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Financial Options During COVID-19 [UPDATED]

V1 Staff

Unemployment Insurance

If you've been laid off, let go, or furloughed, the Wisconsin Department of Workforce Development offers Unemployment Insurance. Use this link to learn more.

Updated March 19


Utilities

Wisconsin Gov. Tony Evers has ordered several utility-related administrative rules to be changed to give residents added flexibility during the current public health emergency. As of Sunday, March 22, utilities in Wisconsin have been ordered to: 

  • Stop utility disconnection for nonpayment for all customers, including commercial, industrial, and farm accounts. Previously this applied to residential accounts only;
  • Cease assessing late fees to customer accounts;
  • Halt the practice of requiring deposits from customers for reconnection of service;
  • Allow deferred payment agreements for all customers who request them;
  • Remove any administrative barriers for customers establishing or reestablishing utility service; and
  • Authorize water utilities to provide budget billing arrangements to customers. Electric and natural gas utilities are allowed to do this under current rules.

Read the full press release here.

Updated March 22


Xcel Energy

Xcel Energy announced they will not disconnect residential customers’ electric or natural gas service until further notice. For customers who have difficulty paying their electric or gas bill, the company will work with them to arrange a payment plan.

Updated March 19


Small Business 20/20

Announced on March 18, the Wisconsin Economic Development Corporation (WEDC) has opened a grant program called Small Business 20/20 to help the "smallest of the small" businesses make it through the upcoming hard financial periods. Learn more about this program here.

Updated March 19


Student Loan Interest

Announced March 13, the federal government will temporarily waive interest on student loans during an emergency period that coincides with the COVID-19 outbreak. The Department of Education has stated that this waiver will be applied automatically. 

Updated March 19


Mortgage Forbearance

On March 19, mortgage lending giants Fannie Mae & Freddie Mac  announced a number of response strategies to the financial instability of COVID-19. If your mortgage is underwritten by either of these lending agencies, learn more about how their strategies can affect you.

In addition, the Department of Housing and Urban Development has announced a 60 day moratorium on foreclosures.

Updated March 19


Taxes

Both the U.S. Internal Revenue Services have extended the tax filing deadline from April 15 to July 15. Read about the IRS extension here and the state extension here.

Announced March 19, the IRS has extended the tax payment deadline until JULY 15. The deadline to file your taxes is still APRIL 15. Read more about tax information regarding to COVID-19 here

Updated March 23