Why July could be hardest month during COVID-19 and how you can prepare

Posted at 11:45 AM, Jul 08, 2020
and last updated 2020-07-08 23:22:18-04

If you are feeling the financial strain from COVID-19, July might not be the easiest month to get through.

That's because several coronavirus benefits through the federal CARES Act expire this month, not to mention taxes need to be filed. Here are three deadlines you need to prepare for:

1.) Taxes are due
The tax filing extension deadline is July 15. If you don't apply, ask for an extension, and don't file your taxes on time, you'll have to pay interest on your unpaid balance and a failure to file penalty. There are programs out there like Volunteer Income Tax Assistance or Tax Counseling (VITA) for the Elderly (TCE) that offer free tax preparation if you qualify.
Click here to find a site near you.

2.) Enhanced unemployment benefits end
If you are receiving Federal Pandemic Unemployment Compensation, that extra $600 a week will come to a halt on July 25. Currently, there's no extension, but you can contact members of Congress to ask questions or advocate for your cause.
If you're already feeling the financial strain, don't wait until the deadline, reach out to the state-wide helpline 211.

3.) Federal eviction protections end
If you are a renter in a home covered by a Fannie Mae or Freddie Mac mortgage and you couldn't pay your rent, you were protected from being evicted. On July 25, landlords can start sending eviction notices.
For tenant-landlord issues, a Milwaukee area group called Community Advocates offers helpful resources during COVID-19.
You can also read more about renter protections here.

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