Tags: Budget, Free money, Pandemic

Budget & Capitalize on Free Money During the Pandemic

August 19th 2020

 

budget management

The COVID-19 Pandemic has entered with lots of alterations to our lifestyle, and our businesses and budgets are not an exemption. Like the entire world, people in the US with 9.5% shrank in the economy are also juggling new challenges where finances are concerned. According to an estimate, 49% of Americans are living paycheck to paycheck, hinting that they have few to almost no savings at all to cope with emergencies.

 

However, the US government has already launched an economic stimulus package to aid the citizens. But in search of long term solutions, we have to look out for more opportunities to keep a free cash inflow. So let's see what strategies you can adopt to manage your budget efficiently and capitalize on all the free money.

 

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Research Your Options

 

In these uncertain times, you need to think beyond your four walls to increase your money resources. And your good research skill will come to your defence here, research options you can do to get and then capitalize on free money during the pandemic, knowing what to do if you are in crises can safeguard your assets. In this regard, strategies like communicating with your landlord in case it is hard to pay the bill this month.

 

Student loans if you are a student in confrontations and speaking with finance specialists if you own a business etc can help you in coping with challenges like a leader. On the other hand, if you don't know what to do during your financial problems at this time, then you are more likely to wander deep in the oceans of anxiety and risks.

 

 

Check Out Grant And Free Money Programs

 

Grant and loan programs are in highest demand to help locally owned small businesses during global world pandemic. Below we are listing some relief programs that can aid your business and can capitalize your free money in the US.

 

 

Paycheck Protection Program:

 

Government has provided $350 billion through the Paycheck Protection Program to provide loans to encourage small businesses to cover fixed expenses. So if you are a business owner who is struggling to pay their workers, to pay their mortgage payments or other business expenses, apply to borrow this PPP loan today.

budget, free money, pandemic, covid19, financial planning
  • Employee Retention Credits:

Coronavirus Aid, Relief, and Economic Security (Cares) signed a refundable tax credit for employers whose businesses were suspended due to shutdown order or whose gross receipts dropped by more than 50 percent. It implies if you own a company that was struck by lockdown due to coronavirus and your credit’s worth is 50% of payrolls paid between March 13 to December 31, 2020, up to a maximum of $10,000 apply for this program quickly before it gets depleted.

 

  • Loans For Exporters

If you are an exporter, then lending you loans were considered risky to US banks. But now U.S small Business Administration (SBA) has made it easier to obtain export loans for US small businesses. The Export-Import Bank of the United States (EXIM) approved 142 authorizations totalling $164 million in support of American small businesses that export. For this, you can get in touch with SBA’s office or SBA International Trade Finance Specialist.

  • Debt Renegotiation With Creditors

Government has also issued renegotiation of the 68 billion dollars for debtors with international creditors. So if you are in debt with foreign creditors, you can take a sigh of relief in this pandemic.

 

  • Financial Institutions Regulations

The government has taken action against economic sufferings of people during this pandemic by prohibiting financial institutions from charging fees for ATM transactions throughout the United States, so make most of this program to earn some extra free money.

  • Help For Small And Mid-Size Enterprises

A fund is launched to help SMEs to pay wages. It includes $337 billion to help small businesses nationwide with their cash flow. The good news is that this loan would be forgiven if employers keep their workers on the payroll throughout the coronavirus crises.

In this way, you can manage your budget efficiently when things are not going in favour of your small and midsize business. Hence don't miss applying for this program if you are eligible. This program will not only support SMEs but will also help workers to keep their budget stable.

 

  • Refinance Your Home Loan

Cash-out this coronavirus situation when mortgage loan rates are dropped to historic lows because mortgage loans fees are frozen. It suggests that it is the best time to refinance your home loan. This program could save you money and help you to manage your budget wisely.

  • Other Programs

In addition to these COVID 19 specific programs, several existing SBA programs might be the best option to capitalize on free money. Among which Express Loan Program, 7(a) program and Microloan Program will keep cash flow by providing loans according to your business needs. 

 

  • Decrease In Interest Rates

Interest rates are also decreased to aid the people suffering from pandemic. Overpayments and underpayments have now been done with lower rates as compared to earlier rates.

 

  • Federal Unemployment Benefits

American individuals who are collecting Pandemic Emergency Unemployment Compensation (PEUC), Unemployment Compensation (UC), Disaster Unemployment Assistance (DA) etc. will also provide an additional $600 per week. This program will help victims of coronavirus crises to get some free money to manage their budget wisely.

  • New Employer Tax Credits

A program is designed to encourage employers to keep workers on their payrolls. In this program, a refundable tax credit is offered to employers who are offering up to $10,000 in qualified wages. This credit is available to all the employers regardless of size, including tax-exempt organization. The paid sick leave credit and paid family leave loan are also functional for eligible employers who pay qualified family leave wages or ill leave wages to their employees.

 

  • Analyse From Where You are Saving During Pandemic And where Should You Spend This Money

Identifying the disparity between income and expenditure can be your biggest backer in capitalizing on all the free money during the pandemic. We agree that this crisis has lots of negative economic impacts to carry with it, but it does not mean that this pandemic isn't providing you opportunities to save some wealth.

 

For example, lockdown means no vacations which eventually means you are going to save some bucks or when gyms/ swim classes are off, it means that your wallet will not bear the burden of their fees. And as briefly discussed earlier some programs launched by the government and business administration to help people in these difficult times would also increase digits of your bank accounts.

 

To make most of this money the first and foremost rule is to analyse where and how you should spend all this money. This true and tested strategy to identify the right areas to spend your money on will not only help you in cash flow during this time but will also assist you to have a carefree income after it.

 

In case you can not judge where you should spend, you can ask us in the comment section below. We will love hearing from you in our comments, stay safe and keep making wealth.

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Lea Wiviott Boracchia, Co-Founder, FinancialPlans.Info and InvestingProfits.Pro, both apart of the renowned Boracchia Wiviott Wealth Partners

We are a registered investment advisory focused on accessible wealth planning for everyone. Our mission is to help women, men and people of all ages, races, locations, and anyone plan and secure their most successful future. We were originally established in 2005 by way of 3 firms before my husband Marc and I registered our independent advisory in California.

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