The COVID-19 pandemic has resulted in over 10 million people getting laid off, unemployed, or furloughed. If your job situation has been impacted by coronavirus, LBCU is here to help as much as we can. Here are some local, state, and federal resources to help you get through these times.
At LBCU, we understand that this unprecedented situation is causing financial strain on many individuals and families. We are committed to helping our members through this difficult time as much as we can.
If you currently have any kind of loan with LBCU and are experiencing a hardship connected to COVID-19, please let us know by applying for Loan Hardship Assistance. We will do our best to help find a solution.
For those who need it, we have also developed an Emergency Loan Fund to provide some financial relief. This fund is open to both new and existing members and provides a maximum of $2,500 per member. Learn more about the fund or complete our contact form so a member of our team can reach out to discuss your needs.
For many who relied on a steady paycheck to pay down debt or save towards future goals, having your job affected by COVID-19 comes with the added challenge of adapting your finances to deal with this new reality. Here are a few ideas to help:
Massachusetts has compiled resources on Mass.gov for those who are have become unemployed due to COVID-19. The Department of Unemployment Assistance (DUA) is working hard to assist employers and employees during this emergency. These include:
With this constantly-evolving situation, the federal government is also releasing new information and legislation to help states, employers, and workers manage the pandemic. From the Coronavirus Aid, Relief, and Economic Security (CARES) Act, to adjusted unemployment benefits laws and more, every department is working to mitigate the effects of the coronavirus on Americans everywhere.
Navigate to this USA.gov federal resource for a complete overview of unemployment help, both general and directly related to coronavirus. You can also view coronavirus-specific resources from Benefits.gov, the federal resource for government benefits.
The most important thing to remember is that your experts at LBCU are here for you. We are all working together to determine the best way to work through this pandemic together, keeping your financial stability, security, and future wellbeing in mind.