Everyone’s social, financial, and economic experiences during the coronavirus outbreak will be unique. Still, one thing is certain: a lot of people are already feeling pressure due to job loss or a loss of income as a consequence of non-essential business closures and stay-at-home orders. Different circumstances call for and make you eligible for different unemployment benefits and financial assistance programs, so be sure to find resources describing the specific contexts you’re interested in!
Getting Unemployment Benefits Via The COVID-19 Stimulus Package
The most immediate financial aid available during (and due to) the coronavirus outbreak are COVID-19 stimulus payments. Under The Coronavirus Aid, Relief, and Economic Security Act, taxpayers may be eligible to receive up to $1,200 in COVID-19 stimulus payments (up to $2,400 for households filing jointly) plus up to $500 for each eligible child in the household.
Though not technically or exclusively an unemployment benefit, these stimulus checks should begin arriving in payees’ direct deposit accounts (or by direct mail) sooner than many other benefits will be disbursed. What’s more, you’re not required to show proof of job loss (or proof of job loss due to the coronavirus outbreak, specifically), and these COVID-19 stimulus payments are available even to people with no reported taxable income before the outbreak.
Loan Forbearance For Mortgages & Eviction Freezes
Of particular importance to many people who have lost their jobs or been unable to work due to the outbreak is the ability to make mortgage and other housing-related payments.
To protect homeowners from undue harm during the outbreak, the federal government has instituted a mortgage loan forbearance program which empowers homeowners who have lost their income due to the outbreak to postpone loan payments up to 12 months. Applying for mortgage loan forbearance does require action (as opposed to the automatic COVID-19 stimulus payments), so interested/eligible homeowners should take the appropriate steps to file for forbearance. Similarly, some city- and state-level legislative bodies are implementing opt-in rent deferment and eviction protection programs to keep renters who’ve lost income due to the outbreak from breaking lease agreements.
COVID-19 Small Business Loans & Other Direct Unemployment Benefits
Businesses forced into closure by the coronavirus outbreak (especially “non-essential” businesses impacted by social distancing and stay-at-home orders) may be eligible to receive financial support under the AICPA Paycheck Protection Plan. What’s more, small businesses experiencing economic hardship as a result of the outbreak may be eligible for a tax break under the CARES Act. These and other programs can be especially helpful for small business owners when considered in concert with other new coronavirus-related economic protection and unemployment benefits, like those that now require businesses to provide paid sick leave and family/medical leave for employees impacted by COVID-19.
