According to KGET, California Governor Gavin Newsom is ensuring Californians are protected as much as possible during this time.
In a press conference, the Democrat announced that over 200 banks- including Wells Fargo, Citi Bank, JP Morgan Chase, and US Bank- have been included to extend their grace periods to 90-days.
Following the press conference, Newsom tweeted.
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“Families should not lose their homes because of COVID-19. Very pleased that Wells Fargo, Citi, JPMorgan, and US Bank have agreed to a 90 day grace period for mortgage payments for those impacted by COVID-19,” he said. “A big sigh of relief for millions of CA families.”
According to the Los Angeles Times, the extension may last longer, depending on the situation of the homeowner. Also, any late payments will not be reported to credit bureaus.
Governor Newsom is also urging all banks to provide small financial loans to student loans borrowers and small businesses.
“As we continue the battle on the public health front, we must also brace ourselves for a financial crisis that is only beginning,” Alvarez said in the email. “Now is the time for all institutions, public and private, to do our part in staving off a tsunami of financial harm barreling toward California consumers.”
This comes after more than 1 million Californians applied for unemployment, due to being laid off because of the Coronavirus.
