Coping strategies are important during the pandemic. Today, the stimulus package was signed and taxpayers can expect to receive funds based their 2018 tax income by mid to late April 2020. Individuals that are laid off can also apply for unemployment insurance. These two sources of income can lessen the financial strain. It will require all of us to focus on the bare necessities such as:

1. rent/mortgage
2. food
3. medicines

At this time, student loans are interest free for approximately 60 days. Contact other creditors as soon as possible to let them know your financial status. This will keep you from defaulting on car loans, mortgages, credit cards etc. Try to create a repayment plan you can live with. If your spouse/partner is working from home without a break income that is a plus.

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How to pause your federal student loans.

1. The U.S. Department of Education has granted a payment waiver of at least 60 days to many people, but it is not necessarily automatic. In general, you have to call your loan servicer to request a waiver and to make sure that your loan is eligible. If you are already more than 31 days late, your loan servicer will suspend your payments automatically.
2. Your servicer will not charge interest during this time, and the waiver is not supposed to hurt your credit score. The waiver does not apply to private student loans.
3. One private lender, Sallie Mae, said it is offering suspension of payment for up to three months, with no damage to a borrower’s credit.
4. Wells-Fargo says, it will offer help, but a spokesman said it will not commit to a set number of months or any other specifics. Using a waiver to pause your federal student may not be the best move for people in distress.
5. If your income has fallen dramatically, it may be better to enter an income-driven repayment program. Low-income borrowers enrolled in those programs for as long as their income stays low.
6. If you do make any changes to what you’re paying, don’t forget to adjust any automatic payments you have set up.
7. Last week, the federal government announced an automatic student loan interest waiver for federally held loans. That remains in effect if you don’t request the new payment waiver; Instead, you’d pay what you normally do, and the full amount will go toward the loan’s principal.

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If your income has fallen or been cut off completely, this guide will connect you to the basic information you’ll need to get through this, including on government benefits, free services and financial strategies.

1. How unemployment insurance works – a lot depends on where you live. You might not have to lose your job to qualify. If you are quarantined or have been furloughed – and you’re not being paid but expect to return to your job eventually – you may be able to get unemployment benefits. Some states are more generous than others, but typically replaces 45 percent of your income. Most states pay benefits for 26 weeks, but some have pared down to as little as 14 weeks.
2. Most states cover only full-time workers, and some have made it more difficult for temporary workers to get coverage. Part time workers will be paid the amount they typically earn in a two-week period Gig-only workers also unlikely to qualify (ie. Uber and Lyft drivers).

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These are some of the longest-lasting groceries you can buy. If you haven’t previously thought about how you would build up a food supply for an emergency, the new coronavirus probably has made you consider it. What kinds of foods are best to keep in the pantry and freezer in case of a natural disaster or pandemic that drags on for more than a couple of weeks? Start with the following options. These foods can last years before going bad.

1. Oats
2. White rice
3. Popcorn
4. Dark chocolate
5. Honey
6. Powdered milk
7.  Dried beans
8. Certain cheeses
9. Canned foods (avoid cans that are rusted, dented, scratched, and bulging)
10. Frozen foods

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The federal government has moved the tax filing deadline to July 15. You don’t have to file your return or make payments until then. The I.R.S. said there will be no interest or penalties for those who wait to pay until July. If you are owed a refund, you’ll still receive it as you normally would if you file your tax return, no matter when you submit it. Don’t forget about your state income taxes. Check your state to see what changes may apply.

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There’s a good chance you can delay your mortgage payment if the coronavirus outbreak has left you short of money. The Federal Housing Finance Agency has instructed mortgage servicers to allow borrowers whose mortgages are owned by Fannie Mae or Freddie Mac to delay payments. This forbearance program allows for a mortgage payment to be suspended for up to 12 months due to hardship cause by the coronavirus.

Federal housing officials have also announced a nationwide eviction and foreclosure moratorium for borrowers of Fannie or Freddie mortgages.

But the federal plan don’t cover more than 40 million renters, many of whom may not be able to pay their rent next month. Renters should contact their landlord or management company to communicate their ability to pay on time. Keep in mind there is a moratorium for evictions nationwide.

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If you like the idea of working from home or setting your own hours, you should know about this resource. Thanks to the internet and widespread connectivity, there are plenty of jobs that don’t require you to commute to the office every day or work a 9-to-5 schedule. One way to look for legitimate part-time, remote, flexible-schedule or freelance work is to use FlexJobs. It’s a subscription-based job board that specializes in postings for these types of positions.

Perks include:

• The ability to apply for positions directly from the FlexJobs website directly from the FlexJobs website.
• Regular emails with job openings that match your preferences
• Access to webinars designed to help you learn skill, including resume improvement and LinkedIn networking
• Access to skills test that can help you set yourself apart from other job applicants
• The option to call FlexJobs and speak to a person to get help setting up your personalized search parameters, for example.

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For the most part, the people who  will most benefit from FlexJobs are those looking for work to fit their lifestyles. The jobs posted on the site are aimed at the people who aren’t look for a traditional 9-to-5 job in an office. While some of the jobs do follow regular business hours, many of them all you to work remotely or telecommute at least some days each week. Others are part-time jobs with flexible schedules. Freelancers can also benefit it they’re looking for regular income streams.

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As workplaces temporarily shut down and thousands of Americans are quarantined because of the coronavirus, some major credit card issuers have begun offering relief to their customers. What to do if you’re struggling to pay your credit card bills. While some credit card issuers are still determining the measures they will take to aid credit card users, many companies are urging consumers to contact them to discuss the financial hardships they face because of the coronavirus. Call your credit card company to share your specific status to avoid going into collections. Making the smallest payments to your credit card company is in your best interest to protect your credit score and keep your credit report in the best light.

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One national drugstore chain has even waived its shipping fees for any type of online order. As cases of COVID-19 spread across U.S., two major drug store chains are encouraging their customers to remain at home by offering free home delivery of prescription medications. Both Walgreens and CVS are making these changes as health officials recommend that people stay home in a effort to tamp down community transmission of the disease caused by the new coronavirus.

However, Walgreens says it’s “waiving delivery fees for all eligible prescriptions during this evolving situation” and does not define “eligible”. So, contact your local pharmacy if in doubt. Additionally, Walgreens is offering free delivery on all purchases on Walgreens until further notice. In other words, there is not minimum purchase requirement to qualify for free shipping.

Because many people are expecting to remain at home for a prolonged period, experts also are recommending stocking up on prescription drugs when possible.

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