March 19, 2020 | Money Management, New: COVID-19

Financial Services for Those Affected by the Coronavirus

If you have been impacted by COVID-19, Quorum's team is here to help. Learn more here.

Financial Services for Those Affected by the Coronavirus

Quorum

Mar 19 2020, 08:01pm


As the coronavirus continues to spread and its impact is felt by every sector of society, many people are taking a financial loss due to curtailed supplies, budget cuts or forced time off to care for an infected family member or to self-quarantine due to possible exposure to the virus.

To help you remain financially solvent while you protect your health, we’ve compiled a list of financial services dedicated to assisting individuals affected by the coronavirus.

Disability Insurance: If you cannot work due to having or being exposed to COVID-19 (certified by a medical professional), you can file a Disability Insurance (DI) claim. DI provides short-term benefit payments to eligible workers who have a full or partial loss of income due to a non-work-related illness, injury or pregnancy. Benefit amounts are approximately 60-70 percent of wages and range from $50-$1,300 a week.

Paid Family Leave: If you’re unable to work because you are caring for an ill or quarantined family member with COVID-19 (certified by a medical professional), you can file a Paid Family Leave (PFL) claim. PFL provides up to six weeks of benefit payments to eligible workers who have a full or partial loss of income because they need to take time off from work to care for a seriously ill family member or to bond with a new child. Benefit amounts are approximately 60-70 percent of wages (depending on income) and range from $50-$1,300 a week.

Unemployment Claim: If your employer has cut down your hours or shut down operations due to COVID-19, you can file an Unemployment Insurance (UI) claim. UI provides partial wage replacement benefit payments to workers who lose their job or have their hours reduced through no fault of their own. Workers who are temporarily unemployed due to COVID-19 and expected to return to work with their employer within a few weeks must remain available and ready to work during their unemployment for each week of benefits claimed and meet all other eligibility criteria. Eligible individuals can receive benefits that range from $40-$450 per week.

Some individual companies, including Uber, Lyft, and Postmates, are offering their own financial assistance to employees who have been diagnosed with COVID-19 and cannot work.

Lending

A good loan can lead to good changes.

No matter what your goal, our market-leading HELOC can help you make it happen.

Back to top

Comments Section

Please note: Comments are not monitored for member servicing inquiries and will not be published. If you have a question or comment about a Quorum product or account, please visit quorumfcu.org to submit a query with our Member Service Team. Thank you.

Comments Section

avatar
  Subscribe  
Notify of