By Stephen Fournier – KeyBank Central New York Market President
Our world has changed dramatically in just a few short weeks. The COVID-19 pandemic has forced once vibrant businesses to close or make big adjustments to the way they operate, Americans have had to stay home for an extended period of time, and many find themselves facing economic hardship due to sudden unemployment.
Navigating these challenging times can be overwhelming. KeyBank can be a good resource that can help you answer questions about your finances and develop a plan. Below are some options that KeyBank provides.
Consumer Relief
Existing Key borrowers experiencing financial hardship related to COVID-19, may be eligible for assistance such as a temporary assistance loan or a payment deferral.
Generally, a deferral extends your payment due date, giving you more time before your payment is due. Affected Key borrowers can request a deferral for a variety of KeyBank products including mortgages, home equity loans and lines, auto/boat/RV loans, lines of credit and credit cards.
You can contact Key at 1-800KEY2YOU (539-2986) or visit Key.com’s Borrower Assistance webpage for more information.
Small Business Relief
As a top national Small Business Administration (SBA) lender, Key has a variety of options and programs built to keep businesses running, as well as decades of experience with government programs.
To find out more about the SBA disaster recovery loans, visit disasterloan.SBA.gov.
For any service-related questions, contact us at 1-888-KEY4BIZ (539-4249).
Assistance for Non-COVID-19 Related Financial Hardships
Unemployment, decrease of income, rising expenses, declining property value, divorce, injury or illness are all considered hardships. If you’re experiencing a financial hardship not due to the coronavirus that makes it difficult for you to pay your bills, there may be help. Depending upon the type of Key product you have, some options may include:
Reage, Modification, Forbearance or Extension.
You can visit Key.com’s Borrower Assistance page for more information.
Financial Wellness
If you’re still employed, it’s a good time to develop a plan that can help you navigate challenges that could come in the future. If you don’t have an emergency fund yet, consider starting one. Having cash on hand for emergencies means you won’t have to divert money from your other goals when you face an unexpected expense.
Paying off debts is another important component of a good financial strategy. Make sure you’re setting aside money to pay the minimum on each of your debts. If you can afford to, make larger payments toward the account with the highest interest rate.
Also, be purposeful about your spending. Look at each category of your budget and think about whether your purchases are going toward things you really need. Are there opportunities to cut costs? You may find that money you’re spending would be better used to pursue a goal or to grow your nest egg.
Community Assistance
If you are in a position where you can help organizations in your community get through these challenging times, consider making a donation to a non-profit or charitable cause. Many employers are helping their workers contribute by matching funds given.
The KeyBank Foundation announced an initial $1 million commitment to communities across the bank’s footprint. These funds will be in addition to a 2:1 match for employee gifts up to $2,000 made between March 1, 2020 and April 30, 2020. The KeyBank Foundation also committed to shifting resources to supporting projects designed to minimize the impact of COVID-19 on communities’ most vulnerable members, small businesses, and neighborhoods.
The challenges we all face now will pass and when they do, it will be because we all came together to help each other. If you’re facing financial hardship, reach out to your banker to ask how they can assist you.
About the author: Stephen Fournier is President of KeyBank’s Central New York Market. He may be reached at either 315-470-5096 or [email protected].
