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Understanding Coronavirus Relief Options

Explore COVID-19 resources and learn how the government is responding to the crisis.

If you’ve been affected by COVID-19, you may be eligible for financial support from government programs. Check out Capital One’s self-service tool to find the relief you need, or explore the options below.

Economic Impact Payments

We know you might have questions about Economic Impact Payments (EIP) and what they mean for you, and we want to share as much as we know about the program to help keep you informed. Please visit our EIP site for more information. We also encourage you to visit IRS.gov for the latest information about the payments, including answers to questions about eligibility, payment amounts, what to expect, when to expect it and more. We will also continue to monitor and update our resources. 

Credit Cards and Other Loans

If you find yourself unable to make payments on bills, credit card debts or other loans, the Consumer Financial Protection Bureau (CFPB) recommends working with your lenders directly. The CFPB says the earlier you reach out, the better. And it has a helpful page describing what options may be available and what to say to your lender. 

Capital One customers who may be experiencing financial difficulties as a result of COVID-19 should reach out directly to discuss available resources.

Auto Loans

If you’re unable to make payments on your car loan, you should contact your lender immediately. The CFPB has guidance on a few of the ways lenders may be able to work with you. Loan extensions are one way. Generally, extensions allow you to skip a certain number of immediate payments and add them to the end of your loan.

Capital One customers who are experiencing challenges paying their auto loans can sign in to their account to see whether they qualify for a loan extension.

Small Businesses 

The federal government established a number of temporary programs to assist small businesses, including certain nonprofits, sole proprietors, independent contractors and other self-employed individuals. 

The Paycheck Protection Program (PPP) is one example. It was designed to provide funds to cover payroll costs and other eligible expenses. That could include things like interest on mortgages, rent and utilities.

Learn more by visiting the Small Business Administration’s website. You can also find small-business updates from Capital One and other resources, including FAQs about PPP loans.

Unemployment

If you’re among those who lost their job or income, there may be relief in the form of unemployment insurance. Programs are run by individual states, and these programs can be complex. But you can learn more about what to expect when you apply and find a full list of state unemployment websites from Capital One’s unemployment guide.

Record jobless numbers put a strain on many states’ systems and have caused payment delays in some places. But the Department of Labor, the federal agency that oversees unemployment programs, still says to contact your state’s office as soon as possible after you become unemployed.

The Department of Labor also sponsors CareerOneStop. It has more information about unemployment insurance, along with links to help you find a new job, explore career options and find training opportunities.

Housing Relief

If you’re worried about being able to make your mortgage or rent payments, the CFPB is working with other government agencies to provide help to homeowners and renters. The CFPB’s website has a lot of information, including resources to help people trying to

It may also be worth checking with authorities where you live to see whether other protections are available. For example, the CFPB says some states and localities have paused evictions.

Student Loans

The CFPB’s website has general information about student loans, with sections dedicated to federal loans, private loans and more. It may be a good place to start if you’re trying to learn about things like loan forbearance, loan deferment and loan defaults.

The Department of Education also has an expansive coronavirus page with detailed information about federal loans, including FAQs about:

  • 0% loan interest
  • Payment suspensions and due dates
  • Income-driven repayment
  • Federal aid applications and availability
  • Defaulted loans

The agency says to check its page frequently because it will be updating it on a regular basis.

Other Resources

The pandemic has affected everyone differently. If you’re looking for information beyond what’s provided here, the CFPB set up a page with links to other federal resources. The page includes sections specific to food assistance, medical bills, coronavirus-related scams, service members, older adults and beyond. 

You can find information about safety measures, testing and vaccines from the Centers for Disease Control and Prevention. And Capital One also has resources that may help you manage your finances during and after the pandemic.

Last updated 3/15/2021

Government and private relief efforts vary by location and may have changed since this article was published. Consult a financial adviser or the relevant government agencies and private lenders for the most current information.

We hope you found this helpful. Our content is not intended to provide legal, investment or financial advice or to indicate that a particular Capital One product or service is available or right for you. For specific advice about your unique circumstances, consider talking with a qualified professional.

This content includes links to external sites that are not owned or maintained by Capital One. The content in these links could change, and the links may become inaccessible. 

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