How to help Virus-Proof Your Paycheck
March 18, 2020
- Government programs for employees affected by Coronavirus
- A list of links, from unemployment relief to student debt FAQs
- How to earn extra income while you’re stuck at home
Coronavirus. COVID-19. A corona with a virus. Whatever you call it, a new global pandemic has brought a cloud of doubt over the US economy and a wrecking ball to many of our Paychecks. Virus’ don’t know that US economic fundamentals are strong, and they certainly don’t care about what happens to your Paycheck. In these times of uncertainty, it’s important that we band together, wash our hands, and protect ourselves financially as best we can.
Programs, benefits, and advice for those affected by Coronavirus
When it comes to credit cards, some credit issuers are extending 0% APR offers on new credit cards to help consumers pay for necessary living expenses. Other companies are offering credit line increases for consumers who need emergency funds, and nearly all credit card companies have implemented customer assistance programs to help consumers who can’t pay their debt right now.
When it comes to the federal government, there are several different agencies working to protect our Paychecks, stop the spread of the virus, and ensure the economy comes out strong on the other side of all this uncertainty. The Small Business Administration will provide emergency assistance loans to small businesses who have had to close or lose business because of Coronavirus, employees who are currently out of work may be eligible for unemployment insurance, and some may even be able to deduct some Coronavirus expenses from their upcoming taxes.
Congress just passed an Emergency Coronavirus Bill that gives 2 weeks paid time off for “employees of businesses with fewer than 500 employees, or the government, who are infected by the virus, quarantined, have a sick family member or are affected by school closings.” The bill also includes free coronavirus testing for all.
How to earn extra income while you’re stuck at home
An extra $100 could mean a lot right now if your Paycheck has been affected by the Coronavirus. Now is a great time to consider testing products online, completing online surveys for cash, earning money for browsing websites, or even transcribing video subtitles. And when you get really bored, browse through your closets and make a pile of things you can sell online!
Check out more than a dozen ways to supplement your Paycheck to earn extra cash during these tough times.
So what can you do to stop the spread?
When it comes to protecting your health, consult the CDC website on Coronavirus prevention for the most up-to-date information. While they say “the best way to prevent illness is to avoid being exposed to this virus,” those of us who still have to go to work can prevent things from getting worse by cleaning our hands often, avoiding close contact, and covering coughs and sneezes.
The bottom line
Don’t panic. The worst thing we can do is run to the grocery store and get in a fight with someone over the last can of Spaghetti. First, consult your credit card company or loan holder if you’re currently unable to make payments. Second, research the government resources we outlined above and see if you qualify for temporary unemployment insurance or paid time off. Third, follow the CDC’s guidance on washing your hands and staying out of contact with others.
To recap, here are important links we thought would be most useful for you:
- The Government’s response to COVID-19
- See if you qualify for temporary unemployment benefits in your state
- Student loan FAQs if you’re having trouble making payments
- Advice from the Consumer Financial Protection Bureau on protecting your personal finances
- What to do if you’re a small business owner who needs emergency funds
- How to get Coronavirus tax relief
We’ll be here to help your Paycheck make sense of the economic impact of Coronavirus once it has passed. Sign up for our newsletter to get the most important, factual updates in real-time!