A guide to remuneration for Americans affected by the Coronavirus pandemic

Coronavirus pandemic

Comprehending the situation

The pandemic has led to a lot of fear and the tendency of uncertainty in people’s minds due to the lack of knowledge and experience. Unites States people are almost way too far from the historical medical and health emergencies that swept the globe throughout the centuries.

The people mostly have fallen prey to the fake news online and are in a constant turmoil of emotions, fear in the top. Also, people are quarantined at home and are not allowed to go to their workplaces to prevent catching the coronavirus. All these events happening are scary.

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Economic impact

The pandemic has disrupted the US stock market and made it a bear market. It has caused central banks and governments to develop an assortment of ways to help counteract this situation. Countries worldwide, especially the less developed ones, are scrambling to meet the ends, and the United States is barely keeping up.

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All the available benefits and stimulus packages surpassed in the pandemic, but the list is quite extensive. So, here we are to help you know about it.

Stimulus Packages and Federal Benefits

  • The government has come up with federal solutions to overcome the business loss and economic fallouts shattered due to the pandemic. Here are a few things they have come up with to stimulate the economy:
  • The US Federal Reserve has cut down the interest rates to a full percentage to free up the extra funds.
  • It has also amplified the banking system’s liquidity by attempting to offer short term loans to organizations.
  • Also, a phase three plan is on its way by congress to assist small businesses, passenger airlines, cargo transit, and customers.
  • Medical aids with free virus testing and necessary paid sick leave. Also, people have expanded benefits from federal and state unemployment.
  • Currently, people making below $75,000 are about to receive a stimulus check of around $1200 along with $500 additional benefit per child.
  • The emergency relief package has approved mandated paid leave for companies like two weeks paid leave for the ill, taking preventative care or quarantined, 12 weeks paid leave for the parents whose children are at home and require parenting and attention. Additional aid like free testing, food, medical support, and unemployment benefits affected by the pandemic will be made available.

Stimulus packages and State Level Benefits

Along with the Federal government, various State governments are also providing multiple benefits and aids.

For example, in Ohio, due to the pandemic, restaurants and bars were shut down, which led to service workers in a state of unemployment. The state government helped these workers to cope up by providing financial aids.

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But it is on them whether or not they want to provide anything for the employees when it comes to private companies.

With things changing so drastically, it is essential to be aware of the recent events happening around. The National Association of State Workforce Agencies is a relevant source for all the information required. The US states will develop more such programs and stimuli to keep the citizens safe, happy, and balance their financial status.

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