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Resources for Short-Term Financial Relief During COVID-19

Slowing the spread of COVID-19 remains top priority, but as businesses in Louisiana continue to close temporarily due to the Governor’s statewide stay at home order, concerns over income losses are growing. For many, the COVID-19 pandemic is not just a public health crisis, it has quickly escalated into an economic crisis.

Businesses of all sizes and government at all levels are taking proactive steps to help ease the burden on those who are suddenly out of work due to social distancing restrictions, with no hope of a paycheck any time soon. The federal government is working on a plan that could deliver some relief in the form of checks sent directly to millions of Americans in the next few weeks.

Louisiana Department of Health, in partnership with United Way, has set up a Louisiana Statewide Network hotline for citizens to get important, up-to-date information related to COVID-19. Dial 211, text LACOVID to 898-211 or visit www.LA211Help.org.

Here are some resources you may find helpful in the short-term:

Loan Extension Requests

In order to assist our members who have temporarily lost their income or are facing financial difficulties, we have provided a way to request extensions quickly and easily for loan payments via a Loan Extension Request Form on our website. We are also here to help with information on applying for affordable personal loans, like our Signature Loans, or a Home Equity Line of Credit (HELOC) while rates are at an all time low.

Student Loans

The federal government is working on a solution to enable those with federal student loans to defer payments for up to 60 days with no interest accrual. You should contact your student loan servicer to find out how to take advantage of this benefit. If you find you are in need of a loan to pay for higher education, you may want to consider a Sallie Mae private student loan for undergraduate or graduate school tuition and expenses.

Unemployment Insurance

In Louisiana, if you are unable to work due to the Governor’s Order for COVID-19 social distancing measures, you can apply for unemployment to provide you with relief for some of your lost wages.

If any of these situations apply to you, you may be eligible for unemployment insurance:

1) your work hours have been reduced because of lack of work due to Coronavirus

2) your workplace closes temporarily, and you are not being compensated, or

3) you have been instructed not to go to work, and you are not being paid while at home.

You can file a claim at www.louisianaworks.net/hire or by calling the Claim Center at 866-783-5567, which is currently open daily from 8 am to 7 pm.

More information: http://www.laworks.net/Downloads/PR/COVID_19_Information.pdf

You are not alone if you are going through a tough time right now due to COVID-19. Hopefully, you can take advantage of some of the resources above to make things a little easier for you and your family and find much needed relief in the short term.