As the coronavirus pandemic spreads through the U.S. and the world, the state of Arizona has taken preventative measure to stop the spread of the virus, while trying to help businesses, families and individuals who have been hit by the economic fallout. In addition to these state programs, the federal government has also stepped in to implement nationwide programs aimed at helping. Here’s what Arizonans need to know.
Arizona Coronavirus Relief for Individuals
Arizona has a number of COVID-19 relief programs designed specifically to help individuals navigate the economic effects caused by the outbreak. The programs specifically help those who are having trouble making housing payments or who have become unemployed due to the pandemic.
While the majority of expanded unemployment benefits come at a federal level, the Arizona state government is taking measures to expand unemployment coverage to its residents. The state is supplying certain individuals with a weekly stipend of up to $240 to make up for their lost income. It has also abandoned the one-week waiting period before recipients get their unemployment benefits.
Arizona governor Doug Ducey has issued several executive orders and signed agreements aimed at helping those who are facing eviction or who are unable to pay their rent and mortgages due to the coronavirus crisis. Banks are suspending evictions and foreclosures for at least 60 days. The enforcement of eviction orders is suspended 120 days as well.
The Rental Eviction Prevention Assistance program is also available for anyone who is in danger of not being able to make rental payments on their homes. Learn more on the Arizona state government website.
Arizona Coronavirus Relief for Small Businesses
Arizona’s small businesses have been hit hard by the coronavirus pandemic, as many have been forced to temporarily close due to the state’s executive order. The government has put measures in place to help them weather these times, though.
Community Investment Corporation (CIC) Disaster Relief Microloan
These loans are designed to help Arizona businesses that have been financial affected by the COVID-19 outbreak. The maximum loan amount is $10,000 and interest rates are 3%, with a 1.5% discount available for businesses that qualify for an Enhanced Community Benefit discount. Loan terms range up to five years and are typically disbursed seven to 10 days after approval. You can learn more on the CIC website.
Growth Partners Arizona Small Business Loans
Due to the coronavirus pandemic, Growth Partners Arizona has added two additional loan programs: Kiva Tucson crowdfunded loans and the Small Business Success Loan program. Kiva loans are community-backed and can be for $1,000 to $15,000, with no interest and no fees. The Small Business Success Loan program offers more traditional repayment loans of $10,000 to $75,000 to help with business operations during the coronavirus crisis. Stop by the Growth Partners Arizona website to learn more.
Federal Coronavirus Relief for Individuals
The federal government has put together a number of different programs to help Americans through the tough financial times caused by the coronavirus pandemic. The most well-known provision of the recently passed Coronavirus Aid, Relief and Economic Security (CARES) Act is the one-time stimulus check payment that most people are eligible for. The amount of money you receive depends on your adjusted gross income, or AGI. Individuals can get up to $1,200, while married couples can receive up to $2,400. Individuals with an AGI of less than $75,000 per year will receive the full amount, with reduced amounts available for anyone with an AGI of up to $99,000.
In addition, the CARES Act offers expanded unemployment benefits for up to 39 weeks, which is 13 more than is typically available is most states. Unemployment benefits also come with an extra $600 until through July 31, 2020. The CARES Act also outlines federally mandated paid sick leave and family leave, a July 15, 2020 extended federal income tax deadline, mortgage payment forbearance for those who lost their job to coronavirus and more.
Federal Coronavirus Relief for Small Businesses
Small businesses also have access to a federal relief programs that can help them through any financial strife they may be feeling at this time. The largest of these programs is the Paycheck Protection Program (PPP). The PPP lets businesses of less than 500 employees borrow up to 2.5 times their average monthly payroll, minus employee salaries of more than $100,000. These loans are partially forgivable when spent on payroll, mortgages, rent and other operational expenses.
Another relief program for small businesses is the Economic Injury Disaster Loan (EIDL) Program. EIDLs are available to any eligible business that’s been negatively affected by the COVID-19 pandemic. These loans range up to $2 million per business. Applicant businesses are also eligible to receive advance grants of $10,000 upon the filing of their application. These are designed to serve as quickly available cash payments that can cover operational expenses.
There are a range of other relief provisions in place as well. For six months, all payments on existing SBA loans, including principal, interest and fees, will be paid by the SBA. New 7(a) loans, 504 loans and microloans are all available for this benefit as well.
Arizona has been hit hard by the coronavirus outbreak, with thousands of cases and hundreds of deaths statewide. People have been forced to stay home, and with a huge decrease in demand for non-essential services, many business have been forced to close or lay off their workers. As a result, Arizona’s state government has developed programs to help people and businesses get through these tough times.
Tips for Taking Care of Your Money During the Coronavirus Crisis
- You don’t have to go at it alone. A financial advisor can build a financial and investing plan that keeps your money on track even when hard times hit. Finding the right financial advisor that fits your needs doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in just five minutes. If you’re ready to get matched with a local advisor, get started now.
- If you’re spending time just sitting around at home, now might be a good time to create a real financial plan for the future. Check out SmartAsset’s guide to financial planning.
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