COVID-19 has done a number on the world, there’s no doubt about it. There has been a huge health impact but also a huge financial impact. The corporate sector and small businesses have seen relief in the form of low interest or forgivable loans as well as small business grants. For families that were completely laid off, they were able to claim unemployment benefits. While this is great news for the small business owners and the families hit hardest financially by COVID-19, there seems to me little to no assistance to families that fall in the in-between space of not being completely laid off and having regular employment.
The Hill District Federal Credit Union (HDFCU) has come up with a solution that not only assists families in the immediate, it also gives families the startup funds for emergency savings. For context, HDFCU is a Community Development Financial Institution (CDFI) and the goal of HDFCU is a sincere desire to help people help each other by providing a quick, economical source of confidential credit and by promoting thrift through a convenient systematic savings plan. To that goal, we are introducing the Family Protection Plan (FPP)! The FPP creates a path to creating emergency savings with a 0% interest loan to be used as an effective method for establishing emergency savings. Borrowers can get up to $1500 with $500 placed in a savings account. Borrowers will have up to 18 months to repay the loan (1st payment 90 days from disbursement, 18 monthly payments).
This loan is ideal for those who are still employed but have had additional expenses come up due to COVIID-19. For example, you still have your regular employment but because of the pandemic, your children need childcare that cost more than their summer programs would have cost you. You now have an added expense but your pay is still the same. The loan is also suitable for those who have had hours or wages cut due to COVID-19. You are still getting paid but not nearly as much as before and now you have troubles paying your bills but cannot claim unemployment. For individuals like those listed previously, HDFCU is offering this Family Protection Plan for you. The FPP application will be available on
Monday, August 3, 2020 at the HDFCU office at 2021 Centre Ave, Pittsburgh, PA 15219. With COVID cases rising and the economy continuing to be unstable, we found that our community needed a relief program catered specifically for them.
For more information, stop in or call us 412-281-0822.