Anger won’t pay the bills. Take charge of your finances during COVID-19 crisis | Opinion
During May, Mental Health Awareness Month, let’s acknowledge that we’re all experiencing many emotions during this coronavirus pandemic, including anger. Why wasn’t America better prepared? Why don’t we have more tests? A vaccine? Better healthcare, particularly in the black community?
Many of us have been furloughed, laid off, downsized — whatever you call it, we’re out of a job! One in six workers has filed for unemployment during the past five weeks, and according to the Guardian, African Americans are expected to be disproportionately affected. Anger is an understandable emotion.
But anger won’t pay the bills.
To get through this temporary difficult time — yes, it will be temporary — we all need a plan. There are four things you can do right now, with the last being the most important.
Check on your stimulus check. The IRS is sending out economic stimulus payments authorized by the Coronavirus Aid, Relief and Economic Security (CARES) Act. If you have not received your stimulus money, here are four reasons why and what you should do about it. You may receive your stimulus money in the next round.
File for unemployment. Unemployment insurance is a federal-state program, so the weekly payment will vary by state. According to CNBC’s “How Much Unemployment Will I Get? That Depends on Your State,” some states are more generous than others. The length of time also varies. Florida only pays 12 weeks, while many other states pay 26 weeks. Some states are also slow in processing unemployment claims, with Florida one of the slowest. According to CNBC, Florida has only paid unemployment benefits to about 28 percent of the state’s 1.9 million total applicants since mid-March. Fortunately, the federal government has added $600 a week for all states until July 31 and extended benefits for 13 weeks beyond the state maximums.
Contact your creditors immediately. Don’t put your head in the sand when it comes to your bills. Yes, it’s stressful. However, putting off this important task can also increase your stress levels for no good reason. Creditors know they cannot get water out of a stone. Push them to develop a loan modification plan to meet your current financial circumstances. Negotiate, negotiate, negotiate payment terms to meet your family’s needs. There are many new mortgage relief and forbearance programs by Fannie Mae, Freddie Mac and other mortgage providers. Contact your lender to find the best solution for you and your family.
Don’t let anger turn to shame. Many of us our experiencing unemployment for the first time in our lives. The coronavirus pandemic is not something we did to ourselves and our families, but something we are struggling through as a community. If you or a loved one lost your job, have not received your stimulus money or your unemployment check — or simply need help making ends meet, reach out to a local food bank, church or other helping organization in your community. We’re sure you’ve given to many others throughout your life. Now is your time to receive.
Teri Williams is the president and chief operating officer of OneUnited Bank.