The economic crisis caused by the COVID-19 pandemic has had devastating implications for millions of Americans. More than 3 million people filed for unemployment last month, including more than 844,000 in Pennsylvania alone.
In a bid for some temporary assistance for Pennsylvania, state Attorney General Josh Shapiro has called on banks across the commonwealth to offer a package of relief measures that would take pressure off customers who are struggling financially, ensuring that people can sustain themselves during the difficult road ahead.
The package, known as “PA CARES,” would institute 90-day grace periods for mortgages and other consumer loans, and a 60-day moratorium on foreclosure, eviction or vehicle repossession. The measures would also include an expansion of small and medium business loan availability, 90-day relief from fees and charges such as overdraft fees, and no adverse credit reporting for accessing these relief measures.