It has been a while since the COVID-19 outbreak. Thousands of lives and jobs have been lost due to this viral pandemic. It's as if the whole world is fighting a bio war.
Apart from the health hazards, the economic effect on the entire world has been disastrous. Many workers are laid off as companies have been forced to shut down due to the social distancing regulations
No one knows when the economy will get back to the pre-recession period. No one knows when the job scenario will change and the unemployment ratio will dip. It will take a few more months or probably the entire year for the complete economic recovery.
If you lost your job after the COVID-19 outbreak, and are still unemployed, then there are a few things you can do to survive this tough situation. You can find them in the section below.
Loss of income has become a common phenomenon after the COVID-19 outbreak . Loss of job and pay cuts are the biggest challenges people are facing nowadays. Here are a few strategies to overcome the loss of income and unemployment problem.
The government is with you. Both the state and the federal government are ready to support you financially. All you need to do is knock at their door.
The federal government has already passed a $2.2 trillion package to help the unemployed people.
Last month, there was a huge rush and competition amongst people for claiming unemployment benefits. People called the helpline numbers only to get disconnected before getting any satisfactory reply. Some people couldn't even open the state website as there was a huge rush.
That scenario is slightly better now. And, even if the same problem persists, there is hardly anything you can do now. You have to keep on trying.
Unemployment insurance benefit is a program created by the federal and state government to provide the much needed financial help to the jobless people.
Each state government has created an online portal through which you can apply for unemployment benefits. So, you have to use that portal.
Well, everyone is not eligible for the unemployment benefits. There are a few eligibility criteria for that. Here are a few of them.
Much depends on where you live. In Florida, you can expect to receive a maximum of $275. However, if you live in New York, then you can expect to get up to $504. But this is not all. There is more. The federal government will give you an extra $600 until July 31, 2020.
In most states, you can enjoy the benefits for 26 weeks. Thanks to the CARE Act, you can enjoy the benefits for an additional 13 weeks. This would give you some sort of financial assistance for a long time.
The CARE Act has proved to be a boon, especially for Florida residents. In this state, the state unemployment insurance benefits are only available for 12 weeks. But now, residents can get an additional 14 weeks.
Life is at stake. Jobs are at stake. And, most importantly, there is hardly any money left. So, you have to be frugal and save money.
Forget about all the luxuries in life. It's time to get back to the basics. It's not the time to watch movies in the theaters or buy clothes. This year, you have to focus on saving money. Eliminate the 'luxury spending' category from your budget.
Take steps to reduce your expenses on the essential items. Lower your energy bill by reducing your electricity consumption. Buy only what you need for groceries.
The unemployment benefits will offer you financial support for a few months. You have to utilize this time to find a job. Even if you don't find a job, you need to grab money from wherever you can.
Grocery stores and online retailers need helping hands. You can apply for a job there. The wage won't be excellent though. And, once you get a job, you won't receive unemployment insurance benefits. So, you need to check. If your wage is more than what you're getting through unemployment benefits, then it makes sense to take up the job.
Consider this as a stop-gap. Look for a job with better perks.
The federal government is also looking for people to finish the 2020 census. It's a long and elaborate task. You can apply for a job there too.
Last but not least, you can apply for online jobs to save your health and wealth. The pandemic is not completely over yet. So, if you can get an online job, then it's better for you. Give a serious thought to freelancing.
Some expenses can't be ignored even when you don't have any income. For instance, credit card bill payments.
It's true that banks and financial institutions are offering hardship programs to consumers who are financially affected due to CoronaVirus. They are waiving late fees and allowing deferred payments. But that completely depends on a case-by-case basis. Moreover, the rush is so huge that many people are not even able to connect with the customer care representatives over the phone. Needless to say, they are not even getting a scope to explain their stories to creditors.
In this situation, you can call our toll-free number 800-530-OVLG to seek debt relief . We will contact your creditors, tell your story, and ask them to give you an affordable repayment plan. We will do all the negotiations on your behalf . There is no need to get stressed out while trying to reach the customer care officer every day without any success. And, you don't even have to go anywhere. Stay at home with your family. We will do everything online. So, it's hassle-free.
You must have raised your eyebrow after reading the above point. When the federal government is giving you more time to file your income tax returns, then why am I asking you to file your income tax returns quickly? Well, there is a valid reason why I'm insisting on this.
Now or later, you’ll have to file your income tax return. You can't evade it. Then why not pay it now? At least, this will help you to get tax refunds quickly.
In an uncertain time like this, every extra penny helps to mitigate the loss of income. You can use that money to pay your bills or buy groceries, or boost your emergency fund.
The year 2020 will always be remembered as a stressful year in the history of mankind. Both life and livelihood have been lost this year.
Individuals and companies have to hold each other's hands to survive the even more challenging days.
Use the aforementioned strategies to survive this depressing period. Motivate yourself by uttering this famous quote, "As long as there is life, there is hope".
Let's hope for a better future. Let's hope that we shall overcome all the challenges and things will be back to normal once again.