Challenge Financial cares about you and your family. We are here to help you navigate through these uncertain times. Depending on your circumstances, we have several payment extension/deferral programs to help those whose income has been impacted by COVID-19.

• 2 for 1 Payment: If you have the funds to make a regular monthly payment now we are able to advance your account 2 months into the future.  This will cause you to incur additional interest, but the goal is by the time your next payment is due, our economy will be back up and running and you can return to work.
• Interest Only Extension: If you are unable to afford your monthly payment, you can pay just the interest you owe for the month, and we will advance your account one month.  By paying the interest immediately you extend the term of your loan by just one month, and avoid additional interest down the road that comes with a deferment.
• Government Assistance Deferment:  Thankfully, Government Assistance is on the way.  We have included some helpful details about how to access these benefits below.  If you are unable to afford the Challenge Payment Programs above, and are simply waiting for your Government Assistance to arrive, we ask that you make a Good Faith payment amount you can afford and we will defer the rest of your payment until your Government Assistance arrives. You will incur additional interest and extend the length of your loan based on the amount you are able to pay.
• Cash Income Deferment: Some Cash Income workers may not be eligible for the Government Assistance. If you learn you are in this group, we ask that you make a Good Faith payment amount you can afford and we will defer the rest of your payment for 30 days. This program will make you eligible for a modification of your loan, once you return to work.. You will incur additional interest and extend the length of your loan based on the amount you are able to pay.

Expanded Unemployment Assistance

• The federal CARES Act provides up to $600/week benefit in addition to existing State benefits.  Both State and Federal benefits are paid through your State Unemployment system, so apply immediately to access benefits as soon as they are available.
• Obtain of a record of your submitted application to access Challenge COVID-19 Payment Programs.
• CARES Act expands Unemployment eligibility to individuals who historically have not been eligible for unemployment benefits such as individuals who are self-employed, contract workers or gig workers.
• CARES Act authorizes extended benefits for an additional 13 weeks for individuals who exhaust their State provided unemployment benefits.
• How to apply for Unemployment with your State:
• ‍California
  Online: https://www.edd.ca.gov/claims.htm
  ‍Phone: 1-800-300-5616
  Online Espanol: https://www.edd.ca.gov/claims-espanol.htm
  ‍Phone Espanol: 1-800-326-8937
• ‍Arizona
  Online: https://des.az.gov/services/employment/unemployment-individual
  ‍Phone: 1 (877) 600-2722. Not Recommended due to volume of claims
  COVID-19 Specific Guidance
• ‍Utah
  Online: https://jobs.utah.gov/ui/home
  English Introduction: https://jobs.utah.gov/ui/UIShared/PDFs/Intro_to_UI_English.pdf
  Spanish Introduction: https://jobs.utah.gov/ui/UIShared/PDFs/Intro_to_UI_Spanish.pdf
  Salt Lake and South Davis Counties - 801-526-4400
  Weber and North Davis Counties - 801-612-0877
  Utah County - 801-375-4067
  Balance of State or Out of State - 1-888-848-0688

CARES Act Stimulus Checks (Direct Payments)

• Eligibility: Taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment.  If customers have not filed a 2018 or 2019 return the IRS recommends that they file back taxes for 2018 to establish eligibility.
  Taxpayers who are behind on tax payments or Child Care may NOT be eligible.
• Stimulus Payments: Payments will be of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child (dependents under 16). 
• When Payments go out:
• Taxpayers that previously used Direct Deposit to Pay taxes or receive refunds are scheduled to receive payment by the end of April. 
• If the IRS does not have your Direct Deposit information they will offer a web-based porta in the coming weeks that will allow people to provide their banking information to the IRS online so that they can receive their payments immediately.  https://www.irs.gov/coronavirus/economic-impact-payments
• Taxpayers that are paid via check may take up to 12 weeks to receive their payments.