Coronavirus Latest: Hogan Administration Announces Financial Relief Initiatives For Businesses, Consumers In Maryland
BALTIMORE (WJZ) -- Gov. Larry Hogan issued an Executive Order and announced a series of financial relief initiatives Friday in an effort to provide assistance to consumers and small businesses who are facing economic hardships due to the COVID-19 pandemic.
"As our state responds to this deadly public health emergency, Marylanders should not be worried about losing their homes, cars or property. Instead, they should be worried about keeping themselves and their family safe and healthy," Hogan said. "These financial initiatives will provide much needed relief to millions of hardworking consumers and business owners in Maryland who are now facing financial difficulties through no fault of their own."
Several of Maryland's largest banks, credit unions, mortgage lenders, state agencies and other financial entities have collaborated to provide additional flexibility to consumer borrowers and lessen the economic impact of COVID-19.
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Below is a list of some of the relief options Marylanders may be eligible for after contacting their financial service providers:
MORTGAGE RELIEF
90 Days of Payment Deferrals
Mortgage lenders will provide payment deferrals of up to 90 days for mortgage payments.
Late Fee Waivers
Mortgage lenders will not charge late fees for specified periods.
ADDITIONAL CONSUMER RELIEF
Residential Eviction Moratorium
Temporarily prohibits evictions of tenants suffering substantial loss of income due to COVID-19.
Vehicle Repossession Moratorium
Temporarily prohibits vehicle repossessions and other creditor "self-help" remedies to ensure those in need of mobility can continue to access jobs and medical assistance during the COVID-19 emergency.
BUSINESS RELIEF
Governor Hogan's Executive Order also contains a number of provisions that will prove beneficial to Maryland's banks, credit unions, and small and medium sized businesses during the COVID-19 outbreak.
Commercial Eviction Moratorium
Temporarily prohibits evictions of small and medium sized business tenants suffering substantial loss of income due to COVID-19.
All Marylanders, consumers and businesses, are urged to contact their financial service providers as soon as they believe they will have problems making payments to learn about additional opportunities for assistance during COVID-19.
For more information about the financial resources available in Maryland, visit the Office of the Commissioner of Financial Regulation's website.
For the latest information on coronavirus go to the Maryland Health Department's website or call 211. You can find all of WJZ's coverage on coronavirus in Maryland here.
