March 30, 2020

Help Now, Hurt Later? Considering Immediate Relief vs. Long-Term Financial Impact of Accepting Assistance from Creditors

Each measure seeks to address the immediate need for payment relief. But what happens when the assistance ends. Will consumers face a worse financial position when the bills once again come due? Consider both the short-term relief and the long-term responsibilities of accepting aid right now and what this means in the future.
March 30, 2020

Life and Health Insurance Options – What Happens in the Event of a Job Loss due to COVID-19

A job loss ranks among the top five most stressful events in life, and the efforts to prevent the spread of COVID-19 is delivering job losses by the millions. While the loss of employment brings immediate concern over lost wages and stress about how to pay upcoming bills, US workers also face the likelihood that a layoff could also mean a loss of life and health insurance. Here’s options to review now:
March 30, 2020

Housing Assistance for Homeowners, Renters, Landlords Impacted by COVID-19

Millions of unemployed workers wonder how they will pay their rent or mortgage payments. Small business owners worry about making their lease or mortgage payments for their businesses. Landlords fear that if renters no longer pay rent, how will they prevent these properties from going into foreclosure. To date, here is the help available, on a federal and state level, to keep people in their homes during this pandemic.
March 30, 2020

How To Immediately Minimize Living Costs During the Coronavirus Pandemic

The US now has more confirmed coronavirus cases than any country in the world. With over 160 million people on lockdown and growing day to day, economists expect the unemployment rate to continue to rise over the next two months. In addition to a physical lockdown through stay-in-place orders, households impacted by the coronavirus must also lock down their finances. Here’s how:
March 30, 2020

Money for Small Businesses: How The CARES Act Paycheck Protection Program Helps Businesses in Shutdown

Congress included provisions in the Act to keep small businesses from bankruptcy. Within the CARES Act, a Paycheck Protection Program allocates $350 billion in loan assistance to small business owners impacted by the coronavirus. Below is a high level of view of the relief offered through the program:
March 29, 2020

Who Gets Money? The 411 on Unemployment Relief Offered by The CARES Act

Each state has different guidelines regarding how long it pays unemployment benefits. The CARES Act offers benefits for an additional 13 weeks beyond the state limits. States typically pay unemployment benefits for up to 26 weeks, which means new unemployment claims can last up to 39 weeks or nearly ten months. Anyone exhausting current unemployment benefits may qualify for an additional 13 weeks under the new plan.
March 29, 2020

Who to Pay First: How to Decide Payment Priorities When Income Falls

How should families prioritize spending when it’s unclear whether extreme household budget cuts need to last a few weeks or months? When income declines, emergency measures make it necessary to prioritize what bills to pay, what bills to cancel, and where the little money received should go. Consider this order of priorities.
March 27, 2020

Immediate Steps to Avoid or Limit a Financial Crisis Due to the Economic Shutdown

Because of the scale of the pandemic and its economic impact on consumers, there is help available for most US citizens. Expanded unemployment benefits, direct payments to consumers, and creditors waiving payments and late fees are a few resources available. You must ask! In most cases, consumers must ask for assistance to receive any benefits.
March 27, 2020

What Supplies Do You Really Need During the Coronavirus Pandemic?

Most quarantine orders last between 14 and 21 days. During this time, consumers can make trips to the store to secure needed items at any time. There is no known impact on the water supply or electric grid, eliminating the need to stockpile water or hook up an emergency generator. There should be no reason why any household is out of toilet paper and here’s why.
March 27, 2020

How To Develop a Crisis Budget to Help Your Family During Economic Impact of COVID-19

Immediately implementing proactive measures can reduce the damage and diminish the financial crisis that lies ahead because of the Coronavirus pandemic. Here are ten actionable steps that can minimize the impact of lost or reduced wages due to the quarantine, illness, or other implications of the COVID-19 to work on immediately. Revamp the household budget and adjust spending based on any remaining income. The budget is the first line of defense because it can direct revenue to the highest financial priorities. Reassessing the household budget will establish minimum salary needs and uncover ways to cut back on spending to meet […]