Mint Mobile Bundle Discount: iPhone SE $15/Month, Service $15/Month

Posted on April 24, 2020 // 4 Comments

Mint Mobile has a new iPhone SE bundle promotion where you can get the new iPhone SE 2020 for $15/month + their $15/month cell service = $30/month total. You save $40 off the iPhone SE price and you lock in their bulk discount on data plans. Details below.

Apple’s new $400 iPhone SE may be called a “budget” phone, but I prefer to think of it as a “parts bin” phone that saves money not by using cheaper, low-quality ingredients, but instead by RE-using high-quality parts from other iPhones. Check out the review from your favorite tech site, but here’s a short take:

  • Screen/Body: iPhone 8. Same size as iPhone 6/7/8. Retina 4.7″ screen. Touch ID (no Face ID).
  • Latest CPU: iPhone 11 Pro. Same A13 Bionic chip as inside the current iPhone 11 Pro that costs $1,000. These fast internals mean this phone won’t be obsolete for 4+ years.
  • Camera: iPhone XR+. The hardware specs are like the iPhone XR which still costs $600 today. However, combined with the faster internals, Apple added software improvements to make it take better photos (portrait mode, etc). The camera is still significantly better than iPhone 6/7/8.

If you’re okay with the older body style (might be what you already have), this phone is a great value at $400 (64 GB).

$15/month for unlimited talk, text, and 3 GB of LTE data. We are in our second year of using Mint Mobile for cell phone service, an MVNO which runs on the T-Mobile network. One of us is on the $15 a month plan ($180 a year) for unlimited talk, text, and 3 GB of LTE data. The other pays $20 a month for unlimited talk, text, and 8 GB of data. You lock in this discount by paying for a year upfront.

In response to COVID-19, Mint Mobile offered their existing customers unlimited data (via free data add-ons) since March and going through May 14th, 2020.

New 2020 iPhone SE for $15/month. Mint Mobile combines these two into a new iPhone SE bundle promotion where you can also get the iPhone SE for $15/month for two years when you agree to also buy two years of service. This works out to $360 total for the phone, a $40 discount on the $400 retail price. You also get the free year of Apple TV+ streaming service included with all new iPhones.

End result: iPhone SE and unlimited talk/text/3GB data service for $30 a month total. Quite the frugal minimalist combo. You could also upgrade to the 8 GB data plan for $35/month total. This offer is for new Mint customers, although existing Mint customers can get 0% financing on the iPhone SE for $16.66 a month (you don’t save the $40 over 2 years).

Filed Under: Deals & Offers, Frugal Living //

10 Free eBooks For World Book Day

Posted on April 21, 2020 // 2 Comments

Amazon is celebrating World Book Day 2020 by giving away 9 free Kindle books from around the world covering a variety of genres, from contemporary fiction to true crime to a children’s book. “Buy” them for free by Friday 4/24 and you can own them forever. This is different than the Amazon Prime or Kindle Unlimited lists, where you are only borrowing them while paying the subscription fee.

Barnes and Noble also has the Evie in the Jungle NOOK eBook free for World Book Day. This is on top of the 1000s of free NOOK books otherwise available for free (would say “forever” but all bets are off if BN goes bankrupt).

Grab them now and read later. You can read both Kindle and NOOK eBooks on your smartphone or tablet. In fact, phones are turning out to be my favorite way to read. I rarely use my Kindle device anymore. The convenience of being able to read and highlight text whenever you have a few free minutes outweighs everything else.

Filed Under: Deals & Offers //

Official IRS Tool to Check Status of Stimulus Check

Posted on April 16, 2020 // 3 Comments

The IRS has released an official tool to check the status of your stimulus check, otherwise known as Economic Impact Payment / Coronavirus Tax Relief. It seems like you can also add your bank account information for direct deposit if they don’t have it on file, definitely if you were not required to file a 2018 or 2019 tax return. Data is updated once every night. You may need information from your 2018/2019 tax return for identification purposes.

Filed Under: Deals & Offers, Taxes //

Free HBO: 500 Hours Free To Stream During April 2020

Posted on April 16, 2020 // 1 Comment

For the month of April, HBO is making 500 hours of programming available to stream for free (without ads) for a limited time on HBO Now and HBO Go services without a subscription. You can download the HBO Go or HBO Now apps for iOS and Android, and I was able to use the HBO app in my Smart TV without issue. Click on the link for the list of available shows (not everything is free). I wonder if I can finish “Big Little Lies” before the end of April.

For the month of April, watch some of HBO’s most beloved shows and documentaries, plus a selection of movies — entirely for free. Just head to HBO GO or HBO NOW or On Demand to watch every episode of series like The Sopranos, Veep and The Wire along with documentaries including McMillion$ and I Love You, Now Die and movies like Crazy. Stupid. Love. and Blinded by the Light, no subscription required. See the full list of available shows, documentaries and movies below.

Filed Under: Deals & Offers //

Bank of America Paycheck Protection Program (PPP) List of Required Documentation

Posted on April 8, 2020 // 3 Comments

As a follow-up to my initial post on the Paycheck Protection Program (PPP), there has been a some speculation as to the specific documentation required to prove your eligibility and payroll numbers. Each lender may have some discretion as to exactly what they require, but here is what Bank of America has listed as required documentation to submit:

Organizations with employees who file Tax Form 940:

  • Tax Form 940 from 2019
  • Bank of America Paycheck Protection Program Loan Amount Template
  • Bank of America Paycheck Protection Program Application Addendum
  • Tax form 941 or Payroll processor records for the period including Feb 15, 2020

Documents for Sole Proprietors or Self Employed, who do not file Tax Form 940:

  • 1040 Schedule C, if filed for 2019 OR
  • Draft 1040 Schedule C for 2019 if not filed
  • Bank of America Paycheck Protection Program Application Addendum

Documents for All Other Small Businesses:

  • Form 1099-MISC for 2019, for services rendered as an independent contractor
  • Bank of America Paycheck Protection Program Application Addendum

As far as I can tell, the BofA Application Addendum contains the same certifications and questions as the paper PPP application.

Hopefully, this will help you get your documents in order ahead of time so that you can get your applications approved more quickly.

Filed Under: Banking, Deals & Offers, Entrepreneurial, Self-Employment //

Paycheck Protection Program (PPP): Forgivable SBA Loans For 2.5x Monthly Payroll

Posted on April 5, 2020 // 15 Comments

If you are a small business impacted by COVID-19, including self-employed and independent contractors, you have hopefully been following the developments of the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan Emergency Advance (EIDL) being rolled out by the Small Business Administration (SBA) and U.S. Treasury. Details are still being ironed out, but PPP could cover up to 2.5 months of your payroll costs. Here are some general highlights from the Treasury PPP overview PDF along with some details from the Bank of America PPP application:

Loan Amount = 2.5 times Average Monthly Payroll. “The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.” In the Bank of America PPP application, two possible options given were to use 2019 payroll or 2019 1099-MISC totals, and then multiple the average monthly payroll by 2.5. So if you averaged $6,000 per month, you can ask for a loan for $15,000. Income over $100,000 annually per employee isn’t covered. Here are some details:

For purposes of calculating “Average Monthly Payroll”, most Applicants will use the average monthly payroll for 2019, excluding costs over $100,000 on an annualized basis for each employee. For seasonal businesses, the Applicant may elect to instead use average monthly payroll for the time period between February 15, 2019 and June 30, 2019, excluding costs over $100,000 on an annualized basis for each employee. For new businesses, average monthly payroll may be calculated using the time period from January 1, 2020 to February 29, 2020, excluding costs over $100,000 on an annualized basis for each employee.

Fully Forgiven. “Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.”

In my Bank of America, the details are given that it is a 2-year loan at fixed 1% interest. As noted, payments are deferred for the first 6 months. If you use the money in an eligible manner (see below), it is fully forgiven and not treated as taxable income.

Must Keep Employees on the Payroll—or Rehire Quickly. “Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.” In other words, this is supposed to encourage companies to keep employees and is separate from unemployment insurance.

All Small Businesses Eligible. “Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors— are eligible. Businesses with more than 500 employees are eligible in certain industries.”

Businesses are limited to one PPP loan. Each loan will be registered under a Taxpayer Identification Number at the Small Business Administration (SBA) to prevent multiple loans to the same entity. Owners with more than one business may apply for a separate loan for each entity.

Application Dates and Details. “Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap. […] You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating.”

While technically you can apply at any SBA 7(a) lender, as of 4/5 many of them don’t even have any formal application process at all! Bank of America started accepting applications early, but first required both an existing BofA business checking relationship AND a BofA loan relationship as of 2/15/20. They later relaxed the rules to require at least an existing BofA business checking relationship as of 2/15/20. Most banks are limiting the applications to existing clients, but I’ve tried to list a few that don’t have such a restriction.

In addition, the US Treasury now has a paper application that you can submit to any eligible lender. I have no idea what will be the best. Small local bank? Mega bank? I would assume that if you have an existing relationship with a bank, they would be able to just deposit the money into your primary business account. But I’ve learned to stop making assumptions in 2020!

The funds are supposed to go out first come, first served, although they may expand the amount available. I’m sure that is not helping the chaos. No documentation was required upfront for BofA, but I would get your payroll documentation ready to submit as soon as they ask for it.

Filed Under: Banking, Deals & Offers, Entrepreneurial, Self-Employment //

Best Interest Rates on Cash – April 2020

Posted on April 2, 2020 // 4 Comments

The Federal Reserve further cut their target Fed Funds Rate to zero in March, so we continue to see a steady stream of rate drops on cash savings. I hope that some of you got a nice rate locked-in if you tried to refinance your mortgage.

Here’s my monthly roundup of the best interest rates on cash for April 2020, roughly sorted from shortest to longest maturities. I track these rates because I keep 12 months of expenses as a cash cushion and also invest in longer-term CDs (often at lesser-known credit unions) when they yield more than bonds. Check out my Ultimate Rate-Chaser Calculator to see how much extra interest you’d earn by moving money between accounts. Rates listed are available to everyone nationwide. Rates checked as of 4/2/2020.

High-yield savings accounts
While the huge megabanks make huge profits while paying you 0.01% APY, it’s easy to open a new “piggy-back” savings account and simply move some funds over from your existing checking account. The interest rates on savings accounts can drop at any time, so I list the top rates as well as competitive rates from banks with a history of competitive rates. Some banks will bait you with a temporary top rate and then lower the rates in the hopes that you are too lazy to leave.

Short-term guaranteed rates (1 year and under)
A common question is what to do with a big pile of cash that you’re waiting to deploy shortly (just sold your house, just sold your business, legal settlement, inheritance). My usual advice is to keep things simple and take your time. If not a savings account, then put it in a flexible short-term CD under the FDIC limits until you have a plan.

  • No Penalty CDs offer a fixed interest rate that can never go down, but you can still take out your money (once) without any fees if you want to use it elsewhere. Marcus has a 7-month No Penalty CD at 1.70% APY with a $500 minimum deposit. Ally Bank has a 11-month No Penalty CD at 1.55% APY with a $25,000 minimum deposit. CIT Bank has a 11-month No Penalty CD at 1.70% APY with a $1,000 minimum deposit. You may wish to open multiple CDs in smaller increments for more flexibility.
  • CIT Bank has a few competitive term CDs at similar rates: 12-month CD at 1.86% APY ($1,000 min), 13-month at 1.82% APY, and 18-month at 1.85% APY.

Money market mutual funds + Ultra-short bond ETFs
If you like to keep cash in a brokerage account, beware that many brokers pay out very little interest on their default cash sweep funds (and keep the difference for themselves). The following money market and ultra-short bond funds are not FDIC-insured, but may be a good option if you have idle cash and cheap/free commissions.

  • Vanguard Prime Money Market Fund currently pays an 1.07% SEC yield. The default sweep option is the Vanguard Federal Money Market Fund which has an SEC yield of 0.68%. You can manually move the money over to Prime if you meet the $3,000 minimum investment.
  • Vanguard Ultra-Short-Term Bond Fund currently pays 2.08% SEC yield ($3,000 min) and 2.18% SEC Yield ($50,000 min). The average duration is ~1 year, so there is more interest rate risk.
  • The PIMCO Enhanced Short Maturity Active Bond ETF (MINT) has a 2.57% SEC yield and the iShares Short Maturity Bond ETF (NEAR) has a 3.16% SEC yield while holding a portfolio of investment-grade bonds with an average duration of ~6 months. Note that the higher yield came from a drop in net asset value during the recent market stress.

Treasury Bills and Ultra-short Treasury ETFs
Another option is to buy individual Treasury bills which come in a variety of maturities from 4-weeks to 52-weeks. You can also invest in ETFs that hold a rotating basket of short-term Treasury Bills for you, while charging a small management fee for doing so. T-bill interest is exempt from state and local income taxes. Right now, this section probably isn’t very interesting as T-Bills are yielding close to zero!

  • You can build your own T-Bill ladder at TreasuryDirect.gov or via a brokerage account with a bond desk like Vanguard and Fidelity. Here are the current Treasury Bill rates. As of 4/2/2020, a new 4-week T-Bill had the equivalent of 0.09% annualized interest and a 52-week T-Bill had the equivalent of 0.14% annualized interest.
  • The Goldman Sachs Access Treasury 0-1 Year ETF (GBIL) has a 1.42% SEC yield and the SPDR Bloomberg Barclays 1-3 Month T-Bill ETF (BIL) has a 0.88% SEC yield. GBIL appears to have a slightly longer average maturity than BIL. Expect these yields to drop significantly as they are updated.

US Savings Bonds
Series I Savings Bonds offer rates that are linked to inflation and backed by the US government. You must hold them for at least a year. There are annual purchase limits. If you redeem them within 5 years there is a penalty of the last 3 months of interest.

  • “I Bonds” bought between November 2019 and April 2020 will earn a 2.22% rate for the first six months. The rate of the subsequent 6-month period will be based on inflation again. More info here.
  • In mid-April 2020, the CPI will be announced and you will have a short period where you will have a very close estimate of the rate for the next 12 months. I will have another post up at that time.

Prepaid Cards with Attached Savings Accounts
A small subset of prepaid debit cards have an “attached” FDIC-insured savings account with exceptionally high interest rates. The negatives are that balances are capped, and there are many fees that you must be careful to avoid (lest they eat up your interest). Some folks don’t mind the extra work and attention required, while others do. There is a long list of previous offers that have already disappeared with little notice. I don’t personally recommend nor use any of these anymore.

  • The only notable card left in this category is Mango Money at 6% APY on up to $2,500, but there are many hoops to jump through. Requirements include $1,500+ in “signature” purchases and a minimum balance of $25.00 at the end of the month.

Rewards checking accounts
These unique checking accounts pay above-average interest rates, but with unique risks. You have to jump through certain hoops, and if you make a mistake you won’t earn any interest for that month. Some folks don’t mind the extra work and attention required, while others do. Rates can also drop to near-zero quickly, leaving a “bait-and-switch” feeling. I don’t use any of these anymore.

  • Consumers Credit Union Free Rewards Checking (my review) still offers up to 5.09% APY on balances up to $10,000 if you make $500+ in ACH deposits, 12 debit card “signature” purchases, and spend $1,000 on their credit card each month. Elements Financial has dropped to 2% APY on balances up to $20,000 if you make 15 debit card “signature” purchases or other qualifying transactions per statement cycle. Find a locally-restricted rewards checking account at DepositAccounts.

Certificates of deposit (greater than 1 year)
CDs offer higher rates, but come with an early withdrawal penalty. By finding a bank CD with a reasonable early withdrawal penalty, you can enjoy higher rates but maintain access in a true emergency. Alternatively, consider building a CD ladder of different maturity lengths (ex. 1/2/3/4/5-years) such that you have access to part of the ladder each year, but your blended interest rate is higher than a savings account. When one CD matures, use that money to buy another 5-year CD to keep the ladder going. Some CDs also offer “add-ons” where you can deposit more funds if rates drop.

  • Pen Air Federal Credit Union has a 5-year certificate at 2.20% APY ($500 minimum). Early withdrawal penalty is 180 days of interest. Their other terms are competitive as well, if you want build a CD ladder. Anyone can join this credit union via partner organization ($3 one-time fee).
  • You can buy certificates of deposit via the bond desks of Vanguard and Fidelity. You may need an account to see the rates. These “brokered CDs” offer FDIC insurance and easy laddering, but they don’t come with predictable early withdrawal penalties. Vanguard and Fidelity both have a 5-year at 1.60% APY right now. Be wary of higher rates from callable CDs listed by Fidelity.

Longer-term Instruments
I’d use these with caution due to increased interest rate risk, but I still track them to see the rest of the current yield curve.

  • Willing to lock up your money for 10 years? You can buy long-term certificates of deposit via the bond desks of Vanguard and Fidelity. These “brokered CDs” offer FDIC insurance, but they don’t come with predictable early withdrawal penalties. Vanguard has a 10-year at 1.50% APY right now. Watch out for higher rates from callable CDs from Fidelity.
  • How about two decades? Series EE Savings Bonds are not indexed to inflation, but they have a unique guarantee that the value will double in value in 20 years, which equals a guaranteed return of 3.5% a year. However, if you don’t hold for that long, you’ll be stuck with the normal rate which is quite low (currently a sad 0.10% rate). I view this as a huge early withdrawal penalty. You could also view it as a hedge against prolonged deflation, but only if you can hold on for 20 years. As of 4/2/2020, the 20-year Treasury Bond rate was 1.04%.

All rates were checked as of 4/2/2020.

Filed Under: Banking, Deals & Offers, Investing //

National Emergency Library: Free Digitized Book Access During Pandemic

Posted on April 2, 2020 // Leave a Comment

It is estimated that 1 in 5 students across the world are currently unable to attend school. In response, the Internet Archive opened the National Emergency Library, which suspends the normal lending waitlists on its 1.4 million digitized books. Your local library also has an eBook section, but only has a finite number of copies that it can lend out at one time. (I’m still waiting patiently to read Ali Wong’s Dear Girls…) The National Emergency Library is essentially lending out unlimited copies through June 30, 2020, or the end of the US national emergency, whichever is later.

Announcing the National Emergency Library, a collection of books that supports emergency remote teaching, research activities, independent scholarship, and intellectual stimulation while universities, schools, training centers, and libraries are closed.

Here are their Frequently Asked Questions.

This may be is another helpful resource for those that can’t utilize their normal libraries.You won’t necessarily find the current bestsellers, but there are a number of classic books and good options for children. I randomly checked a few investing geek books that are relatively rare and expensive to buy, and they even have scans of Poor Charlie’s almanack : the wit and wisdom of Charles T. Munger and Margin of Safety by Seth Klarman.

Filed Under: Deals & Offers //

CARES Act: Stimulus Checks, Unemployment, Student Loan, IRA/401k, HSA/FSA Changes

Posted on March 31, 2020 // 14 Comments

In response to the coronavirus outbreak, the federal government approved a third round of economic relief. There is plenty of media coverage, but after reading multiple articles I noticed that nearly all of them miss at least one thing that another covered. Here’s my own mixtape of highlights so that you can research further if it applies to your situation.

$1,200 for each adult + $500 per child 16 or under. You may want to wait to file. Individuals under $75,000 adjusted gross income get the full amount, and married filing joint under $150,000 get the full amount. Fully phased out at $99,000/$198,000. You can find AGI on Line 8b on 2019 Form 1040 2019, Line 7 on 2018 Form 1040. Based on 2018 tax filing if you haven’t filed for 2019, and 2019 tax filing if you did file. So if got a big raise in 2019, you should delay filing. If your income went down in 2019 or you didn’t file before, you should file now. Finally, if you made a lot in 2019 and expect to make less in 2020, you may still be able to get the money eventually when filing your 2020 taxes.

There is no clawback provision on overpayments, so it doesn’t matter if you end up making more than the income limits in 2020. If you listed a bank account for direct deposit of tax refund, they will try to send your money that way (and then send you a snail mail confirmation). The target date is April 17th. Otherwise, you will likely have to wait longer for a physical check. The money is not taxable.

Unemployment benefits expanded again. The bill has expanded eligibility for unemployment benefits to self-employed and part-time workers. Eligibility also expanded to cover those unable to work due to the coronavirus outbreak. The eligible period is also extended by 13 weeks. There will also be an increased benefit amount (up to $600 per week) on top of your state benefits for up to 4 months.

401(k) and IRA early withdrawal penalties waived up to $100,000. You can now take up to $100,000 out of your IRAs and you have 3 years to put it back into your IRA again without penalty or tax. It’s kind of like a really long rollover window. However, you will owe income tax on whatever partial amount is not put back within 3 years. This is called a coronavirus-related distribution (CRD) and is limited to those affected by the coronavirus.

Instead of a hardship withdrawal, you may wish to take a 401k loan instead. The retirement plan loan limit is also raised to the smaller of $100,000 or up to the full amount vested. Anything that can permanently damage your retirement savings should all be avoided if possible, of course.

Required minimum distributions are waived for 2020. This applies to everyone, even if not affected by the coronavirus. If you don’t need to make the distribution, this can save you on taxes.

Extended student loan relief. Loan and interest payments will be deferred through September 30th without penalty for all federally owned student loans.

Expanded use of Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs). Tele-medicine services can now be used before meeting the plan deductible. You can again buy over-the-counter drugs without a prescription. Certain menstrual care products, such as tampons and pads, are also now eligible medical expenses.

Sources: NYT, Tax Foundation, NPR, Accounting Today, SHRM, SGR Law

Filed Under: Deals & Offers //

Amazon & Target Buy 2 Get 1 Free Board & Video Games, Targeted $5 eBook Credit

Posted on March 28, 2020 // 3 Comments

Amazon and Target have a few sales on video games and board games to help with that cabin fever.

Filed Under: Deals & Offers //

Sprint Unlimited Kickstart: Unlimited Talk, Text, Data For $35/Month

Posted on March 27, 2020 // 28 Comments

Sprint has an Unlimited Kickstart plan with unlimited talk/text/data for $35 per month, per line. No annual contracts. You can bring over your own compatible phone, or buy one from them. Online orders only. New customers only. Requires port-in of your existing number.

Pros of Kickstart Unlimited:

  • Unlimited talk, text, and data for $35 a month, per line.
  • You can bring over any compatible phone, or buy one from Sprint. Use their phone IMEI/MEID checker.
  • You can come over from ANY outside provider, Verizon/AT&T/T-Mobile or even another cheap MVNO.
  • No expiration date. Price will not go up after a year.
  • No annual contracts.
  • No family plan or minimum number of lines required.

Cons of Kickstart Unlimited:

  • New customers only.
  • Online orders only. You won’t see this offer in stores.
  • No mobile hotspot.
  • Unlimited video in standard definition. Video streams up to 480p, music up to 500 Kbps, gaming up to 2 Mbps.
  • Data deprioritization during congestion.
  • Autopay required.

Sprint Unlimited Kickstart is best for those that want to lock in unlimited data direct from a major provider at a low $35/month price. Verizon, AT&T, and T-Mobile Unlimited may have slightly better networks but they are also significantly more expensive.

I am not a huge data user, but it was still nice when I was on Sprint Unlimited. I could stream videos without worry and switched all my settings to “use cellular data whenever the heck you want!” instead of having to wait to sync or download things like podcasts over WiFi. There is also (slightly) better customer service at a major provider as compared to an MVNO. However, I would also consider the these MVNO alternatives as they can offer some significant savings.

Mint Mobile is another low-cost competitor with data caps. This is what I use. They are an MVNO that runs on the T-Mobile GSM network. You can get:

(Disclosure: I am a Mint affiliate and if you purchase a Mint plan through one of the links above, I may earn a commission. I am also a paying Mint customer. Thanks for supporting this individually-owned site.)

The thing about Mint Mobile is that you have to “buy in bulk”. Initially you have to buy at least 3 months upfront, and then after that you have to buy 12 months at a time to get their lowest price. After your LTE data runs out, you still get data included at slower 2G data speeds until your month resets. They do offer a 7-Day Money Back Guarantee (starts upon SIM activation) so you can test them out before making any commitment.

Filed Under: Deals & Offers, Frugal Living //

Special Coronavirus Relief: Paid Leave, Mortgage Payments, Student Loans, Credit Cards, and Unemployment

Posted on March 22, 2020 // 2 Comments

Wow. I thought that I was prepared, but I must admit that I was still shaken by last week. For those facing severe financial emergencies right now, so I have tried to collect information and links to where you can hopefully find some help. Be prepared advocate for yourself; many of these will only be given to those who ask and are persistent. Everything is in flux as well, so if you don’t find success try again later. There will be more government stimulus coming.

Paid leave for small/mid-sized business employees, including part-time workers and self-employed. Eligible employees can receive up to 80 hours of paid sick leave and expanded paid child care leave for 12 weeks when employees’ children’s schools are closed or child care providers are unavailable. Business must have less than 500 employees (52% of workforce). This is done via refundable payroll tax credits. DOL press release. NYT article.

The act provided paid sick leave and expanded family and medical leave for COVID-19 related reasons and created the refundable paid sick leave credit and the paid child-care leave credit for eligible employers. Eligible employers are businesses and tax-exempt organizations with fewer than 500 employees that are required to provide emergency paid sick leave and emergency paid family and medical leave under the act. Eligible employers will be able to claim these credits based on qualifying leave they provide between the effective date and Dec. 31, 2020. Equivalent credits are available to self-employed individuals based on similar circumstances.

Unemployment insurance. Many states are expanding their eligibility rules for unemployment benefits. You might be eligible if you have to stay at home to care for children. You may not have to officially quit your current job (i.e. your employer temporarily shuts down). You might be eligible if you are under quarantine or have to take care of someone under quarantine or infected. Please visit the Department of Labor for your specific state. CNBC article. DOL.gov/coronavirus.

Mortgage payments. Contact your mortgage or home-equity loan servicer directly to ask about mortgage payment deferral options. Fannie and Freddie Mac have instructed their loan servicers to suspend mortgage payments for up to 12 months if borrowers suffer hardship. In New York, the impacted can defer mortgage payments from any servicer for 90 days. Bank of America is allowing deferrals on a case-by-case basis, with the waived payments being added to the end of their loan term. CNBC article.

Student loans. President Trump announced that federally-held student loans would be set to 0% interest for at least 60 days in addition to being able to request forbearance for 60 days, but there has been a lot of difficulty in actually making the requests with loan servicers as they have cut back on call center hours. There will also be an automatic suspension of payments for any borrower more than 31 days delinquent as of March 13, 2020, or who becomes more than 31 days delinquent. Press release. ED.gov. Studentaid.gov.

Credit cards and auto loans. Chase, Citibank, American Express, US Bank, Discover, Ally Bank, and Apple have all announced some sort of accommodation for coronavirus. The offers are often vague, but it can’t hurt to call and ask for details. For example, Discover says it won’t report late payment to credit bureaus, but what about late fees and penalty APRs? Chase says they might waive fees or extend payment due dates, but only on a case-by-case basis. Apple (if approved) will allow you to skip your March credit card payment without incurring interest charges. Ally Bank will allow deferral of auto loan payments for 120 days, but finance charges will still accrue. Some of these are rather lame, like offering up credit line increases that were always available anyway.

Filed Under: Banking, Credit Cards, Deals & Offers, Real Estate //
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