Covid-19 Updates

Essential details and vital information concerning Covid-19 and lending services.

Covid-19 Updates & Information

How we respond to COVID-19

As Covid-19 keeps ravaging the lives of virtually everyone in our nation, MoneyZap spares no effort to assist those in need. We have put together the most important information to help you in these trying times. Our website MoneyZap does what it's best known for, providing this service for free.

Government-approved stimulus checks

COVID-19 Stimulus - Third Round (Still Pending)

On January 14, President Joe Biden announced the third round of stimulus checks. Qualifying single taxpayers expecting to receive (or who have received) $600 in the latest second payment round may be eligible for Biden's proposed $1,400.

Check out the IRS website for the latest updates on the third-round stimulus checks.

COVID-19 Stimulus - Second Round (Being paid out)

By December 30, it was expected of the U.S. Senate to determine a measure to raise the amount of the second stimulus from $600 to $2,000. An earlier relief bill calling for $600 payments was signed into law on December 27. As of December 28, the House of Representatives had approved a measure to raise the stimulus check to $2,000. Further changes or delays in finalizing the amount may impact the distribution schedule for the stimulus checks.

Kindly visit the IRS website for the latest updates on the second round of stimulus checks.

COVID-19 Stimulus - First Round

The first round of stimulus checks have been disbursed and saw the larger American population getting their $1,200 (each) worth of stimulus checks, also known as EPIs (Economic Impact Payments) according to the Internal revenue service. Approved in March, the first round of stimulus checks included $500 payments for qualified dependent children. The funds were distributed via direct bank deposit, prepaid debit card, and paper checks.

Student loans

After a series of previous extensions, as of June 2022, President Biden further extended the suspension of student loan repayment through August 31, 2022.

Note: These student loans and interest suspensions are only applicable to federal student loans issued by the Department of Education.

There are several federal student loans in the FEEL (Federal Family Education Loan) Program that commercial lenders own. Similarly, there are Perkins Loans held by your educational institution. So, it's left to your school or FEEL lender to forfeit interest and payments of their own volition. However, they are not legally mandated to take any such action. Check out this list of federal student loan servicers, and visit consumerfinance.gov for more details.

Preventive measures for COVID-19

Below is a list of recommendations from the CDC to protect yourself when going out:

Put on a mask that covers your mouth and nose to shield yourself and others from the virus
Stay away from large crowds
Maintain a distance of at least 6 feet from others
Always maintain ventilation and avoid poorly ventilated rooms
Wash your hands frequently with soap and water
Apply hand sanitizer if water and soap aren't handy

Visit the Center for Disease Control website for more information on how to prevent COVID-19.

What Symptoms Should You Look Out for?

Here are some of the commonest symptoms of Covid-19:

Fever
Headaches
Cough
Nausea
Sore throat
Fatigue
Body or muscle aches
Diarrhea
Loss of smell or taste

If you have difficulty staying awake, chest pain or pressure, or breathing difficulty, visit the doctor right away.

FAQs Related To Borrowing During COVID-19

What if I'm unable to make an upcoming loan payment?

By accepting a particular loan's terms and conditions, you agree and are obligated to repay the loan following a designated schedule according to your agreement with the lender. Non-payment of the loan may attract additional charges. Late payment also carries its own penalties, though it differs by lender. If, for any reason, you will be unable to meet up with the next payment when due, kindly inform your lender right away to see how to resolve that amicably.

Can I postpone a payment or payments?

You must directly communicate with your lender to determine your available options.