Jump to Content
ABA: The American Bankers Association
Skip Section Navigation

The COVID-19 pandemic has caused financial hardship for millions of Americans, and ABA and the ABA Foundation are working in lockstep with our banking partners to support consumers during this difficult time.

Coronavirus Strikes. Banks Step Up.

America’s Banks are supporting customers, employees and communities.

See How Banks are Responding

Keeping yourself informed of your options is an important first step to weather this crisis. This webpage is designed to help you find the answers and support you need. For the most current information on COVID-19, please be sure to visit the Centers for Disease Control and Prevention.

Housing Payments

For more information regarding help for homeowners and renters, go to our COVID-19 Housing Relief Options page.

Other Monthly Bills

If you’re concerned that you will be unable to pay your monthly bills, contact your creditors as soon as possible and ask for hardship concessions.

  • Banks across the nation are encouraging customers experiencing financial hardship to contact them directly for support. They are also taking steps to respond to the needs of individual and business customers directly affected by the pandemic, while continuing to execute their own business continuity plans under challenging conditions. See how banks are responding
  • Many utility companies are offering deferred or temporarily reduced billing.
  • The Department of Education automatically placed eligible federal student loans under forbearance. You may stop making payments on eligible loans through December 31, 2020. Contact your federal loan servicer to determine if your loans are eligible. If your loans are not eligible, be sure to review other repayment options available for your loans.
  • The Consumer Financial Protection Bureau developed a host of "tools to help you when you can't pay your bills."

Contact a Housing and Credit Counselor

Counselors are professionally trained to help you assess your situation and evaluate the best financial options to consider. For assistance contact:

Economic Impact Payment: What Is It, and Who Is It For?

A new federal law—the Coronavirus Aid, Relief, and Economic Security (CARES) Act—authorized a $2 trillion economic relief package to assist U.S. consumers and businesses affected by the pandemic. Qualifying individuals receive a direct payment from the U.S. Treasury For answers to common questions about these payments, the American Bankers Association has developed Economic Impact Payment FAQs.

Protect Yourself and Create a Plan

Be Wary of Scams

Scammers prey on people’s fears. They use fake websites, bogus products, emails, texts messages and social media posts to find ways to steal your financial assets and your identity. Learn more about tips to avoid coronavirus scams and how you can protect your financial assets.

Review Your Credit

Your credit report contains financial information that lenders rely on to determine if they would be willing to lend to you. It contains information on how much debt you have, how frequently you pay your bills, how much credit you have access to, whether or not you have filed for bankruptcy or have a judgment rendered against you.

Under federal law, you are entitled to a copy of your credit report annually from the three credit reporting agencies: Experian, Equifax and Transunion. Be sure to review your information to ensure the reports are accurate.

Adapt Your Budget

It’s a good time to streamline your budget for food, utilities, housing costs and other obligations. Identify “wants” and “needs”  and focus on your needs at this time.

Check out ABA’s resources on managing your money for more information.

The U.S. government will begin sending payments to all eligible Americans, with the first wave available on April 15. To learn more about your eligibility, how much you may receive and what you can expect, read our frequently asked questions.