It doesn’t matter the industry or the occupation, a furlough can happen to just about anyone.
That’s why it’s important for those dealing with the financial difficulties of a recent coronavirus-driven furlough to know there are a number of ways to try and stay afloat when you’re not receiving your normal pay.
Even if you’re lucky enough to still have your job today, it may be in your best interest to take some proactive steps to plan ahead in the event a furlough, or lay off, impacts you in the near future. Facing the economic uncertainties of a pandemic, it’s entirely possible that you could potentially be the victim of an employment interruption at some point.
Here are seven tips for surviving a furlough in these tough times.
1. See if you’re eligible for unemployment insurance
Take advantage of benefits available through the CARES Act or unemployment insurance benefits. The U.S. Department of Labor has answers to some of your eligibility questions.
Pandemic Unemployment Assistance (PUA) may be an option for those who wouldn’t normally qualify for regular unemployment compensation.
“The Federal supplement to the state unemployment benefits now makes a big difference,” says Mark Meredith, certified financial planner at Meredith Wealth Planning in Maryville, Illinois.
States give an additional $600 weekly payment to eligible individuals receiving other benefits under Federal Pandemic Unemployment Compensation (FPUC).