COVID-19 Impact on your Personal Financial Well Being

COVID-19 Impact on your Personal Financial Well Being

COVID-19 has not shut down America completely, but The Corona Virus has certainly made a huge impact on the production, employment and the financial markets of all kinds including the Real Estate Market. In this very troubling time we ask ourselves is this the end of our hopes and dreams? 

As the financial markets plummet, unemployment rate sores and nearly all small businesses have shut down our financial institutions are temporarily slowing down the lending pipeline on large commercial lending, small business loans and mortgage loans until the outcome of COVID-19 is clearly assessable. This coupled with the spat over oil prices and production between Russia and Saudi Arabia which was essentially the equivalent of pouring gasoline on fire is all lost, is there any hope for our financial future?

Well, of course there is hope, So where do we go from here? 

I’ve compiled and compressed the spawning of the financial help for Americans. My goal is to make us all feel better and shed some light on what the financial future hold.

Firstly, the FDIC is encouraging Financial Institutions to help with the current COVID-19 financial dilemmas for both individual borrowers and small businesses.

Forbes has compiled a list of the banks offering relief and their current statements and websites. 

There is a light at the end of the tunnel. Most of the Banks will offer Work Arounds for current customers. Remember if banks fail from nonpayment of outstanding loans everyone loses but mostly the banks. 

Here are a couple examples.

Bank of America is the leader in the movement already releasing statements about the Corona Virus Forbearance Program. No one knows exactly how that is going to work, as of this Blog but, it will be something like this: 

  • Depending on the severity of the hardship payments may be skipped until the crisis is over, most likely 120 days.
  • their loan payments.
  • Credit may not be affected.
  • Missed payments will be either:
  • Added to the principal of the loan.
  • A slight increase in payment over time to pay off the deficiency 

Customers must contact Bank of America to activate these relief options.

Ally Bank Customers

  • Existing auto loan customers: No payments due for up to 120 days. No late fees; interest will still accrue.
  • New auto loan customers: Defer first payment for up to 90 days.
  • Mortgage customers: No payments due for up to 120 days. No late fees; interest will still accrue.
  • Banking customers: No fees for expedited checks or debit cards. No overdraft fees. More than the usual six monthly savings account transactions will be allowed.

Customers must contact Ally Bank to activate these relief options.

These measures have been talked about and most haven’t been put in to actions yet. Remember missing a payment can devastate your credit standing and should be avoided at all costs. You must contact the financial institution servicing your loan for information on work arounds or forbearance. 

Some additional resources for financial well being during this most tenuous time are as follows:

H.R.6201 - Families First Coronavirus Response Act

This bill would provide paid sick leave and free coronavirus testing, expand food assistance and unemployment benefits, and require additional protections for healthcare workers. It has passed the House and Senate and is awaiting the president’s signature.

H.R.6201 - Families First Coronavirus Response Act

The government has also taken actions to make it easier for the healthcare industry to respond, including temporarily halting enforcement of some HIPAA regulations limiting the use of telecommunications to treat patients, and allowing for the use of non-medically approved masks used in industrial applications for healthcare workers. But this potential legislation, if passed, would be the first direct effort to provide financial relief to individuals. The initial legislation by two Democratic lawmakers last week proposed a cash payment of $1,000 to $6,000 to every American who earned less than $65,000 in 2019.

By Calling 211 or going to the United Way can direct individuals to serviced provided for individual City and State relief programs including the following:


-Housing Expense

-Essential Services 

Each state is different so best to contact your local United Way by dialing 211 or going to

Be Well New Mexico has temporary Health Insurance for those individuals and small groups affected by COVID-19

The SBA has some healthy guidelines for small businesses who are facing hardships during the Coronavirus crisis.

Now let’s talk about not letting a measly pandemic get in the way of our happiness, productivity and our connectedness.

1. Stay positive - What goes up must come down and conversely what goes down must always come UP!

2. A sense of accomplishment - Take this time to do the little things you’ve been putting off, I’ve been doing exactly that and it feels so good.

3. Stay in Touch - This means a phone call not a text. I’ve been taking this time to reach out to the people who are important to me, making sure they are doing ok and see if they need anything. This has been an incredible experience, my friends and family are more willing, and have time, to actually speak on the phone and get real.

4. Stop Hoarding - I’m cleaning out my freezer and my pantry. I’ve taken stalk of all the non-perishables I’ve purchase over the years and a freezer full of perishables that in recent years have paved the road to hell.

5. Honoring my Routine - Get up, Get showered, Get dressed! Laying around in my sweats isn’t going to make this situation go away it’s just going to make me lose my momentum for life. 

6. Workout - Gyms are closed but that hasn’t stopped me from going on a very long fast walk uphill. I’ve also been doing yoga, push ups, crunches and many other calisthenic in my home while listening to my favorite new song or a great audiobook.

7. Finally, Everything is Always Working Out For Me and You! - I’ve been looking for opportunities to be helpful rather than woe is meing. After all we are all in this together and by helping each other we will feel better about ourselves and our fantastic lives.

Create an Excellent Day!

Stay Safe and Healthy.

Mick Burke

Hunter Chase Realty, Inc.


[email protected]

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