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Managing your finances

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If you are facing financial difficulties as a result of the pandemic, we have resources to protect and manage your finances.

Advance Child Tax Credit

To support families during the coronavirus pandemic recovery effort, Congress expanded the Child Tax Credit through the American Rescue Plan Act to provide additional financial relief to millions of American families to help offset the cost of raising children.

Called the Advance Child Tax Credit , this expansion provides more money to more children through automatic monthly payments distributed by the IRS beginning in July 2021.

Stimulus checks and payments

As a result of the CARES Act, enacted in March 2020, the majority of Americans received some financial relief through Economic Impact Payments, which are issued by the Internal Revenue Service.

What to do if you’re struggling to pay bills

There are ways to get help if you are struggling to pay your bills due to the financial impact of COVID-19. But if you can still pay your bills, you will likely be better off staying on track.

Options when you can’t make payments

If you have trouble paying your bills, loans, or paying on time, there may be a number of options to help, especially if you reach out early to your lenders or creditors.

Tools to help when you can’t pay your bills

We also offer a variety of tools including some designed to help you:

Before you withdraw money from other sources

If you’re out of work and need income, find out what you should consider before withdrawing from your retirement savings or using home equity to cover expenses.

What to do if you lose your income

In March 2021, Congress passed, and the President signed, legislation providing an additional $300 weekly federal enhancement to all workers entitled to unemployment benefits. The supplement begins after March 14, 2021and ends on September 6, 2021. The legislation also extends the Pandemic Unemployment Assistance program which provides unemployment assistance to the self-employed and gig workers. Contact your state’s unemployment office or program for information or to apply for benefits.

You can look to your state’s unemployment insurance office or program to identify current options for benefits.

By Executive Order on August 8, 2020, the Federal Emergency Management Agency (FEMA) was authorized to award grants to states and territories to administer Lost Wage Assistance (LWA) as a supplemental unemployment payment. These supplemental payments from FEMA are in addition to unemployment insurance benefit paid by your state and will also be administered through your state and not FEMA. You can check here to see if your state has been approved to provide this assistance. Check with your state’s unemployment office or program to see how to apply for these supplemental payments.

Direct deposit options for unemployment benefits

Overview of pandemic unemployment benefits, options for how to receive money, value of using direct deposit to receive benefits, how to sign up for direct deposit, info on possible scams, and other tools to help manage money.

4 steps to resolve an unemployment benefits card error due to suspected fraud

  1. Find contact information for the bank that issued the card. You can generally find the contact information for the bank on the back of the card, when you log into your account online, or with the materials you received with your card.
  2. Contact the bank right away and let them know that you are having an issue with your card and suspect fraud. You should contact them right away if you suspect fraud on your account. Depending on the circumstances, if you wait too long to report, you could be responsible for more or all of the unauthorized or incorrect charges. Ask them how to file an error notice. If you are having trouble contacting your bank, go to step 4.
  3. File an error notice with the bank that issued the card. You can do this either by phone or in writing. Some banks may require you to follow up with a written confirmation after you notify them over the phone. If filing in writing, confirm the address where you are mailing your complaint. Once you file a notice, the bank will need to investigate the issue. They will get back to you with information on what was found during their investigation and what the next steps are. The investigation may take up to 45 or 90 days in some circumstances.
  4. If you can‘t reach your bank, do not hear back, or feel that your issue has not been resolved, you can submit a complaint to the CFPB. We’ll forward it to the bank and work to get you a response.

How to take control of your finances

Deal with debt

There are a number of steps that you can take to help manage debt in the face of the coronavirus pandemic. You can look to your state’s unemployment policies to identify current options for benefits. Your state’s public health office may also have information.

Protect your credit

Your credit reports and scores play an important role in your future financial opportunities. See steps to manage and protect your credit during the COVID-19 (coronavirus) pandemic.

Explore online banking tips

If you’ve been on the fence about doing your banking online or through a mobile app, now is a good time to get started as financial institutions change their branch hours during the COVID-19 pandemic.

Other federal resources to help you protect your finances