The program typically pays half of what individuals were normally making at their jobs, though the system varies. States on average offer about 26 weeks of benefits, though it differs from state to state, with North Carolina and Florida offering as low as 12 weeks of benefits. That’s thanks to the CARES Act-backed Pandemic Unemployment Emergency Compensation (PEUC) and the Pandemic Unemployment Assistance (PUA) program, which each add on an additional 13 weeks on top of what states pay out through their regularly administered program.

31, 2020, according to the Department of Labor. And even if you haven’t completely lost your job but have seen your hours significantly reduced, you can still qualify.Īll in all, you should be able to get about 39 weeks of benefits if you’ve lost your job on or before Dec. If you’re out of work, one of your first steps should be filing for unemployment benefits.

You can use your retirement accounts - but avoid it if possible.

Communicate with your utility and service providers.

If you have student loans, suspend your payments.

If you have a mortgage, inform your lender and servicer.Look over your monthly expenses and find ways to cut back.If you have emergency savings, now’s the time to tap into it.What should you do if you’ve lost your job? Here are 13 steps you should consider taking to help get you by if you’ve faced job loss because of the coronavirus-induced recession. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.ī is an independent, advertising-supported publisher and comparison service. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.īankrate follows a strict editorial policy, so you can trust that our content is honest and accurate.

Our experts have been helping you master your money for over four decades. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our goal is to give you the best advice to help you make smart personal finance decisions. Our editorial team does not receive direct compensation from our advertisers.īankrate’s editorial team writes on behalf of YOU – the reader. We maintain a firewall between our advertisers and our editorial team. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. What to do when you lose your 401(k) matchīankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Should you accept an early retirement offer? How much should you contribute to your 401(k)?

Whilch bills to pay in job loss