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How to Overcome Financial Crisis if you've been Laid Off due to the Coronavirus

Working Remotely during Coronavirus
Work from home and stay protected Junjira Konsang/pixabay.com

This is not how we anticipated the end of the decade to look like. The Coronavirus outbreak has crippled the United States workforce, as more than 30 million people have filed for unemployment benefits by the end of April. The US Government signed the CARES Act into law on 27th March, a relief package of $2.2 trillion to keep the workers on the payroll. It can be traumatizing to lose your job in such a crisis. The first thing you should do is file for unemployment and receive the regular benefits in addition to the boost offered by the CARES Act. Even if you are struggling to stay afloat without a job, it is essential to have a positive outlook and keep your mental health balanced.

What to expect from the Coronavirus Relief Package

The CARES Act has had a massive outreach, designed to keep businesses running, and offer financial assistance to workers who have been laid off due to the pandemic. For the first time, the stimulus package will benefit workers eligible for unemployment schemes, as well as independent contractors and self-employed individuals. Federal aid is being offered to everyone under the Pandemic Unemployment Assistance Program (PUAP), including those who are not covered by the traditional unemployment schemes.

The unemployment scheme offers a weekly payment in the range of $300-$400, which is currently being supplemented by an additional boost of $600, a direct increase of 159%. The tenure of unemployment benefits has been increased from 26 weeks to 39 weeks, even though the additional $600 per week is expected to dry up by the end of July.

Unemployment Insurance Claim
Claim your unemployment insurance benefits Mr Doomits/stock.adobe.com

Learn how to file for unemployment benefits here.

The disbursement of funds has struggled in states across the country due to excessive load on the system. Massive incoming traffic to websites in New York and Florida has led to multiple system crashes, disrupting the roll out schedule. Currently, more than 18 million individuals are benefiting from this scheme, a historical figure, and the list is steadily increasing every day.

Though regular unemployment benefits will cover the weekly minimum payment of $300-$400 till the end of the year, the expiry date of the additional $600 can be a worrying thing for thousands of households across the country. It is unlikely that Congress will continue with the additional funds post-July.

How to Keep Stress at Bay

If you have lost your job, prepare yourself for the months to come rather than stressing out, which will worsen your current situation. It is inevitable to feel devastated when you lose your job, something you depend on, especially for the sustenance of your family and loved ones. Following regular updates on the current crisis is a good habit, but delving into it for long periods can be an overwhelming experience.

Unemployment rate across US
Unemployment numbers soar as more than 30 million laid off Max Dallocco/stock.adobe.com

The CDC and the National Alliance have published useful guidelines on how to stay protected from the COVID-19, and cope with the mental challenges such as anxiety and depression. These guides contain essential information, along with links to hotlines and support groups for people who need it.

The World is Shifting towards Remote Jobs

As the US government chalks out a plan to reopen the country, citizens are hesitant to go out looking for jobs. People are in a dilemma, not knowing whether to protect themselves from the virus or to go out for work and help their families sustain. Adapting to change is the way humans have evolved throughout, and companies are transitioning to the concept of work from home, which is the safest and the most effective way to earn right now. Though it sounds like a bright idea, finding a legitimate and suitable remote job can be a tedious process.

SteadyApp is a free android and iOS compatible mobile application, which stands out from the rest. With just a few clicks, you get access to part-time and remote job opportunities available in your area. A user-friendly job board showcases the best opportunities that match your skills and smoothly guides you through the application process. Over 2 million users have benefited from this app. You can sign-up with this app and work from the comfort of your home with a steady income.