Click me

How To Survive a Furlough

How To Survive A Layoff Or Furlough During The COVID-19 Pandemic 3,307 6,867 6,615 5,237 4,442 3,839 March 21 March 28 April 04 April 11 April 18 April 25 2020 2020 2020 2020 2020 2020 Typically unemployment is around 215 30 MILLION 18% ROYMENT Furlough That's of the American workforce Americans filed an initial unemployment claim in the 6 weeks ending April 30th, 2020 Layoff Permanent separation from an employer, with the possibility to be recalled to work Temporary, mandatory unpaid leave – length may depend on the situation Laid-off employees are no longer listed on the company payroll and lose all employer- provided benefits Qualifies? Furloughed employees remain on the company payroll but don't receive paychecks, they may retain some benefits Both furlough and laid-off employees are eligible for unemployment benefits Partial Loss Of Income Reduced Hours Multiple Jobs If your employer cuts your hours, and you're available to work more, you may qualify for partial unemployment payments If you have multiple jobs and are furloughed or laid off from one, you likely qualify for partial unemployment benefits One Hundred Sixteenth om of the The CARES Act Coronavirus Aid, Relief, and Economic Security Act – Begun and held at the City of Washington on Friday the third day of January, teo thousand and teenty United States of America A$2.2 trillion AT THE SECOND SESSION An Act stimulus signed into law on March 27, 2020 SECTION 1. SHORT TITLE. This Act may be cited as the "Coronavirus Aid, Relief, cost employer-sponsored health coverage To amend the Internal Revenue Code of 1986 to repeal the exciae tax on hagh Economic Security Act" or the "CARES SEC. 2. TABLE OF CONTENTS. provides a broad range of relief and stimulus programs for individuals and businesses Be it enacted by the Senate and House of Representatives of The table of contents for this Act is as follows: RS PAID AND EMPLOYED AID ANE the United States of America in Congress assembled, ats ECONOMIC STAR Expanding Unemployment During COVID-19 During the COVID-19 pandemic, unemployment benefits have been extended to many who wouldn't otherwise qualify Nontraditional Workers Freelancers, gig workers, and self-employed workers Workers Who Quit If you quit your job for reasons related to the pandemic Recent Hires If you were scheduled to begin work but weren't able to do so INCLUDING: Loss Of Head Of Household If the primary breadwinner for your family dies due to COVID-19, you may be eligible for unemployment Caregivers Staying home to care for family members, Children Elderly family who lost access Family members who are sick with COVID-19 who are out of school to adult daycare "According to Mercer survey of 52 employers Nearly half of employers* say they will pay at least some of their employees who are unable to work But many Americans will be relying on unemployment to make it through How To Apply For Benefits Applying For Unemployment * varies by state Apply online If you live and work in different states, apply in the state where you work Many states have waived the 1-2 week waiting period on COVID-19 related applications What To Expect using your state's application system Unemployment usually pays about half of previous income each week – and lasts 12-30 weeks* BUT, the Cares Act added an additional $600 per week until July 31st AND 13 additional weeks of payments after state benefits run out Financial Tips For Surviving A Furlough Or Layoff Assess Your Situation & Make A Plan Try apps like O Truebill or TRIM to identify and eliminate unwanted subscriptions List your current income sources, savings, and liquid assets Create a new budget that prioritizes you most critical expenses Reduce or eliminate non-essential spending - like subscriptions Use Your Stimulus Check Wisely Cover basic necessities and bills Bolster your emergency fund Pay down high interest debt The CARES Act offers relief within federally-backed programs and encourages private companies to do the same Know Your Options Student loans Mortgages Renters The CARES Act set interest rates to zero and suspended payments through September 30, 2020 The CARES Act suspended foreclosures, waived late fees, and allows homeowners to delay payments The CARES Act suspended evictions and waived late fees until July 25, 2020 Applies to loans held directly by the federal government – To find out if you qualify visit Applies to loans held by Fannie Mae and Freddie Mac, and those backed by FHA, VSA, and USDA programs Applies to residents in public housing and properties where the landlord hold a federally-backed loan For privately held student loans, contact your loan service provider to explore available options Some cities and states have implemented local relief measures, including Halting mortgage payments and debt collections Suspending foreclosures and evictions Preventing utilities and telecoms from stopping service Struggling To Pay Your Bills? Call your service provider or lender before you miss a payment to discuss your options Watch The Fine Print: Skipped payments may be due as a lump sum later OR the term of your loan may be extended by a few months – You may still owe mortgage escrow payments toward taxes and insurance Many companies – including Telecoms Credit Card Issuers Auto Lenders Utilities have promised relief options, including Waiving fees for late payments Late payments lower your credit scores - BUT, many companies have stopped reporting late payments to credit bureaus during the pandemic Suspending service disconnects Lower monthly payments Check out credit karma for a list of resources and relief options for major lenders Explore Opportunities For Additional Income If you're collecting unemployment, working will reduce your benefit – But, it may extend the number of weeks you'll receive payments Many essential businesses are still hiring Remote freelancing and gig work continue to thrive Online learning and tutoring are in high demand Sell items you no longer need for extra cash Grocery stores Upwork VIPKID decluttr freelancer TutorMe Retail Warehouses letgo Food Delivery &guru Chegg OBuybackBoss Individuals affected by COVID-19 can withdraw up to $100,000 from qualifying retirement plans without tax penalties Sources: Take the stress out of navigating unemployment on your own, so you can feel confident and in control of your financial future Talk with a fee-based financial advisor today fınıvi Financial Advisors DEVELOPED BY NOWSOURCING UNLIMIT YOUR LIFE NSURANCE Who UNEMPLO

How To Survive a Furlough

shared by NowSourcing on Jun 15
During the COVID-19 pandemic, unemployment benefits have been extended to many who wouldn't otherwise quality. Do you qualify?






Did you work on this visual? Claim credit!

Get a Quote

Embed Code

For hosted site:

Click the code to copy


Click the code to copy
Customize size