There are two kinds of workers in this COVID-19 pandemic, those who are in the frontlines who are battling the pandemic first hand and those who were not given the chance to work because of the pandemic. Two sectors of the workforce that has been directly affected by the economic difficulties that the situation brought about. Many Americans who had VA loans, FHA, or whatever existing mortgage they may have taken, have been walking on eggshells because of the uncertainties that they are facing. Stimulus packages and even the COVID-19 hazard pay package may have helped but it is not enough. One positive news is the CARES Act which gave a lot of us some breathing space for our existing mortgage. Borrowers can apply for a forbearance and not pay their home mortgage for up to six months. So if you are still trying to decide if this is a viable option for you, talk to your mortgage servicer for more details about it. Another positive news that the CARES Act brought in the time of COVID-19 was the additional $600 per week assistance given to those people who lost their work because of the COVID-19 situation. This was given as an additional amount through their unemployment insurance programs. Although, this has ended in July, and there is no news yet if we can get an additional assistance under the new CARES Act, we can still remain hopeful. But there is also a not so good news for some sectors of the American labor force. Those who are working in the frontlines are lamenting though because it seems that they are not being recognized and the work that they do because there is no hazard pay for them. Our essential workers have been risking their lives so that most of us can continue with ours. The reality that the government’s stimulus package that has been given is for those who are unemployed but what about our front-liners who go beyond the call of duty? Understandably, employers, even if they want to, may not be able to give hazard pays simply because they too are affected economically. How then can we find a common ground that will be beneficial for all? Hard questions with no tough answers just yet. Let us just hope and pray that we will be able to get through this storm sooner rather than later.
COVID-19 Economic woes
- Post published:September 24, 2020
- Post category:COVID-19