Relief Plan disqualify folks from other programs they’re currently in?How are employees who’ve been put on furlough affected by all this; is it better to be unemployed at this point vs. furloughed?Chapter 3: Student LoansThe federal government has already waived two months of payments and interest for many federal student loan borrowers. Is there a bigger break now with the new Stimulus Bill?How can people know if their loans are eligible for the Stimulus Package help, or not?Can those who've made payments past March 13th ask for  refund?Will there be accrued interest on loans during the granted 6-month grace period?What if someone is trying to qualify for the public service loan forgiveness program by making 120 monthly payments, will the 6-month suspension affect that?A lot of companies offer tuition or loan assistance programs. What happens with that here?Pearl answers all these questions rapid-fire style, making of a short-and-sweet episode that's jam-packed with invaluable financial information. So tune in, learn, and enjoy!* * *For a direct link to this episode, visit saharmandi.com/episode13