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Protecting your Finances during the Coronavirus Pandemic

As you plan for the potential impact of the coronavirus, there are a number of steps that you can take to help protect yourself or a loved one financially, both in the short term and long term. Below are sources to help you start. My office is always available to provide additional guidance and resources.
IRS Portals for Economic Impact Payments

The IRS has two new, online portals related to the Economic Impact Payments. For more information and updates, click here.

Protecting Your Finances

The Consumer Financial Protection Bureau has released several resources to help consumers take steps to protect their finances during the COVID-19 pandemic, including how to avoid financial scams and submit complaints to the Bureau.

The Bureau is regularly updating its content to meet the needs of consumers confronting COVID-19.

CFPB links to information available for consumers:



Protect yourself financially from the impact of the coronavirus



The CFPB continues to help consumers make informed financial decisions with up-to-date information and resources



Protecting your credit during the coronavirus pandemic



Coronavirus and dealing with debt: Tips to help ease the impact



Tips for financial caregivers during the coronavirus pandemic

CFPB's Guide on what to do if you can't pay your mortgage

Protecting Your Business

The U.S. Small Business Administration is providing disaster assistance in response to the to coronavirus outbreak.For more information, click here

For assistance for small businesses, independent contractors and self-employed individuals, see Congressman Sherman's letter to his constituents, providing guidance and resources.

Your Taxes

FEDERAL

The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date has been officially extended from April 15, 20202 to July 15, 2020.

Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.

For more info on the extension of Tax Day, click here

STATE

For more info about California State filing of returns and payment of taxes owed, visit ftb.ca.gov

CITY

According to the Los Angeles County Treasurer & Tax Collector Keith Knox, "We have no authority to extend the April 10 deadline, as outlined by State Law. However, beginning on April 11, the day after property taxes are due, people unable to pay on time for reasons related to COVID-19 may submit a request for penalty cancellation online."

For more info, click here or click herefor Frequently asked Questions

Taxpayers can also visit https://ttc.lacounty.gov/, to review payment methods and several other online self-service options. Taxpayers may also call (213) 974-2111 for additional information.

Your Student Loans

If you have private student loans, you will need to reach out to your lenders and request leniency and/or forbearance. If your income has been slashed or has disappeared completely because of COVID-19, you should not hesitate to contact your loan servicer, explain your situation, and request relief.

For info on federal student loans, click here

Information on Price Gouging

Los Angeles County declared a health emergency on March 4, 2020 to more easily obtain resources and give more focus to coronavirus.

Price gouging is illegal whenever a local emergency has been declared, such as with coronavirus. For 30 days following such a declaration, it is unlawful for a person or business to sell or offer any food items or goods, goods or services used for emergeny clean-up, emergency supplies, medical supplies, home heating oil, building materials, housing transportation, freight, storage services, or gasoline at a price that is more than 10% higher than the price charged by that person for those goods or services immediately prior to the declaration.

Learn more via Los Angeles City Attorney Mike Feuer, here

For the latest updates on coronavirus scams from the Federal Trade Commission, click here