On March 30, 2020, Attorney General Josh Shapiro announced the launch of the PA CARE Package. The program will focus on partnering with banks throughout the Commonwealth and ensure consumers impacted by the COVID-19 pandemic are eligible for economic relief.
The program will implement and expand on the recently-passed CARES Act as banks and financial institutions work with the Pennsylvania Bureau of Consumer Protection and offer additional important protections for consumers.
Financial institutions and banks that join the initiative must offer additional assistance to Pennsylvanians facing financial hardships due to impacts of the pandemic, such as:
- 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