Relief is on the way for more New Jersey residents struggling to pay rent. The state has received an additional $42.7 million in federal funds for rent relief. Those funds will be distributed to households on the waiting list for state rental assistance. Meantime, the state is still urging tenants at risk of eviction to fill out an eviction protection self-certification form. According to the Department of Community Affairs, to date it has distributed more than $500 million in emergency rental assistance to more than 58,000 households.
More than 2,000 student loan borrowers in New Jersey will receive funds from a settlement between the state and the student loan processing company Navient, which used to be called Sallie Mae. New Jersey was one of 39 states that sued the company for deceptive practices, including misleading borrowers about past due amounts and not working out payment plans that benefited the borrower. Navient has agreed to pay millions in restitution to borrowers across the country. In New Jersey and elsewhere, borrowers will receive $260 on average. Navient, which did not admit any wrongdoing as part of the settlement, is also required to cancel $1.7 billion in private student loan debts.
More people than expected filed new unemployment claims in the latest week, and economists are saying the recent surge in COVID-19 cases is to blame. Economists say the uptick in cases has led to recent layoffs, but they expect those are temporary.
Get ready for a potentially frustrating tax season. The IRS announced this week that it has staffing shortages and is faced with a backlog of returns from last year. CPA Andrea Diaz of SKC and Co CPAs explains how that may impact you.
The IRS is encouraging people to file their returns electronically; you can start to do that as of Jan. 24. The deadline to file this year is April 18.
