The spread of coronavirus, which causes the disease COVID-19, is creating an unprecedented unemployment situation. In some states, nonessential businesses have been ordered to cease operations, and workers across the country are losing their jobs and income.
A new Ipsos survey commissioned by Newsy found that about a third of workers have lost income in the past week. A similar number (37%) feel they will lose income in the next month. And according to the Economic Policy Institute, 14 million jobs could be gone by summertime.
If you suspect a layoff is imminent, it’s important to prepare for that possibility while you still have an income. Losing a job is scary and stressful, but you can mitigate the damage by taking as much control of the situation as possible now.
1. Slash your budget.
Your first step should be to examine your expenses and look for any nonessential spending you