Personal Finance

Goldman Sachs says 100,000 customers have tapped Covid-19 hardship program

Key Points
  • Amid the coronavirus crisis, Goldman Sachs says more than 100,000 customers have tapped the bank's temporary hardship program. 
  • As part of the relief offerings, Apple cardholders can skip a payment without incurring interest charges.
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In the face of the coronavirus crisis, millions of Americans are not able to pay their bills

To that end, a number of financial institutions, including Goldman Sachs, Ally Financial, Bank of America, Citi and Fifth Third Bank, have taken steps to offer some assistance for customers affected by Covid-19.

Since Goldman Sachs' hardship program rolled out in March, more than 100,000 customers have enrolled, according to Omer Ismail, head of the bank's consumer business in the Americas.

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Marcus by Goldman Sachs allows customers to postpone making a loan payment for one month — with no interest charged during the deferral  — and is waiving penalties for early CD withdrawals.

A similar offering from Goldman's Apple Card also allows cardholders to skip a payment without incurring interest charges.

Here is a running list of some of the other banks that currently offer financial aid to those experiencing an economic shock from Covid-19. 

Source: Apple

Since the pandemic is far from over, Ismail said, the bank is now considering how to extend the program, which was originally set to run for four months. 

"We know that this is a tough time for many, and we want to make sure that those that have been impacted by the pandemic have this program available," he said.

Goldman Sachs has also partnered with Amazon to offer small-business owners revolving credit lines with a fixed annual interest rate.

Here's how the Amazon-Goldman partnership will impact recovery for small biz