COVID-19 Unemployment Resource Guide

In just 6 weeks of the "new normal" under the COVID-19 pandemic, an unprecedented 30 million Americans have filed for unemployment benefits.¹

Some employers are being forced to close their doors and come to grips with tough decisions to remain solvent. Employees are worried about job security and whether they'll be able to pay their bills if they lose their jobs.

With these concerns in mind, we developed a list of resources aimed at relieving financial and emotional stress during a period of unemployment related to the COVID-19 pandemic. We hope this serves as a tool for both employers and employees to help manage through this challenging time.

Income Assistance

• Federal Economic Impact Payment – If you expected to receive a stimulus check, you can check the status of your payment on the IRS website: irs.gov/coronavirus/get-my-payment
  • This is a one-time payment from government based on 2018 or 2019 adjusted gross income (a $1,200 payment for single filers with up to $75,000 of AGI or a $2,400 payment for married couples filing jointly with up to $150,000 of AGI)
  • Additional information about the payment can be found here: https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know
• Unemployment Benefits - While every state has different unemployment rules, the federal government has issued guidelines to extend benefits (normally 26 weeks for most states) for an additional 13 weeks and to expand benefits by an additional $600 per week through July 31^st.
  • Maryland: https://www.dllr.state.md.us/employment/unemployment.shtml
    • FAQs about MD’s benefits and COVID-19 http://labor.maryland.gov/employment/uicovidfaqs.shtml
  • District of Columbia: https://does.dcnetworks.org/claimantservices/Logon.aspx
  • Virginia: https://www.vec.virginia.gov/unemployed
  • Additional states: https://www.careeronestop.org/LocalHelp/UnemploymentBenefits/find-unemployment-benefits.aspx

• Workplace Retirement Plans – Participants can access retirement plan balances at work due to a COVID-19 hardship via distributions or loans (please check with your benefits department to confirm availability). These options should be discussed with a tax advisor as there are tax consequences if the disbursement or loan is not repaid. In addition, both options remove assets from being invested in the market which could result in missed returns if market gains occur prior to the loan or distribution being repaid.
  • Coronavirus-Related Distributions:
    • Participants can withdraw up to $100,000 penalty free in 2020
    • Tax on the distribution can be spread over three years
    • Participants have up to three years to repay funds back into the plan to avoid paying taxes on the distribution (considered a rollover)
  • Coronavirus-Related Loans:
    • Participants can borrow the lesser of $100,000 or 100% of vested account balance
    • Must be taken out on or before 9/23/2020
    • Loan repayments can be delayed for up to one year (but interest will still accrue)
    • Participants have up to five years to repay the loan

Expense Assistance

• Housing– If you are adversely impacted by the coronavirus and are concerned about your ability to pay your mortgage or rent:
  • Mortgage assistance:
    • The Consumer Financial Protection Bureau (CFPB) has a comprehensive guide to mortgage relief options: https://www.consumerfinance.gov/about-us/blog/guide-coronavirus-mortgage-relief-options/
    • Information and resources from the Federal Housing Finance Agency: https://www.fhfa.gov/Homeownersbuyer/MortgageAssistance/Pages/Coronavirus-Assistance-Information.aspx
    • Your current lender – If you can’t pay your mortgage contact your mortgage lender to find what options are available to temporarily reduce or suspend payments, waive late fees, etc. See the CFPB guide for additional questions.
  • Rent assistance:
    • Contact your landlord as soon as possible if you will have trouble paying your rent. Many states, counties and cities have issued moratoriums on rent evictions lasting between 30-90 days: https://www.fool.com/millionacres/real-estate-market/articles/cities-and-states-that-have-paused-evictions-due-to-covid-19/

• Food – If you are struggling to afford food for you and your family, these organizations and programs can provide relief:
  • Free meals and food deals from restaurants: https://www.goodhousekeeping.com/life/a31911758/free-meals-food-deals-coronavirus/
  • The U.S. Department of Agriculture food assistance programs: https://fns-prod.azureedge.net/sites/default/files/ConsumerBrochure.pdf
  • Find a local food bank through Feeding America: https://www.feedingamerica.org/find-your-local-foodbank
  • 211, a free and confidential service that helps people find local food and nutrition programs: http://211.org/services/essential-needs

• Utilities – If you are unable to pay upcoming utility bills, reach out to your utility provider and find out what accommodations they’re making for customers during this time.
  • Phone– the Federal Communications Commission (FCC) created the Keep Americans Connected Pledge which calls on broadband and telephone service providers to keep service to individuals for the next 60 days, even if customers can’t pay their bills (also encourages waiving late fees and keeping Wi-Fi hot spots open to people in need). Over 700 companies have signed the pledge: https://www.fcc.gov/keep-americans-connected
    • Verizon: https://www.verizon.com/about/news/verizon-helps-eliminate-worry
    • Sprint: https://newsroom.sprint.com/covid-19-updates-sprint-responds.htm
    • ATT: https://about.att.com/pages/COVID-19.html
  • Electric:
    • Pepco: https://www.pepco.com/SafetyCommunity/Safety/Pages/coronavirus.aspx
    • Dominion: https://www.dominionenergy.com/company/coronavirus
  • Gas:
    • Washington Gas: https://www.washingtongas.com/media-center/coronavirus
  • Water:
    • WSSC: https://www.wsscwater.com/assistance

• Bank and Credit Card payments - Almost all bank and credit card issuers have information on how they can help you during this time. Please reach out to your provider if you are unable to make monthly payments:
  • Bank of America: https://about.bankofamerica.com/promo/assistance/latest-updates-from-bank-of-america-coronavirus
  • Capital One: https://www.capitalone.com/updates/coronavirus/
  • Wells Fargo: https://www.wellsfargo.com/jump/enterprise/coronavirus-response
  • American Express: https://www.americanexpress.com/us/customer-service/financial-hardship.html
  • Visa: https://usa.visa.com/visa-everywhere/blog/bdp/2020/04/03/visa-is-committed-1585927227688.html
  • Mastercard: https://www.mastercard.com/global/covid-19-info.html
  • Discover: https://www.discover.com/coronavirus/

• Student Loan payments:
  • Federal loans - The US Department of Education has automatically suspended all payments to federally-held student loans and reduced interest to zero through September 2020: https://studentaid.gov/announcements-events/coronavirus?utm_content=&utm_medium=email&utm_name=&utm_source=govdelivery&utm_term=
  • Private Lenders - Several private lenders are offering similar options:
    • Navient: https://navient.com/covid-19
    • Nelnet: https://www.nelnet.com/covid-19
    • Sallie Mae: https://www.salliemae.com/landing/coronavirus/
  • Prioritizing bill payments – Below are several articles to help you prioritize what bills to pay when you have limited means:
    • Washington Post: https://www.washingtonpost.com/business/personal-finance/rent-mortgage-car-loans-utilities-and-child-support-the-other-bills-can-wait/2020/04/03/6ffd453c-7528-11ea-87da-77a8136c1a6d_story.html
    • Grow: https://grow.acorns.com/which-bills-should-you-pay-first/
    • Reuters: https://www.reuters.com/article/us-health-coronavirus-consumercash/your-money-a-coronavirus-emergency-plan-for-paying-your-bills-idUSKBN2153TU

Healthcare Assistance

• Health Insurance – If you need to replace lost health coverage, you have several options:
  • COBRA: You can keep your employer’s plan for up to three years (though you will have to pay the entire premiums yourself). Learn more about COBRA: https://www.healthcare.gov/unemployed/cobra-coverage/
  • Affordable Care Act:
    • Special Enrollment Period - You may qualify if you’ve lost coverage through your employer in the past 60 days. You can find more information at https://www.healthcare.gov/coronavirus/
    • Family Coverage - If you are younger than 26, the Affordable Care Act allows you to be covered under your parent’s insurance plan. If your spouse is employed and has employer-based health care, you might be able to get enrolled on their plan
  • Mental Health – There are several resources to manage stress and anxiety related to the coronavirus pandemic:
    • Center for Disease Control and Prevention: https://www.cdc.gov/coronavirus/2019-ncov/daily-life-coping/managing-stress-anxiety.html
    • National Alliance on Mental Illness: https://www.nami.org/covid-19-guide
    • WebMd: https://www.webmd.com/lung/handle-isolation-and-anxiety#1
  • Physical Health – Physical health is directly linked to mental wellbeing; here is a link to over 25 free livestream workout resources:
    • https://www.goodhousekeeping.com/health/fitness/a31792038/coronavirus-live-stream-workout-classes/

¹ https://www.theguardian.com/business/2020/apr/30/us-unemployment-americans-jobless-coronavirus-pandemic