Despite the fact that against the backdrop of the pandemic, more and more American politicians are in favor of an unconditional total income during the crisis, so that Americans do not have to look for where to get money during pandemic. The number of citizens who applied for unemployment benefits for the first time over the past week was 6,65 million. This is a new record in the history of the American labor market. The previous one, 3.3 million people, lasted only a week, and the worst unemployment rate in the United States in history was recorded in 1933, during the Great Depression. Then it amounted to 24.5%. During the financial crisis of 2008-2009, unemployment reached 10.2%.
Significant reductions await both small and medium-sized businesses and large companies. Airports, airlines, infrastructure industries, and transportation are already cutting staff. Now experts such as James Bullard of Bloomberg predict that the effects of the pandemic and quarantine measures could raise US unemployment to a record 30% in the second quarter. These numbers mean that the financial consequences of a pandemic can affect virtually every American household. So where to get money during pandemic?
Every third small and medium-sized enterprise notes that with a decrease in demand, another quarter will be able to hold out. Half of the entrepreneurs understand that in the near future they are no longer able to reopen their business. Some types of business can recover quite quickly. For example, there was a small business for children’s parties, birthdays, and so on. There was no difficult history with infrastructure, rent, means of production. The pandemic and quarantine will end, people will have money, they will want to book children’s parties again, many such small companies will be able to recover.
However, when it comes to some kind of production for which raw materials were purchased, floor spaces were rented, employees of certain professional skills and qualifications were hired, then after such a stop they face big problems in the form of bankruptcy and unbearable debts. After such an impact, the coronavirus pandemic will be very difficult to recover. The largest enterprises of metallurgy, transport, and so on are credited. Very few of them will be able to repay loans. These assets will be transferred to banks and those who own them. Therefore, what happens to small and medium-sized businesses can be called a natural process of assets migration. A large amount of expensive property has already changed its owners or is about to do so.
Although the latest figures show that the government is pouring almost $ 6 trillion into the economy, many Americans have already lost confidence in the future. In such circumstances, most of us are faced with the question of where to get money during pandemic and how to earn money under quarantine and unemployment.
How can I earn money during quarantine?
On the other hand, the country will gradually adapt to the changes that are already taking place. Changes in distance education have already taken place. Many who learn and have already been able to work and interact remotely. Many liked this, who had not loved this before. It is clear that there will be some return to the previous formats, but the remote mode of operation entered American reality not yesterday. People understood what it was like to work in such a way, realized all its pros and cons, and many would not come back. This will undoubtedly affect the prices of commercial real estate and the previous level is unlikely to return.
If you are left with no work, and your business has ceased to generate income or has completely stopped, then you still have a chance to find a source of income for yourself in order to survive and get money during pandemic. Pay attention to new trends and new professions that appeared with the onset of mass infection or began to gain momentum. Perhaps you should try to master one of them. In addition, you can find many ways to transform your existing business under the current conditions.
- Add new services or improve old ones. Expand the list of services that you are ready to offer your customers for the same money. Add something that does not require you to make large investments, this can attract new customers and retain old ones. For example, many restaurants offered their customers home delivery service.
- Cut costs. If you have the opportunity to refuse to rent an office or other commercial property. These costs occupy a fairly significant share in the budget of any business. Move your office home and production to the garage. Of course, this can create additional difficulties, but at least it can help you stay afloat.
- Learn a new profession. Find out now what popular offers from employers are on the labor market. Choose what is closer to you, what would you be able to do. Take online lessons from professionals to learn a new profession and skills.
- Create your own training online. If you have enough experience in any professional field, share your knowledge with other people, maybe they need your professional knowledge and recommendations right now. While most of us will be at home, online courses will be the only training option.
- Sell those things that you do not need. Each of us has some old stuff that may remind us of some moments in the past, but in reality they now only take up space and collect dust, while you have not used them for a long time. Other people may need some of your things, because they are now not ready to spend money on new ones or their finances is not enough. Audit your attic, storage room, basement and garage, check the cabinets, maybe they have a lot of such stuff that will help you hold out for some more time.
These are not all options for how to make money and where to get money during pandemic. The main thing that you should pay attention to is that not everything is so hopeless. Moreover, do not forget that this is a temporary situation and quarantine will someday end. Look at China, which was the first to be hit by a viral pandemic and go to quarantine. Perhaps you need to hold out just a couple of months, which is quite realistic if you look around in search of new opportunities.
If at some point it becomes difficult to find other income options, then you can take advantage of the financial support of creditors during the quarantine period. Visit our online loan store and having left a request, find out what you can count on in this situation.
Not everything is as bad as it might seem
The Families First Coronavirus Response Act, which was endorsed by both parties, passed in March, will remain in force until the end of 2020. Under this law, workers who become coronavirus or are unable to perform their duties in connection with quarantine measures will be required to receive 100% of their salary (but not exceeding $ 511 per day) for two weeks. A part-time worker will receive a salary for as many hours as he would have worked in the same two weeks.
An employee who takes care of a sick or quarantined family member or a child in connection with the closure of the school receives a vacation for the same two weeks with 2/3 salary (but no more than $ 200 per day). After these two weeks, these groups of workers can receive additional leave up to ten weeks – with the preservation of the workplace and 2/3 of the salary (but not higher than $ 200 per day). Employers are provided with tax deductions in the amount equal to the specified payments.
The law applies to the public sector and small private enterprises with up to 500 employees. The Ministry of Labor is also given the right to exempt small enterprises (with staff of up to 50 people) from the application of this law if its application would jeopardize the survival of the enterprise. Compared to measures taken by many other countries, the law on the priority protection of families seems incomplete, but in relation to US conditions, this is a serious expansion of social protection mechanisms.
Therefore, the Americans still hope that they will not let us starve to death and that eventually everything will work out some day, and life has not completely stopped. Online lenders, whose offers can be found here, can help you and your family survive the coronavirus pandemic and the resulting temporary unemployment. Here you can leave a request for a personal loan and get quick feedback from lenders.