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Extended Unemployment Benefit Has Expired? Here Is What You Can Do

Extended unemployment benefit has expired? Here is what you can do

COVID-19 has taken a heavy toll on the American economy. I know that’s an understatement.

Many companies have closed altogether while others are operating at reduced capacity. That means vacation and permanent job loss.

Do you need extra cash to get through? Consider a Low Interest Personal Loan – Fiona can help you get all of your quotes in one place

For a time, many of these workers could count on $ 600 a week from the federal government. However, this extended unemployment benefit expired on July 31st.

While increased federal unemployment benefits of $ 300 will begin for some in the coming weeks, This is the time to prepare for whatever you need to do to get through this difficult time with minimal debt.

Take out a personal loan

If you can get through COVID-19 without incurring additional debt, this is ideal. But if you need a little extra cash to get by, a personal loan might be the best way to go. Shop around for the best price and keep the quantity as low as possible.

I recommend using a service like Fiona shop multiple lenders quickly.

You can review the options and choose the one that works best for you. If you want to get a feel for the interest rates and monthly payment amounts you can expect, this information can be found on Fiona’s website.

Avoid High Yield Debt

One thing a personal loan can do is keep your interest low. It can be tempting to rely on credit cards to pay bills and buy essentials while you look for work. But look at the interest you pay. It could be a good time to get a 0% APR card for an introductory period. There is a possibility that after the introductory phase you will be able to work again and start paying out.

Apply now

One of the better credit cards out there is the Chase Freedom Unlimited®. For starters, it offers one 0% intro APR on purchases for 15 months. It also offers no annual fee and 1.5% cashback. This is great for those looking for a simple card that doesn’t have complicated rotating categories that you need to remember to activate.

If these features aren’t enough to get your attention, Chase Freedom Unlimited® offers a unique $ 200 sign-up bonus after spending $ 500 on purchases in the first three months. AND Get 5% cashback on grocery store purchases (excluding Target or Walmart) for up to $ 12,000 spent in the first year.

In tough economic times, it can also be tempting to opt for high-yielding short-term options like payday loans. These are easier to come by than a personal loan, but you pay for access – Therefore, they are not recommended at all. The interest rates for payday loans are: on average400% which means the interest you pay on this loan can quadruple.

Increase your job search

What to do if your $ 600 Unemployment Benefit has dried up? Increase your job search

Finding employment is always challenging, but finding work is especially difficult during a pandemic. When your skills are geared towards field work, it may be time to think about how to translate them into a home option. Companies like Amazon, Apple, and Dell are among many other companies that you can work with from the comfort of your home. Indeed and FlexJobs can help you filter out jobs that you can work with remotely.

Networking can be difficult during COVID as personal events are in short supply. It’s a good time to update your LinkedIn profile and maybe even make new connections. If you’re on Facebook, search for industry or city groups and connect. You will be surprised how many job openings your social media connections generate.

Outside employment and odd jobs

Gig work has thrived during the pandemic. Orders that remain at home gave some consumers the opportunity to try services for the first time. Restaurant and grocery deliveries are still in demand and are likely to remain so. You can make money while waiting for a more permanent position by signing up for a service like Grubhub, Instacart, Rover, or Taskrabbit.

However, once unemployment benefits have expired, competition for these appearances may increase. Some gig workers Sign up for multiple services and maximize their peak hours for increased income. It could also be an opportunity to start your own business. For example, signing up with a pet care service can help you build the local experience and presence necessary to start the pet care business you’ve always wanted.

Set a budget

What to do if your $ 600 Unemployment Benefit has dried up? Establish a budget.

If you’re not already on a monthly budget, now is a good time to start. Your bank will likely let you run a report on your monthly expenses. I’ve found this report to be a great tool for identifying areas where I can cut back. I then use what I learn to set a monthly budget and work hard to stick to it.

You may have eaten fewer restaurants because of COVID-19, but your grocery budget is a good place to start cutting expenses. Switch to cheaper items that are enough for leftovers.

Recurring monthly expenses are also a good goal. Can you eliminate cable TV and go for a cheaper cell phone tariff? If the answer is yes, you will need to check out Trim to find and cancel your recurring subscriptions and even negotiate your bills for you. This is incredible for all of us millennials with social anxiety. Once you have income again, you can go back to your previous subscriptions.

Managing your budget is not always easy. If you need additional help, I recommend PocketSmith, one of the most thorough budgeting apps out there.

With PocketsmithYou can categorize, label and leave notes about your expenses. You need to connect to your bank so PocketSmith can automatically update your budget with every purchase. This is an incredible feature that can really help you keep track of your expenses.

Get help

Even if the extended unemployment benefit ends, you will still be entitled to state unemployment benefit. Make sure you keep these active. Also, consider some of these programs that can help you make up for the $ 600 a week that you no longer receive.

  • Supplemental Nutrition Assistance Program (S.N.A.P.). The S.N.A.P. The program gives qualified families funds to purchase groceries. The program has granted exceptions to most states Providing emergency aid to households affected by COVID-19.
  • Exchange of talents. This artificial intelligence based program connects unemployed workers with available jobs in their area. Once you’re signed in, you’ll be notified when new opportunities are added.
  • Health care and medical assistance. If you’ve lost your medical benefits due to COVID-19, check out this list of resources. Filter by status to see those available to your family.

Since there are many government-sponsored programs, check with your state’s human services or labor departments for local offers. You may also find that local churches and nonprofits are helping those in need in the community.

Unlock savings

What to do if your $ 600 Unemployment Benefit has dried up? Take advantage of the savings

If you’ve been saving up for a rainy day, you likely already have plans to rely on your savings to get by. However, once these funds are used up, you can keep an eye on all of your retirement accounts. When removing funds from these accounts, make sure you understand exactly what early withdrawal penalties and taxes will apply.

In 2020 when you withdraw money The 10% penalty is waived from your pension account due to the coronavirus. You can withdraw $ 100,000 from your 401 (k) account with no penalty. Before you take the money out, however, be aware that it will be taxed as normal income. Also, check that your withdrawal is qualified. Financial qualification reasons are:

  • You will have negative financial consequences if you are quarantined, on leave or released, or if your working hours are shortened due to SARS-CoV-2 or COVID-19.
  • You have negative financial consequences if you are unable to work due to inadequate childcare due to SARS-CoV-2 or COVID-19.


In the coming weeks, the government will extend unemployment benefits of $ 300 for some. So keep an eye out. The hope, of course, is to be able to do so Get the support you need to weather these setbacks and Work towards a strong financial future.

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