Is unemployment expanding? Are governments getting checks in people’s hands? Are banks suspending mortgage, rent and debt payments?

The title of this post reflects some of the main questions I see across various traditional and social media channels with the Coronavirus Pandemic in full flight. Here are some answers to these including support programs in place

Is unemployment expanding?

The short answer is Yes. Federal and state governments have already bolstered unemployment programs eligibility and maximum limits. If you have lost your job, lost income or on the verge of a layoff, you have to get your unemployment application in ASAP and take advantage of new Corona unemployment relief provisions.

Are governments getting checks in people’s hands?

Congress is finalizing a bill that will pay $1,200 (singles) and $2400 (couples) direct checks to Americans who earn less than $99,000. Payments would be made in early April (assuming bill is passed) and would be based on payment details used in tax filings.

Are banks suspending mortgage, rent and debt payments?

Several banks have already initiated payment relief programs. So first thing I would do is contact your Financial institution if you cannot make a mortgage payment. A number of cities have taken measures to halt evictions and foreclosures under HUD direction. Freddie Mac and Fannie Mae have also issued several mortgage relief provisions to loans they have securitized.

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Rich Lysakowski

Don’t confuse Unemployment Insurance payments with the Crisis Checks (aka individual “Stimulus Checks”).

They are completely different buckets of money.

Unemployment Insurance Payments are money that workers paid into the UI system, and are entitled to receive weekly until your account is depleted. You must follow the rules for collecting Unemployment Insurance, i.e., be actively and diligently looking for a job and keeping good auditable records of your searches.

UI payments are not a one-time “stimulus”, but real assistance WEEKLY to cover expenses while you are out of work and looking for another job.

My UI benefits ended a month ago. Now the coronavirus happened. I’m I still eligible to receive UI benefits? Or will they extend my benefits because of the coronavirus outbreak?