If I say raise your hand if you have felt victimized by the COVID-19 pandemic, I see all raising your hands, and also mind is far above my head. Today, a lot of people are looking for the answer What to Do If You’ve Been Laid Off or Furloughed Due to COVID-19?
We all are going stir crazy in our houses, trying to maintain a balance between using our time wisely and celebrating the little wins of finally getting to those dishes that have been sitting in our sink.
The COVID-19 has levelled the global economy and has businesses of all sizes tightening their belts. Business owners are making hard decisions as a last resort in order to keep their firms afloat. Employees are losing their jobs and are going through uncertainty.
If you have been laid off, the unfortunate reality is that you are not alone.
The Difference- Furloughed or Laid off
A furlough is a temporary unpaid leave of absence. It means, technically you work for the company and hold your current title, as the firm plans to have you return to a salaried employee in the future.
Meanwhile, a lay off means when a person’s employment- including salary and any health and non-health benefits are permanently terminated.
What to Do If You’ve Been Laid Off or Furloughed Due to COVID-19
Check Out the Resources
In all cases, furloughed employees will retain most of the benefits from their job. But keep in mind that this will vary from employer to employer. For this, work with your company to figure out how you will get employee deduction during your period of furlough if they do allow you to maintain your health insurance.
Bank and Credit Cards
Most banks are offering fee and late payment waivers, lower interest rates, payment deferrals, credit card limit increases, and more to help customers deal with any financial hardships. Contact your bank if you need any kind of support.
Insurance companies have also changed their policies to help customers hard hit by their pandemic.
Again, you need to contact your provider and explain your situation so it can help you come up with the solution.
If you wish to start your own business check- 10-Step Guides To Starting A Business: How I Did And You Can Also
Mortgages, Rent, and Utilities
For housing and utilities, talk to your landlords and utility companies to see if they can figure out a way to delay or lower their payments. It is better to contact them sinner rather than later help both parties find the best solution.
Student loan payments mean a large bill every month, and if you have been laid off or furloughed, it can create a lot of stress. If your loans are federally-held, payments and interests are suspended on those loans until September 30, 2020, as part of the different Act. In case, you have taken a private loan, then you will have to contact your lender directly.
Taxes and other Payments
The government is offering relief on different taxes for individuals, businesses, and others during this period.
No matter what bills you have a problem in paying, reach out to the company and see what your options may be or what policies they have to start.
What you should do if you have been laid off:
- Acknowledge the Loss
- Evaluate Your Relation with Money
- Review and Revamp Your Budget
- Follow a Progressive Mindset
- Create Your Game Plan
- Get Back Out There
So it’s all about fighting with the current situation. Remember that your current reality is temporary. You have suffered problems earlier also.
It is okay to be upset for some time, be gentle with yourself, and know that you have a whole army of Female Insight supporting you, at every step. Keep moving you, strong lady!
I hope you found my blog- What to Do If You’ve Been Laid Off or Furloughed Due to COVID-19 useful. Let me know your views in the comment section below.