PA CARE Package to Provide Consumer Loan Relief

On March 30, 2020, the Pennsylvania Attorney General’s office launched “PA CARE Package,” an initiative focused on securing economic relief for Pennsylvanians impacted by the COVID-19 outbreak. This program will implement and expand on the recently passed federal CARES Act to protect Pennsylvania consumers.

Under the PA CARE Package initiative, banks and financial institutions across the Commonwealth will be working with the Pennsylvania Office of Attorney General’s Bureau of Consumer Protection to offer additional important protections for consumers affected by the COVID-19 pandemic. PNC Bank, headquartered in Pittsburgh, is the first to commit to the initiative.

To participate, financial institutions and banks must offer additional assistance to Pennsylvanians facing financial hardship due to impacts of the Coronavirus. These commitments include:

  • Expansion of small and medium business loan availability
  • 90-day grace period for mortgages and other consumer loans such as auto loans
  • 90-day window for relief from fees and charges such as late, overdraft fees
  • 60-day moratorium on foreclosure, eviction, or motor vehicle repossession
  • No adverse credit reporting for accessing relief on consumer loans

Additional information about the PA CARE Package program and other resources can be found on the Office of Attorney General’s Coronavirus webpage.

We do suggest exploring this opportunity for economic relief. Should you require assistance or have comments or questions, please contact Bob Grossman, Don Johnston or your GYF Executive at 412-338-9300.

Related Posts:

Pennsylvania Creates Small Business Assistance Loan Program

Small Business Loans Available through the CARES Act

CARES Act Stimulus Bill Becomes Law

Bob Grossman

Bob Grossman

Bob, one of the firm’s founding partners, has over 40 years of experience in public accounting. He specializes in tax and valuation issues that affect businesses as well as their stakeholders and owners. Bob has extensive experience working with the Internal Revenue Services and also serves as an expert witness in litigation matters.

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