What to Do If the Coronavirus Outbreak Is Hitting Your Finances
Not to mention jokes about Netflix and social distancing, the coronavirus outbreak is causing financial uncertainty for many people. From workers who rely on advice to event staff at indoor festivals and exhibitions, there are many scenarios where the income you can usually count on may not be earning.
With luck, this is a minor inconvenience. But if it makes you more stressful than just dragging on your wallet for a few weeks, there are resources you can turn to for help.
If you can’t work
The US Department of Labor has given states the ability to change their laws so that people can receive unemployment benefits during the pandemic.
People who are unable to go to work due to coronavirus-related precautions and those temporarily quarantined can apply for unemployment benefits. If you have to quit your job entirely due to the risk of infection or to take care of a family member, you are also eligible to apply for benefits.
For more information, visit your state’s unemployment claim website. If you visit Benefits.gov , you can see a directory of each state’s unemployment insurance program websites, as well as quick information such as phone numbers and application URLs.
If you are hungry or cannot afford food
If you need immediate access to food, call the USDA’s National Hunger Hotline at 1-866-3-HUNGRY (1-866-348-6479) or 1-877-8-HAMBRE (1- 877-842-6273). The hotline can provide information in English and Spanish and is open from 7:00 am to 10:00 pm ET.
To apply for Supplemental Nutritional Assistance (SNAP), contact your state’s SNAP office. You can find an office near you through this directory .
If you feel bad
Congress is working to pass a bill that will cover the cost of coronavirus testing for everyone, regardless of health plan, including doctor visits and ambulances. People with high deductible plans will be able to access the test and related treatment without fulfilling their deductible, and people without insurance will be able to get tested for free.
But don’t wait for Congress to take action if you’re not feeling well. If you are experiencing symptoms of coronavirus, call your local clinic to discuss the next steps in your situation. If there is a free clinic in your city, they can also refer you by phone. And of course, if you need urgent medical attention, call 911.
If you can’t pay your bills
If you expect your unemployment to have difficulty paying your credit card, mortgage, car loan, or other bill on time, call your bank as early as possible to arrange for alternative payment methods.
Capital One sent a message to clients: “Capital One is here to help and we encourage clients who may be affected to contact us to discuss how we can help.”
Chase’s email to customers lays out his protocol for affiliates, an invitation to call if you’re in financial trouble, and a reminder on how to avoid being scammed.
If you don’t usually read promotional emails from your bank or credit card issuer, check your spam folder or do a quick search for “COVID-19” or “coronavirus” in your inbox. I have noticed that most financial institutions use these keywords in their subject lines.
Forbes is updating the list of banks offering assistance to clients, offering assistance with minimum payments, assistance in deferring a loan, or waiving commissions.
If you have any other financial problems related to the coronavirus and are not sure where to go, please leave a comment or email me at [email protected]. I will add resources to this list as I learn about additional features.