Despite some on-record comments from President Donald Trump in recent weeks that another stimulus package was imminent and that a forthcoming round of checks distributed to the American public would be “very generous,” the Senate has tabled discussions on such a package until the end of July. That’s about a month later than when Senate Majority Leader Mitch McConnell originally had planned to work out another package.
The delay has caused several concerns. One, COVID-19 cases are spiking once again throughout the nation, causing businesses to temporarily shutter and Americans who had begun working to go back on unemployment benefits. Two, unemployment even before these newly shuttered businesses was still high due to the pandemic. And three, the extra $600 per week that unemployed Americans were privy to if they’d suffered job loss due to the pandemic is scheduled to end on July 31.
It’s putting a lot of Americans in a pickle, and the President eluding to another round of checks for Americans who need it most was seemingly welcome news. But it looks like that is far from a done deal. So what can you be doing now to stay afloat until a new stimulus package is signed into law? Here’s a look at three things to do:
Scale Back
Chances are you haven’t been dining out as much or venturing outside of your home for entertainment since the pandemic ravaged the United States in March. While that has likely represented a cost savings, there are other ways you can scale back expenses too. For instance, if you’re not leaving the home, consider taking insurance off of one or more of the vehicles that you own. With a lack of new television programming, it might make sense to cut cable TV. Try to create a “noodle budget,” or the smallest possible budget that you can meet your expenditures, and stick to it during these times.
Seek Temporary Work
Even though you may not be able to find a job in your field or are waiting on your company to call you back to work, there are still industries that have not been as hard hit by the pandemic. Shipping providers, food and grocery delivery services and grocery stores are all hiring right now. Cleaning and restoration companies are also seeking workers due to a rise in sanitizing and disinfection demands. Any part-time job, even if it’s temporary, can help bridge your financial gap.
Seek Assistance
We all have financial obligations to meet, but there’s also assistance and payment deferment programs that you should be utilizing when appropriate too. Make a list of your monthly bills and see what each of the providers are offering to help customers stay afloat during the pandemic. You may be able to put off paying certain loans for up to half a year so long as you agree to extend it by the same amount or make up the difference in future months as you’re able to again make payments.
