The COVID-19 pandemic has resulted in over 10 million people getting laid off, unemployed, or furloughed. If your job situation has been affected by COVID-19, LBCU is here to help as much as we can. Here are some local, state, and federal resources to help you get through these times.
LBCU Loan Assistance
At LBCU, we understand that this unprecedented situation is causing financial strain on many individuals and families. We are committed to helping our members through this difficult time as much as we can.
If you currently have any kind of loan with LBCU and are experiencing a hardship connected to COVID-19, please let us know by applying for Loan Hardship Assistance. We will do our best to help find a solution.
For those who need it, we have also developed an Emergency Loan Fund to provide some financial relief. This fund is open to both new and existing members and provides a maximum of $2,500 per member. Learn more about the fund or complete our contact form so a member of our team can reach out to discuss your needs.
Manage Your Finances and Adjust Your Budget
For many who relied on a steady paycheck to pay down debt or save towards future goals, having your job affected by COVID-19 comes with the added challenge of adapting your finances to deal with this new reality. Here are a few ideas to help:
- Create a budget. Follow our guide for taking a hard look at your spending and finding the best places to trim down and protect your savings – and your future – as best as possible.
- Make money from home. You’ll need to exercise caution to avoid scams, and it may not replace a full-time job, but even small amounts earned here and there can add up and help cushion the blow from coronavirus. The personal finance experts at The Penny Hoarder have put together a list of 32 legitimate ways to earn from home and 11 side hustles you can do remotely.
- Avoid filing for bankruptcy. The purpose of bankruptcy is to protect the financial health of those without jobs or who can’t work due to illness or disability. Although there may be some cases, especially now, where filing may help to begin a financial recovery, it can also cause other financial hardships for you down the road. Consider every alternative first.
Massachusetts Unemployment and Coronavirus Updates
Massachusetts has compiled resources on Mass.gov for those who are have become unemployed due to COVID-19. The Department of Unemployment Assistance (DUA) is working hard to assist employers and employees during this emergency. These include:
- COVID-19 Unemployment Information
What can you do when you become unemployed due to COVID-19? Stay informed regarding the most up-to-date policies, options, and other information outlined by the Executive Office of Labor and Workforce Development.
- Federal CARES Act Benefit Information
The DUA is working to implement the largest expansion of assistance for the Massachusetts workforce since the Great Depression. Learn more about the three new public benefit programs following new guidance from the federal CARES Act.
- Unemployment Assistance Contact Forms
Are you filing a new claim for benefits related to COVID-19? Use these forms to contact the DUA. Available in over ten languages.
- Employee Unemployment FAQ
Not sure what your next steps are as an unemployed worker? Navigate here to understand recent changes at the DUA and some other questions you may have.
- Employer Unemployment FAQ
Worried about keeping your team informed and taking care of your employees or your organization during this crisis? Learn about the emergency regulations and other steps enacted by the DUA to help mitigate the impact of COVID-19 on employers and employees.
- Legislative and Regulatory Documents Related to COVID-19
Looking for official documents containing guidance and information related to unemployment assistance and the coronavirus? Find the most updated documents here.
Federal Unemployment and Coronavirus Updates
With this constantly-evolving situation, the federal government is also releasing new information and legislation to help states, employers, and workers manage the pandemic. From the Coronavirus Aid, Relief, and Economic Security (CARES) Act, to adjusted unemployment benefits laws and more, every department is working to mitigate the impact to those affected by COVID-19 of the coronavirus on Americans everywhere.
Navigate to this USA.gov federal resource for a complete overview of unemployment help, both general and directly related to coronavirus. You can also view coronavirus-specific resources from Benefits.gov, the federal resource for government benefits.
The most important thing to remember is that your experts at LBCU are here for you. We are all working together to determine the best way to work through this pandemic together, keeping your financial stability, security, and future wellbeing in mind.