Pennsylvanians facing financial struggle as a result of COVID-19 will have another option for relief with a new consumer-focused program called the PA CARE Package.
The program will create a partnership between banks and financial institutions and the Pennsylvania Office of the Attorney General's Bureau of Consumer Protection to ensure that Pennsylvanians are eligible for financial relief.
PA CARE Package will implement and expand on the recently-passed federal CARES Act to protect Pennsylvania consumers.
To commit to the PA CARE Package initiative, financial institutions and banks must offer additional assistance to Pennsylvanians facing financial hardship due to impacts of the COVID-19 pandemic. This includes:
- Expansion of small and medium business loan availability
- 90-day grace period for mortgages (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, overdraft fees
- Foreclosure, eviction, or motor vehicle repossession moratorium for 60 days
- No adverse credit reporting for accessing relief on consumer loans
PNC, the largest bank headquartered in Pennsylvania, is the first to commit to the PA CARE Package initiative.
PNC Bank customers experiencing financial hardship due to COVID-19 should visit the dedicated webpage that PNC Bank has established to assist impacted customers in seeking financial relief. In some cases, customers can request relief simply by completing an online form. This should ONLY be done through PNC's official website; any other website offering to connect a customer with PNC is likely collecting people's bank information fraudulently.
“We are going to beat this crisis, but to do so Pennsylvanians and our small businesses need to know their rights and utilize the resources available to them during this time of need. Pennsylvanians needs to stay focused on keeping their families safe and healthy and these efforts by banks and financial institutions will provide important relief," Attorney General Josh Shapiro added.
Governor Wolf is in support of the initiative, and said, “We need to provide relief for Pennsylvanians, and my administration including the Department of Banking and Securities will work with Attorney General Shapiro to help people who are struggling at this difficult time.”
For more information on PA CARE Package, visit the Pennsylvania Office of Attorney General’s Coronavirus webpage, located here.