Coronavirus Financial Relief Amid the Outbreak

As the Coronavirus continues to spread across the United States and schools and businesses are being forced to shut down, many people are facing a grim economic reality. For the everyday worker, the Coronavirus not only poses a health threat but also threatens how they’re going to support their families.

You may be left asking:

• What is the Government Doing to Help People Financially?
• Will Lawmakers Pass a Bill Allowing No-Interest Loans for Employees Affected by Coronavirus?
• Is There Other Financial Aid Available for Coronavirus?
• Where to get online personal loans for people affected by social distancing?

For some hourly workers, putting a closed sign on the door due to coronavirus social distancing means they may not have money to pay bills or put food on the table for their families. If they get sick themselves or think they may have contracted the virus, the impact is greater.

What is the Government Doing to Help People Financially?

As of this writing, the U.S. House of Representatives passed the Families First Coronavirus Response Act. This piece of legislation ensures that working people are able to access paid leave if they get sick or need to care for someone who gets sick. It also boosts existing unemployment insurance and food assistance programs. The bill also calls for free diagnostic testing for the Coronavirus.

In reference to emergency paid sick days, the bill gives workers 14 days of paid sick leave during the Coronavirus outbreak. This can be used if someone is quarantined or has to stay home to take care of their children. The bill also reimburses small businesses (those with 50 employees or less) the cost of the 14 additional sick days.

The emergency paid leave portion of the bill creates some financial help for those who have COVID-19, are quarantined, are taking care of someone with the virus, or who are caring for a child due to school closing. Eligible workers can receive benefits for one month in the amount of two-thirds of their average monthly earnings. But, those who are receiving wages or unemployment compensation through their employer are not eligible.

It’s also important to note that not everyone may receive these sick benefits. It’s not clear if people who hold jobs, such as servers, would have access. Also, the bill does not mention any larger companies with more than 500 workers. While they often have paid sick time, it may not come close to what is needed if they contracted COVID-19 or had to be quarantined.

When it comes to expanded unemployment insurance, the bill gives $2 billion to state unemployment insurance programs. It also gives $1 billion so that food assistance programs like SNAP and WIC can expand their access.

The Senate is expected to pass the bill and President Trump is expected to sign it into law.

Many American’s may need to turn to personal loans or business loans for the financial assistance they need.

Will Lawmakers Pass a Bill Allowing No-Interest Loans for Employees Affected by Coronavirus?

As of this writing, The Federal Reserve has announced it will cut interest rates to near-zero to help ward off a financial crisis. The move is an effort to avoid any more financial market disruptions. 

The President is also pushing for a payroll tax cut amid the COVID-19 outbreak. He wants to cut payroll taxes for all Americans and employers until the end of this year. But, as if this writing, lawmakers are not in agreement. They estimate that doing so would cost the government $90 billion a month and is not a feasible option. The tax cut plan is not expected to gain support and will likely not happen.

President Trump has also said he would suspend interest collections on all student loans indefinitely. The amount of those loans would remain the same.

Many of the major credit card companies have also offered increased credit lines and beefed-up fraud security during the coronavirus outbreak. They have reached out to their customers via email to tell them about specific plans and offers.

Is There Other Financial Relief Available for Coronavirus?

While a sweeping nationwide bill has not been passed pertaining to people who are having trouble paying their bills during this time, many states are enacting their own laws to help people. 

In Connecticut, utilities such as water, gas, and electricity will not be subject to getting shut off for nonpayment. This temporary move is aimed to help relieve the economic stress COVID-19 has put on some families. California and Pennsylvania are among the states that have done the same thing.  

If you are worried about not being able to make your bill payments due to the Coronavirus, you should contact your lenders and companies. When you do, you should:

• Advise them of your situation 
• Let them know what you can pay and when
• Let them know when you may be able to resume regular payments

Ignoring bills and not contacting credit and loan companies will only make the situation worse. Many companies are being understanding during this difficult time and will work with you.

To help people deal with the Coronavirus outbreak, many states have also set up assistance lines where people can find out about financial assistance, health insurance options, and meal programs for their children. Although school has been canceled in many states, there are still free meals available for children.

By contacting your local government you can find out about programs that are specific to your state and area. While offices may be closed, many are still reachable by phone to answer your questions and offer help.

CreditCards.com also published a great guide to help those who may be experiencing financial hardship due to an illness or disability.

Where to get online personal loans for people effected by social distancing?

In the midst of everything that’s happened in 2020 with the COVID-19 Coronavirus and the importance of social distancing, we have selected some online lending networks that may help you and your family get buy. Here are a few websites that offer personal loans online with some of the best rates and terms available.

1. SuperMoney: Best lending network for 600+ credit scores
2. Even Financial: Offers loans from top lending providers
3. Loan Pioneer: Offers hassle-free financial assistance
4. LendingTree: Best for providing a variety of loan options
5. Credible: Offers student loan refinancing, private student loans & personal loans
6. MaxLoan365: Offers term loans between 12 to 60 months
7. PersonalLoans.com: Offers network of reputable lenders
8. Loans Under 36%: Offers loans for a variety of uses