The Coronavirus (Covid-19) is slamming the economy; the stock market has taken a tumble, millions of workers have lost their jobs, people have been forced to tap into their retirements to make ends meet, and businesses across the United States are at a standstill until further notice. During these unprecedented times, close to one-half of Americans who live paycheck to paycheck and without an emergency savings are wondering what can be done to ease the financial burdens they are facing, and will likely continue to face, as they are required to shelter in place and self-quarantine for an unknown timeframe.
Congress has approved a $2 trillion rescue package to provide cash and credit to families and businesses, with lower- to middle-income Americans getting a one-time payment of $1,200 within the next few weeks and unemployment benefits being increased significantly. Small business owners, who may face the difficult decision of bankruptcy or liquidation if they are not able to reopen soon, are also able to apply for help through the Small Business Administration, which has increased the money available.
While these options will help many people, they are not immediate solutions and they won’t completely cover all of the financial burdens that many will continue to face. However, until life returns to normal, consider these options for easing your financial burden during the Coronavirus pandemic.
File for Unemployment Benefits
If your work hours have been decreased due to the Coronavirus, you may be eligible to file for unemployment compensation benefits, which has been expanded to include typically ineligible workers such as part-time workers, gig workers, those that are self-employed, and independent contractors, for the next four (4) months.
The amount of benefits you will receive will vary by the amount of money you typically make. Generally, unemployment covers 40-45 percent of lost income, although benefits may be expanded to include an additional amount, averaging $600 per week, depending on the State.
The sooner you file, the better, as applications have skyrocketed, with over 3.3 million applications in just one week.
Request Extensions on Bills
Many companies have stepped up and are allowing those affected by the Coronavirus to extend their payment deadlines, which includes credit card companies, insurance companies, lenders, and utility companies. You will likely have to give each company a call and ask for an extension on your bill payments, but many of these companies are being very flexible.
For those with Federal student loans, all payments are suspended without a penalty until September 30. Older Federal Family Education Loans (FFEL), Perkins loans, loans from state agencies, and loans from private lenders like Sallie Mae and Wells Fargo are not eligible under the Federal program but may have their own assistance programs.
Consider a Temporary Job
While many companies are laying off employees, many others are expanding their workforce. With an increased demand for goods during this pandemic, companies like Walmart, Walgreens, Dominos, CVS, the Dollar Tree, Dollar General, and grocery stores are hiring tens of thousands of workers.
Online and remote work are other options for workers who are sheltering at home and sites like Indeed and LinkedIn have updated lists of businesses looking for help during this time.
Crowdfunding
One of the hardest-hit industries during the Coronavirus pandemic is the hospitality industry. Bars and restaurants have had to halt dining in and instead turn to delivery and pickup only, or they’ve had to shut their doors completely. Under The Restaurant Worker’s Community Foundation and Restaurant Opportunities United, two of a number of crowdfunding groups, those who work in hospitality can receive some financial help.
If you are in need of financial assistance during this crisis, you can also set up crowdfunding through sites like GoFundMe to share with family, friends, and others who may want to donate to your situation.
Avoid Coronavirus Scams
Unfortunately, during tough times, scam artists tend to come out in droves. Corona-related phishing scams are especially rampant, making it more important than ever to protect your financial information while online. Never click on any links or download anything from emails you did not request.
Do not hand over your social security number or bank account number to anyone that claims to be from the Centers for Disease Control (CDC) claiming to be part of a vaccine reserve program. A Coronavirus vaccine is likely at least 12-18 months away and the government will never implement a vaccine reserve program.
Also, if you receive a phone call, email, or text message from anyone claiming to be a representative of the Federal government that is trying to get you to pay upfront for the $1,200 economic hardship stimulus, or they are attempting to access your bank account information for a deposit, report them to the Federal Trade Commission (FTC). The government will not do either of these things and all aid checks will be automatically sent.
Stay Healthy
The best way to keep yourself financially stable during the Coronavirus pandemic is to keep yourself healthy and avoid exposure to the virus completely. Follow your state’s guidelines on sheltering in place and the CDC’s recommendations on staying well, including:
- Stay home as much as possible
- Maintain a 6-foot buffer zone between yourself and others when you must go out
- Wash hands frequently
- Wear a face mask around others
- Cough and sneeze into your elbow or a tissue
- Clean and disinfect frequently used surfaces daily
We at America’s Consumer Lawyer understand this is a difficult time for everyone, but we are here to help. Helping our clients is about counseling, advocating, and ultimately solving problems. With years of experience successfully representing the people, not the powerful, we will take care of the insurance adjusters, your medical bills, your property damage, and your lost wages, and monitor your treatment so you can focus on healing and getting your life back to normal. Our unique formula has earned us over 1,000 outstanding client reviews on our website, an A+ BBB rating, and over 135 five-star reviews on Google. Call 888-572-0176, e-mail us at michael@agrusslawfirm.com or schedule a meeting with us here. We’re here 24/7.
