Financial RELIEF for Laid off Employees

Layoffs take a financial toll on businesses and employees. After many people have stocked up on canned goods, pasta, and toilet paper, they are laid off from their jobs and struggle to pay their bills.

Here’s a few resources to assist your employees during financial stress:

1. Rent/Mortgage: Many mortgage lenders are offering reduced payments, forgiving late payments and skipping a month or two of payments. Check with your mortgage lender for specific details. Additionally, foreclosures and evictions are prohibited for the next 60 days.

2. Food: Certain households will be eligible for help if a child's school has been closed for at least five consecutive days because of the health crisis. The legislation allows certain waivers in order to expand who qualifies for benefits through the Supplemental Nutrition Assistance Program (SNAP) and suspends the program's work requirements. How to access these benefits will vary by state. Michigan residents can click here, and Florida residents can click here.

3. Credit Cards: Many credit card companies are offering relief in the form of skipping payments, reduced rates, or forgiving late payments.

4. Student Loans: Waive interest on student loan payments, making them smaller on a monthly basis. Additionally, federal student loan payments can be skipped for two months (check with your private lender).

5. Utilities: Many utility, phone and internet companies are waiving late fees and shut-offs for the next 60 days. Learn more about Consumer’s Energy’s efforts in Michigan.

If you were laid off, you are eligible for unemployment benefits. Learn more about unemployment benefits here.