HARRISBURG, Pa. (WHTM) — Pennsylvania Attorney General Josh Shapiro announced on Monday the launch of ‘PA CARE Package’, the state’s consumer relief initiative.
PA Care Package looks to focus on partnering with banks throughout the commonwealth and ensure consumers impacted by the COVID-19 pandemic are eligible for economic relief.
The program hopes to 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.
“We are going to beat this crisis, but to do so Pennsylvanians and our small businesses need to know their rights and utilize the resources available to them during this time of need. Pennsylvanians need to stay focused on keeping their families safe and healthy and these efforts by banks and financial institutions will provide important relief,” Shapiro said in a release.
To commit to the ‘PA CARE Package’ initiative, financial institutions and banks must offer additional assistance to Pennsylvanians facing financial hardship:
- 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
PNC, the largest bank headquartered in Pennsylvania, is the first to commit to the initiative.
PNC Bank customers experiencing financial hardship due to COVID-19 should visit the dedicated webpage that PNC Bank has established to assist impacted customers in seeking financial relief. Customers can access this dedicated web page by going to https://www.pnc.com and clicking on the Important Coronavirus Update header on the page.