We’re all experiencing many emotions during this Coronavirus pandemic, including anger. Why wasn’t America better prepared? Why don’t we have more tests? A vaccine? Better healthcare, particularly in the Black community?
Many of us have been furloughed, laid off, downsized, or whatever you call it…we’re out of a job! According to The Grio, 1 in 6 workers have filed for unemployment over the past five weeks and the unemployment rate may rise to 20% or 1 in 5 workers. Unemployment may be even higher in the Black community. Anger is an understandable emotion.
But anger won’t pay the bills!
To get through this temporary difficult time – and yes, it will be temporary – we all need a plan. Here are four things you can do right now, with the last being the most important.
- Check on your stimulus check.
The IRS has already started sending out economic stimulus payments authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. If you have not received your stimulus money, here are 4 reasons why and what you should do about it.
At OneUnited Bank, for customers who participate in Early Pay, we’re providing these funds two days early. You may receive your stimulus money in the next round.
- File unemployment.
Unemployment insurance is a federal-state program, so the weekly payment will vary by state. According to CNBC’s “How Much Unemployment Will I Get? That Depends on Your State“, some states are more generous than others with Mississippi paying the lowest, up to $213/week, and Massachusetts the highest, $555/week.
The length of time also varies with Florida as an example only paying 12 weeks, while many other states pay 26 weeks. However, the federal government has added $600/week for all states until July 31st and extended benefits for 13 weeks beyond the state maximums.
- Contact your creditors immediately.
Do not put your head in the sand when it comes to your bills. Yes, it’s stressful. However, putting off this important task can also increase your stress for no good reason. Creditors know they cannot get water out of a stone! Push creditors to develop a loan modification plan to meet your current financial circumstances.
Negotiate, negotiate, negotiate payment terms to meet your family’s needs. There are many new mortgage relief and forbearance programs by Fannie Mae, Freddie Mac and other mortgage providers. Contact your lender to find the best solution for you and your family.
- Don’t let anger turn to shame!
Many of us our experiencing unemployment for the first time in our lives. The Coronavirus pandemic is not something we did to ourselves and our families, but something we are struggling through as a community.
If you or a loved one lost your job, have not received your stimulus money nor your unemployment check or simply need help, reach out to a local food bank, church or other helping organization in your community. We’re sure you’ve given to many others throughout your life. Now is your time to receive.
