These banks are offering Pennsylvanians a break on mortgages, auto loans, and more during the coronavirus crisis
The new initiative, organized by the state Attorney General’s Office, is an effort to offer some relief as job losses put an unprecedented financial stress on the state’s residents.
Need a break on your mortgage or auto loan?
Five banks are offering relief to consumers affected by the coronavirus crisis under a new initiative by the Pennsylvania Attorney General’s Office.
PNC, Citizens Bank, Dollar Bank, First Commonwealth Bank, and OceanFirst Bank are participating in the program, which gives consumers grace periods on loans, fees, and foreclosures, among other relief.
“We can beat this crisis, but consumers and small businesses need to know their rights and use the resources available to them,” state Attorney General Josh Shapiro said in a statement. “This commitment will help Pennsylvanians who are facing lost wages, lost jobs, and lost income focus on what’s important: staying safe and healthy during this emergency.”
The state’s economy has ground to a halt after Gov. Tom Wolf ordered a statewide shutdown of “non-life-sustaining businesses" in a bid to slow the spread of the coronavirus pandemic. More than 1.1 million Pennsylvanians, or one in six workers in the state, have filed for unemployment benefits in the three weeks since the shutdown started, state data shows.
The new initiative launched by the Attorney General’s Office, called the “PA CARE Package,” is an effort to offer some relief as job losses put an unprecedented financial stress on state residents, especially given the uncertainty over when businesses can open again.
Under the program, banks and financial institutions work with the AG’s Office to comply with the recently passed federal relief package and offer additional protections. Participating banks are offering the following relief:
Expansion of small- and medium-business loan availability.
90-day grace period for mortgage payments (at least).
90-day grace period for other consumer loans such as auto loans.
90-day window for relief from fees and charges such as late and overdraft fees.
60-day moratorium on foreclosure, eviction, or motor vehicle repossession.
No adverse credit reporting for accessing relief on consumer loans.
PNC, the largest bank headquartered in the commonwealth, was the first to commit to the initiative last week. Citizens Bank signed up on Monday. The Attorney General’s Office expects other banks to join, too.
Go to www.attorneygeneral.gov/COVID19 for more information on the initiative.