THE BASIS POINT

When do we get coronavirus relief checks? How do you avoid scams?

When do we get coronavirus relief checks? How do you avoid scams?

Last week, people who lost jobs and/or clients started emailing me for help. Two heartbreaking examples below. Now things are way worse. Three days ago, Goldman Sachs predicted the economy (GDP) would shrink by 5% in Q2. Today, Bank of America predicted the economy would shrink by 12% and lose 1 million jobs per month in Q2.

– Hello I am a hard working vinyl graphics independent contractor in garden grove ca, who has has vertically all my work cancelled this month due to the virus. Is there anywhere me and my wife can turn to for rent relief of assistance as we live in an apt. And do not know how we will make rent. Any info would be appreciated thank you.

– Things are getting out of hand. I have to pay $2,000 a month and that’s not including utilities and I’ve been laid off due to the Coronavirus. Is there and resources that would be provided to those in need?

So what do we do? Yesterday Trump signed coronavirus stimulus into law, and while it contains helpful items for paid sick leave, unemployment insurance, and coronavirus testing, it doesn’t have immediate impact.

Part two of relief plans involve sending checks directly to all Americans, and also to businesses to help with payroll.

Lawmakers are moving at “warp speed” on this but it’s not likely until next week.

I’ll update this post as we learn more, but the desperation makes us especially susceptible to scams.

And there will be scams, so here’s how to BEWARE OF SCAMS.

Here’s critical information on avoiding scams from the Federal Deposit Insurance Corporation (FDIC), which insures bank deposits.

The FDIC is also warning consumers of recent scams where imposters are pretending to be agency representatives to perpetrate fraudulent schemes.

During these unprecedented times consumers may receive false information regarding the security of their deposits or their ability to access cash. The FDIC does not send unsolicited correspondence asking for money or sensitive personal information. The agency will never contact people asking for personal details, such as bank account information, credit and debit card numbers, Social Security numbers, or passwords.

Consumers may also be contacted by persons who claim to be employed by an agency, bank, or another entity. These scams may involve a variety of communication channels, including emails, phone calls, letters, text messages, faxes, and social media. Scammers might also ask for personal information such as bank account numbers, Social Security numbers, dates of birth, and other details that can be used to commit fraud or sell a person’s identity. Consumers should not provide this information.

Please be careful out there, and email me with questions and updates of helpful information.

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