Financial Resources for Employees affected by COVID-19

Restaurant Strong is offering a grant for restaurant staff

To qualify for grant assistance, you must satisfy all of the following requirements:

• Completed Application Form
• Full-time employee (Minimum of 30 hours total per week, can be multiple restaurants)
• Employed for 3 months or longer at the same location
• Worked in a restaurant, bar, cafe or nightclub located in:

• Arizona
• California
• Connecticut
• Florida
• Georgia
• Illinois
• Maine
• Massachusetts
• Michigan
• New Hampshire

• New Jersey
• New York
• North Carolina
• Ohio
• Pennsylvania
• Rhode Island
• South Carolina
• Tennessee
• Texas
• Vermont
• Submit the last two full-time (30 hour) pay stubs

If you meet the above requirements, please complete the application form here:

https://www.restaurantstrong.org/apply-for-grant/index.html

Ally Bank is offering the following financial support initiatives:

• Will defer payment for existing auto customers for up to 120 days without incurring late fees or finance charges
• Will give new auto customers the option to delay first payment for 90 days
• Will defer payment for existing mortgage customers for up to 120 days without incurring late fees or finance charges
• Will waive overdraft, expedited checks and debit card fees for existing bank customers for the next 120 days
• Will waive fees on excessive transactions on savings accounts for existing bank customers for the next 120 days

If you need help to make your mortgage payments more affordable and sustainable, reach out to your lender to discuss your situation and available options. Be sure to inform your lender that the loss of wages is due to the COVID-19 virus. Your lender wants to help you, and the sooner you reach out for help, the better.

Last week, the Federal Housing Finance Agency directed Fannie Mae and Freddie Mac (the Enterprises) to suspend foreclosures and evictions for at least 60 days due to the coronavirus national emergency. The foreclosure and eviction suspension applies to homeowners with an Enterprise-backed single-family mortgage.

Federal officials announced a nationwide halt to foreclosures and evictions this week, protecting more than 30 million Americans from the risk of losing their homes as the coronavirus outbreak ravages the economy.

But the federal plans don’t cover more than 40 million renters, many of whom, housing advocates worry, may not be able to pay their rent next month.

Bank of America announced it would do the following for customers with no negative credit bureau reporting for up-to-date clients:

• Will refund overdraft fees, non-sufficient funds fees and monthly maintenance fees upon request for banking and small business customers
• Will defer payments and issue refunds on late fees upon request for banking and small business customers
• Will defer payments and issue refunds on late fees for small business loans upon request
• Will defer payments, with payments added to the end of the loan, for auto loans upon request
• Will defer payments, with payments added to the end of the loan, for mortgages and home equity -lines of credit owned by Bank of America upon request

BBVA is initiating the following:

• Will offer loan, line of credit and credit card payment deferrals or extensions
• Will waive and refund ATM fees charged by other banks/ATM networks to use their ATMs
• Will offer penalty-free CD withdrawals for CDs opened prior to March 1, 2020 upon request

Capital One said it would offer financial relief options upon request, including limiting fees, providing minimum payment assistance and offering deferred loan payments.

Citi will do the following for an initial 30 days:

• Will waive fees on monthly services and penalties for early CD withdrawal for banking customers
• Will waive monthly service fees, remote deposit capture charges and penalties for early CD withdrawal for small business customers
• Offer credit line increases and collection forbearance programs for credit card customers
• Offer a range of hardship programs through their service provider, Cenlar FSB, for eligible mortgage customers

Fifth Third Bank Ohio-based Fifth Third Bank is offering the following programs and initiatives:

• Vehicle payment deferral program: offering payment deferral for up to 90 days and no late fees during the deferral period
• Credit card deferral program: offering payment deferral for up to three payments and no late fees during the deferral period
• Payment forbearance with no late fees for 90 days on mortgages and home equity lines of credit
• Small business payment deferral program: offering a payment deferral program for up to 90 days, no late fees and a range of loan modification options
• Will waive all fees on Fifth Third Fast Capital loans for six months
• Will waive fees for up to 90 days for a range of consumer and small business deposit products -and services
• Will suspend any new repossession actions on vehicles for the next 60 days
• Will suspend all foreclosure activity on homes for the next 60 days

Huntington Bank will offer the following programs:

• Consumer payment deferral program: will offer a payment deferral for up to 90 days with no credit bureau impact
• Small business payment deferral program: will offer a payment deferral for up to 90 days with no credit bureau impact
• Working to offer economic injury disaster loans for small businesses
• Will waive late fees on consumer loan payments through at least the end of March 2020
• Will waive late fees on business loan payments through at least the end of March 2020
• Will suspend any new repossession actions associated with vehicles, RVs or marine craft financed by Huntington through at least the end of March 2020
• Will enact reduced requirements for customers who want to redeem their already repossessed vehicle to one payment plus repossession fee
• Will suspend any new foreclosure actions, specific to residential properties unless required by federal or government agencies through at least the end of March 2020

KeyBank will offer the following:

• Will allow existing customers to defer payments for 90 days on mortgages and home equity lines of credit upon request
• Will allow existing customers to defer payments for 90 days on student loans upon request
• Will allow existing customers to defer payments for 90 days on auto loans upon request
• Will allow existing customers to defer payments for 90 days on credit cards and lines of credit upon request
• Will allow small business loan customers to defer loan payments for 90 days upon request
• Will waive late or overdraft fees
• Will waive penalties for early CD withdrawals
• Will suspend repossessions of vehicles unless required by a federal or government agency
• Will suspend residential property foreclosures unless required by a federal or government agency

KeyBank is also offering the following a temporary assistance loan, which is a shorter-term unsecured personal loan up to $5,000 with a low interest rate and the potential for same-day approval.

PNC will offer the following:

• Will waive or refund fees associated with deposit accounts or lending products, including credit cards and mortgages
• Will offer assistance programs for customers with consumer or business loans, credit cards or mortgages
• Will offer emergency hardship loans at a “low rate” for qualified consumer customers and employees

Restaurant Workers Community Foundation The society is raising money for the Restaurant Workers COVID-19 Relief Fund. This fund will be allocated as grants or no-interest loans for direct relief to restaurant workers and non-profit organizations serving restaurant workers.

Santander Bank will offer the following:

• Will temporarily suspend payments, as well as refund late payment and overdraft fees for bank customers
• Will stop collections calls
• Will suspend mortgage and home equity line of credit foreclosures
• Will waive early withdrawal penalties on CDs and waive outgoing wire fees for consumers
• Will increase ATM cash withdrawal amounts available
• Will offer extensions and payment deferral accommodations for existing small businesses clients
• Will offer credit card limit increases
• Will expand payment deferrals, waive late charges and issue lease extensions for lessees unable to return their vehicles for existing auto loan customers
• Will defer first payment for 90 days for new customers financing their auto loans through Chrysler Capital and offer a 0% APR for 84 months on select 2019 and 2020 models available

TD Bank will offer financial relief options upon request, including fee refunds, early penalty-free access to CDs and payment extensions.

Truist (Formerly SunTrust and BB&T Banks) instituted a number of relief measures:

• Offers payment relief assistance for clients on consumer loans, personal credit cards, business credit cards and business loans
• Will temporarily waive ATM surcharge fees
• Will offer 5% cash back for qualifying purchases at grocery stores and pharmacies through April 15, 2020

U.S. Bank will offer the following:

• Will retroactively waive credit card fees
• Will work to enhance skip-a-pay and payment deferral programs
• Will continue to offer regularly available services, including rush replacement of a credit or debit card, increased credit limits and fee waivers for those experiencing hardship

Effective Friday, March 13, U.S. Bank reduced the cost of the following loans:

• Simple Loan fees reduced to $6 per $100 borrowed (down from $12 with autopay)
• Personal Loan reduced APR of 2.99% for amounts between $1,000 and $4,999 for up to 48 months

Wells Fargo will offer the following:

• Fee waivers, payment deferrals and other expanded assistance for credit card, auto, mortgage, small business and personal lending customers who contact Wells Fargo directly
• Suspended residential property foreclosure sales, evictions and involuntary auto repossessions