Financial Relief & Impact Tracker For Coronavirus (COVID-19)
Coronavirus (COVID-19) has become a major threat to millions of lives and has financially impacted billions of people worldwide. In order to help people find relief and useful information during such dire times, we’ve created this financial relief and impact tracker to serve as a one stop info hub for the following:
This tracker has four comprehensive parts and you can skip to any of them by clicking one of the buttons below:
How Much Can Coronavirus Cost The World?
The travel industry alone is expected to take a hit of $820 billion dollars with China accounting for more than 50% of that loss. While China has experienced a massive travel decline already, Europe is expected to eclipse the projected dollar amount in lost travel revenue due to extreme increases in Coronavirus cases and deaths in countries like Italy and Spain.
Industries such as retail, manufacturing, construction, food and entertainment are also expected to experience significant negative impact due to temporary job losses that could add up to 80% of total work force.
United States jobless claims have already eclipsed 26 million since the start of the pandemic and continue to rise. In unprecedented times like this, people need all the help they can get and our guide will most definitely assist those impacted by the pandemic to find the relief that they desperately need.
COVID-19 RELIEF FOR FRONTLINE WORKERS
Despite the trillions of dollars being announced in relief programs by the US government, frontline workers are still waiting to hear their name called and receive some form of financial relief for the immense sacrifices that they are making. Luckily, the Senate Democrats are pushing to introduce a new hazard pay program that will provide the following relief to front line workers:
This legislation has not been passed but we will continue to monitor updates from the Senate and will confirm as well as provide all the details when(if) this proposal is passed. Below you will find other relief and assistance programs currently available to front line workers.
Relief & Assistance Available For Frontline Workers
Apparel & Shoes
GOVERNMENT RELIEF & SUPPORT PROGRAMS
The following section will list and cover available COVID-19 relief and support programs offered by governments of United States, United Kingdom and Canada. These relief and support programs will include the following: unemployment insurance, paid sick leave, self employed & small business relief, mortgage payment relief and others. You can skip to the applicable section by clicking on one of the buttons below.
U.S. GOVERNMENT RELIEF PROGRAMS FOR COVID-19
The US government has stepped in and passed the $2.2 trillion CARES ACT (Coronavirus Aid, Relief, and Economic Security Act) aimed at stabilizing the American economy, helping keep workers paid and employed as well as equipping the health care system to better cope with the pandemic.
Most Americans whose earnings were impacted by COVID-19 will start seeing financial relief in the form payments from IRS in April. These payments do not require action on your behalf and will be automatically deposited into your account or be mailed out by check as per Consumer Protection Financial Bureau.
Most recently, the US government also passed a $484 billion relief package that is aimed at funding Paycheck Protection Program to help businesses keep their workforce employed as well as assist hospitals in buying necessary medical equipment and improve COVID-19 testing.
Below you will find the full details for the CARES ACT.
CARES ACT Relief Eligibility Requirements & Benefits
INDIVIDUALS & FAMILIES
UNEMPLOYMENT BENEFITS PROVISIONS
APPLYING & USEFUL RESOURCES
This covers key aspects of the CARES ACT and should help you instantly identify the eligible relief programs that you can apply for and take advantage of. If you’re having problems receiving payment, we recommend checking the status of your COVID-19 economic impact payment using the IRS tracker. If you still haven’t received a deposit or check, please login into your IRS.gov account and click on “Get My Payment”.
Unemployment Insurance & Benefits
Paid Sick Leave
With the Families First Coronavirus Response Act, certain employers are now required to provide employees with paid sick leave or medical leave related to COVID-19. These requirements apply to some public employers, federal government employers and private employers with fewer than 500 employees.
According to the Department of Labor, small business with 50 employees or less may qualify for exemptions if the leave requirements could jeopardize business operations. Here is the breakdown of eligible paid sick leave provisions:
There is a cap on applicable paid sick leave at full pay rates of $511 per day and $5,110 over two week period and $200 per day and $2,000 over two week period for those eligible at 2/3 of regular pay rate. We highly recommend visiting U.S. Department Of Labor web page for Employee Paid Leave Rights to find expended scope of information on the subject.
Small & Medium Sized Businesses
Small businesses are facing an unprecedented economic disruption due to the pandemic. On March 27, 2020, President Trump signed into law the CARES Act, containing $376 billion in relief for American workers and small/medium businesses. (Source)
Besides traditional US Small Business Administration (SBA) programs, the CARES act has set a few more temporary programs due to the Coronavirus outbreak. Disaster assistance from the SBA is another option you can explore.
Paycheck Protection Program
A key element of the CARES ACT aimed at helping small and medium business weather the COVID-19 pandemic is the Paycheck Protection Program. The $349 billion part of the relief package is intended at helping American small and medium sized business with up to eight weeks of financial assistance through federally guaranteed loans. All applications are due by June 30th, 2020 and you can find the application form on the Treasury.gov website. Here is what else you need to know.
Seniors & People With Disabilities
The Coronavirus Relief for Seniors and People with Disabilities Act proposal is aimed at addressing critical health and financial requirements of seniors, people with disabilities, family caregivers, and home health workers. (Source). This bill would offer the following benefits to seniors and people with disabilities:
In addition to the aforementioned benefits, the funding of $250 million for the Senior Nutrition program issued through Families First Coronavirus Response Act allows states and community based providers to assist seniors and people with disabilities in receiving 3 meals per day, 7 days a week through programs such as Senior Food Box.
Mental Health Relief Programs
There are several associations offering low-cost mental healthcare solutions during these unprecedented times, regardless of one’s insurance status.
State governments and local nonprofits are also offering mental health support during the pandemic. For instance, in NYC, the nonprofit Fountain House is establishing a virtual support community in response to Coronavirus. (Source)
You can also check your local Department of Health and Human Services website to find out about support programs and services where you live.
The Families First Coronavirus Response Act has allocated over $900 million in funding to help domestic nutrition assistance programs provide enough food for low income families who were affected by the Coronavirus pandemic. Here is what the act covers:
If you’re wondering where you can ollect food aid, you can find your local food bank through Feeding America’s finder. Food and Nutrition Service of U.S. department of agriculture also has a dedicated section for COVID-19 relief and assistance that can help those in need.
Utilities Payment Assistance
If you’re unable to afford to pay your utilities during the COVID-19 pandemic, you may be eligible for emergency assistance, especially with your energy bills. With the Low Income Home Energy Assistance Program (LIHEAP), you can get your relief funding and use it to:
To obtain support make sure you meet your local LIHEAP office’s eligibility requirements and availability of state funds.
CANADIAN GOVERNMENT RELIEF PROGRAMS FOR COVID-19
As COVID-19 continues to affect most aspects of the Canadian Economy, the Federal Government of Canada has stepped up its efforts to provide economic relief to families, individuals, businesses and those most in need.
The biggest relief comes in the form of Canada Emergency Response Benefit which offers individuals a temporary income support of as much $500 per week for up to 16 weeks. This program now covers self employed individuals, freelancers, individuals without employment insurance and even seasonal workers whose incomes are $1000 or less as a result of the recently announced expanded eligibility criteria.
In addition, CERB also offers economic relief to eligible small businesses in the form of 75% wage subsidy, extended tax filing deadlines and access to $65 billion in direct lending and other types of financial support through the Business Credit Availability Program.
Here is what else you need to know about CERB.
Canada Emergency Response Benefit Details
INDIVIDUALS & FAMILIES
APPLYING FOR CERB & USEFUL RESOURCES
This covers key aspects of the Canada Emergency Response Benefit for COVID-19 and should help you instantly identify the eligible relief programs that you can apply for and take advantage of. If you haven’t applied for CERB yet, we highly encourage you to log into your CRA account and apply for the relief program.
Employment Insurance & Benefits
If you’re claiming Employment Insurance benefits, you will not be eligible to apply for CERB’s $2000 a month support payment. All Canadians who have lost their jobs due to the COVID-19 pandemic can apply, including those who were asked to self isolate or quarantine. The latter provision no longer requires a medical certificate. Here is what else you need to know.
Applying For Employment Insurance
Be sure to visit Government of Canada webpage for EI sickness benefits and Government of Canada webpage for EI Regular Benefits for more information.
Other Government Programs & Benefits
Mental Health Assistance
Supply Chain Businesses
UK GOVERNMENT RELIEF PROGRAMS FOR COVID-19
With the passing of Coronavirus Act 2020 on March 26th, the UK parliament put in place measures that allow local government to restrict public gatherings, control public transportation, order businesses to close and other provisional powers to help stop and reduce the spread of Covid-19 pandemic. (Source)
The UK government has also announced a series of relief packages that equate to £365 billion aimed at helping support businesses, individuals and public services during the COVID-19 pandemic. Here is a run down of what the packages offer to different constituents.
Virus Aid Relief Benefit Details
INDIVIDUALS & FURLOUGHED WORKERS
SELF EMPLOYED INDIVIDUALS
APPLYING FOR VIRUS AID RELIEF & RESOURCES
At this time, most of the worker wage support programs are in place for a period of 3 months. We highly recommend staying up to date with the latest developments concerning COVID-19 financial relief by checking the GOV.UK Coronavirus Info Hub and keeping track of latest Coronavirus information and advice on the Health and Safety Executive page.
Other Government Programs & Benefits
BUSINESSES HELPING OUT DURING COVID-19
Despite many business taking a huge financial blow during the COVID-19 pandemic, the business community as a whole has stepped up its efforts to help consumers and society as a whole. Whether it’s LVMH shifting manufacturing from Louis Vuitton purses to producing hand sanitizer to help out the public. Or General Motors and Ford Motors committing to produce medical equipment at their idled factories, the response has been great so far.
In this section we have listed the companies that are the leading COVID-19 focused efforts to help out consumers and the general public at large.
Considering the safety of drivers and customers, Seamless is providing a “contact-free delivery” option at checkout. The company is also launching a Community Relief Fund to use all “Donate the Change” contributions from consumers to support restaurants and drivers impacted by the COVID-19 outbreak. (Source)
Uber Eats is ramping up its response to the Coronavirus pandemic, pledging 10 million food deliveries and free rides for senior citizens, health care workers, and others affected by the outbreak. (Source) Uber is also exploring the possibility of providing Coronavirus tests and is already working with health officials to do so.
DoorDashis is changing its default delivery procedure to a no-contact model, minimizing contact between Dashers and Consumers. The food delivery company is also shipping over 1 million sets of gloves and hand sanitizer to Dashers for free and partnering with various community organizations to deliver 1 million pounds of food and groceries to those in need. (source)
Postmates is lowering its delivery charges by 50% for all purchases of $10+. The company is also offering a “Leave at Door” feature for consumers to obtain their goods with no contact upon delivery. Additionally, Postmates has launched a relief fund labeled “Postmates Fleet Relief Fund.” It’s designed to help their workers cover medical expenses related to Coronavirus, regardless of diagnosis. (source)
Food & Beverage
Burger King is currently giving away two free kids meals with any purchase made from the Burger King app. This new deal is a response to individuals and families struggling amidst the COVID-19 outbreak. (Source)
Einstein Bros. Bagels has promised to donate bagels to individuals in need. All bagel donations are said to go to local schools and emergency service providers. (Source)
Starbucks has suspended its use of reusable cups for the time being. The company has announced it will be donating $500,000 to help front-line responders. It will also provide free coffee to responders through May 3. Employees will receive up to 20 therapy sessions every year for free, given the affect of COVID-19 on workers and operations. (source)
Whole Foods is working to expand capacity to service Prime Members with free, 2-hour grocery delivery and door drop service from Amazon Fresh and Whole Foods Market in over 2,000 cities and towns. (Source) All Whole Foods Market stores in the US and Canada are also allowing customers who are 60 or older to shop an hour before opening to the public. (Source)
Walmart and the Walmart Foundation have announced a $25 million commitment to support organizations on the frontlines responding to the outbreak. This money will be distributed in a series of grants where each will further the capacity of organizations that help communities affected by COVID-19. (Source)
Besides hiring over 100,000 employees to handle the overwhelming demand it is getting from quarantined shoppers, Amazon is also undertaking a number of initiatives to support the larger community (such as $5 million fund for small businesses) in fighting the pandemic. (Source)
Walgreens has expanded its on-demand delivery to over 7,000 stores across the US through the company’s partnership with Postmates amid the pandemic.
Customers are now able to order over-the-counter medications, convenience products, and household essentials through the delivery app Postmates, as well as through their website. (Source)
On March 9, 2020, CVS announced additional Coronavirus resources to improve patient access to medications. The drugstore is working with its suppliers to meet consumer demand for items being sought out relating to the Coronavirus outbreak. (Source)
CVS is also working to help facilitate COVID-19 testing in their parking lots at specific stores. (Source)
Consumer Packaged Goods
LVMH Moët Hennessy’s factories that usually manufacture perfume will now shift to manufacturing hand sanitizer gel. They will also deliver medical products to the French health authorities for free. (Source)
L’Oréal will now be producing hydro-alcoholic gel and hand sanitizer rather than cosmetics and donate an additional €1 million to provide volunteers and frontline workers with hygiene kits. (Source)
According to Johnson & Johnson, the company has already made significant donations in the form of 1+ million units of medical equipment and supplies. (Source)
The company donated 100% of its sales in the last half of March to CDC Foundation to help with medical supplies, increased lab capacity and additional emergency health staffing. (Source)
Clothing & Fashion
Aritzia has closed all stores until further notice due to coronavirus concerns, but to make things easier for everyone, the clothing retail is offering free shipping and returns on orders for 30 days. (Source)
Aritzia is also donating all profits to the Aritzia Community Relief Fund. The relief fund provides financial support to Aritzia’s workers and overseas partners. (Source)
Under Armour has launched a 1-month fitness challenge “Healthy at Home“ on the MapMyRun and MyFitnessPal platforms, to support people and families who are staying healthy and active at home.
The company will donate up to $1 million worth of donations and products to support Good Sports’ efforts to make sure youth sports leagues essential equipment. (Source)
Besides launching a COVID-19 fund enabling all temporary vendors and staff to take paid sick leave if necessary, Google has made Hangouts Meet available for all G-suite users. This will allow for 200+ participant & 100,000+ viewer streaming for free. (Source)
Netflix is establishing a $150 million relief fund aimed at helping entertainment industry workers who have been negatively impacted during COVID-19 due to mass shutdown of most TV and movie productions. The money is in addition to 2 weeks pay already provided. (Source)
Apple is closing all of its retail stores temporarily. The brand is enabling hourly workers, including retail employees, to take extensive sick leaves should they experience coronavirus-related symptoms. You can still continue shopping on Apple’s online store. (Source)
Apple and teams are helping source supplies for healthcare providers combating COVID-19. They are donating millions of masks for healthcare professionals in the United States and Europe. (Source)
In Italy, Microsoft has contributed to the purchase and timely delivery of medical equipment in Milan. Microsoft is also part of a broader effort to help continue educational and business operations for students and companies. (Source)
The Microsoft AI for Health team is currently working with the Institute for Health Metrics and Evaluation to create data visualizations to help researchers understand and respond to coronavirus more effectively. (Source)
The cloud computing company is working hard across all of its resources to deliver 5 million masks to UCSF. (Source) According to Marc Benioff everyone should focus on getting PPE to the local hospitals.
Facebook donated its emergency reserve of 720,000 masks that the company had bought in case the wildfires in California continued. Facebook stated that it’s currently working on sourcing millions more to donate. (Source)
To help parents who are trying to keep their children busy indoors, KiwiCo has started a resource hub offering plenty of stay-at-home learning activities for all ages, tips from professionals on efficient remote learning, kid-friendly science subjects like an elaboration of hand washing. (Source)
Scholastic has launched a “Learn From Home” site with 4 categories: PreK & Kindergarten, Grade 1 and Grade 2, Grade 3 to Grade 5, and Grade 6 and beyond. Each category is bundled with 7 days of content includes free resources for families, teachers a dedicated tips & tricks section. (Source)
Adobe is providing its higher education and K-12 institutional consumers globally the option to request temporary “at-home” access for themselves and their students. (Source)
AT&T’s newest benefits include more mobile hotspot data, flexible return policy, accessory discounts, curbside pick-up, free express shipping, and door-step delivery.
The company has also announced additional benefits to military members and Emergency service workers such as no cost long distance calls. (Source)
To ease the hardship people are facing at home, Comcast is executing two unique adjustments to its Internet Essentials Program in order to help low-income individuals and struggling families stay connected to the web.
Comcast is offering a 2-month free service to new consumers and increased internet speeds for existing ones. (Source)
For students who don’t have any place nearby to keep their possessions, U-Haul is offering 30-day free storage facilities to anyone in need. This will be helpful for those who were displaced due to COVID-19 safety measures. (Source)
In an unprecedented move, Ed Bastian – the CEO of Delta – has foregone his salary for the next six months in order to preserve as many jobs as possible during COVID-19 which already inflicted a 40% reduction in operations on the company.(Source)
Airbnb is offering free stays for frontline workers and first responders to help them stay safely distanced from their families. The program is valid for first 100,000 bookings made through the Airbnb app with all related fees being waved. (Source)
MGM Resorts International announced an array of initiatives intended to help those affected economically by the pandemic, including a $1 million disaster and crisis relief pledge and a donation of 400,000 meals across the US.(Source)
THE RICH AND FAMOUS HELPING OUT DURING COVID-19
While the Coronavirus (COVID-19) pandemic has affected billions of people, there are those who are in a position to help the many. We are talking about the rich and famous of this world who have the means and the resources to offer relief to the less fortunate.
Many billionaires and celebs have already made contributions to help the most affected clusters of our society through donations to non profit organization such as Feeding America or raising funds through relief efforts such as the All In Challenge. Notable names such as Drake, Kevin Hart, Ellen DeGeneris and many others have taken part in these relief efforts.
However, in this section we listed celebrities and billionaires who have taken significant individual actions to provide support and relief to those most affected by the COVID-19 pandemic.
Angelina Jolie donated $1 million to No Kid Hungry organization to help feed children who relied on school lunches for food. The organization supports approximately 22 million children in the United States. (Source)
Arnold Schwarzenegger donated $1 million to Frontline Responders Fund to help out all the emergency service responders. He has also taken part in raising additional funds for the organization on GoFundMe. (Source)
Blake Lively and Ryan Reynolds donated $1 million to Feeding American and Food Banks Canada to help feed people in need, especially seniors and low income families. (Source)
Bruno Mars is donating $1 million to MGM Resorts Foundation to support MGM employees who lost their jobs and were financially impacted by the pandemic. (Source)
Ciara and Russell Wilson are donation one million meals to Fod Lifeline, an organization that provides nutritious foods to in need individuals and families. (Source)
Drew Brees is donating $5 million to the hard stricken city of New Orleans and other Louisiana communities to help them get through the COVID-19 pandemic. (Source)
Elton John’s Aids Foundation is now focusing on offering their 30 years of experience to help people with HIV/AIDS deal with increased risks of COVID-19. (Source)
Halsey has donated 100,000 FDA approved face masks to three Southern California hospitals to help and support frontline and emergency workers. (Source)
Meek Mill’s REFORM Alliance is donating 130,000 surgical masks to frontline workers, correctional officers and inmates at correctional facilities. (Source)
Kylie Jenner has donated $1 million to Los Angeles area hospitals to help with masks, face shields and other protective equipment for the hospital staff. (Source)
Oprah has donated $10 million towards COVID-19 relief that includes $1 million to America’s Food Fund and the rest going to other efforts across the country. (Source)
Launched America’s Food Fund, with Laurene Powell Jobs, and raised $12.6 million in a single day to help provide reliable access to food across the United States.(Source)
Paris Hilton has pledged $10 million to offer COVID-19 relief for homeless people in Los Angeles and partnering organizations in Africa. (Source)
Rihanna’s Clara Lionel Foundation has donated $5 million to multiple organizations that support under-served communities during the COVID-19 pandemic. (Source)
Bill and Melinda Gates pledged $100 million through their foundation to improve detection, isolation and treatment efforts for COVID-19. (Source)
Jack Ma, the founder of Alibaba, pledged $14.5 million to support the development of a vaccine by donating $5.8 million to research organizations. (Source)
Founder of Amazon, Jeff Bezos, has pledged to donate $100 million to Feeding America nonprofit to help supply food banks and pantries across the US. (Source)
Home Depot co-founder and Atlanta Falcons owner, Arthur Blank is donating $5.4 million through his foundation for COVID-19 relief in Altanta and Montana. (Source)
Donated $100 million through his charitable efforts to help support healthcare system, non profits, education and small businesses during COVID-19 pandemic. (Source)
Michael Bloomberg launched a $40 million initiative to help out low and middle income countries combat the spread of COVID-19. (Source)
IMPACT OF COVID-19 ON FINANCIAL ASSETS
We created this financial asset impact tracker to help you identify the real time effect that COVID-19 is having on different asset classes such as stocks, commodities, currencies and real estate. The purpose of this tracker is to provide real time data that illustrates the correlation between price movements in global financial markets of varying asset classes versus the spread of COVID-19.
The charts have toggle functionality and are updated on weekly basis. You can skip to any asset class by clicking on any of the buttons below:
Updated May 25, 2020
In order to showcase real time relationship between the stock market and the spread of COVID-19, we’ve used the following five indexes to demonstrate the global stock market pricing: NASDAQ, Dow Jones, S&P 500. All $ values are in USD.
In order to showcase real time relationship between commodity prices and the spread of COVID-19, we’ve used four popular commodities to demonstrate the global commodity market pricing: Crude Oil, Gold & Silver. All $ values are in USD.
In order to showcase real time relationship between currency valuations and the spread of Novel Coronavirus, we’ve used four popular currencies to demonstrate global currency pricing trends: Euro (EUR), British Pound (GBP) and Bitcoin (BTC). All currencies are bench marked to the USD.
BRITISH POUND (GBP)
In order to showcase real time relationship between the real estate market and the spread of COVID-19, we’ve used four of the largest REITs (Real Estate Investment Trusts) by market capitalization to demonstrate pricing trends in the following real estate sectors: industrial, commercial, retail and residential. These REITs are as follows: American Tower (AMT), Simon Property Group (SPG) and Equity Residential (EQR). All $ values are in USD.
AMERICAN TOWER (AMT) - Commercial
SIMON PROPERTY GROUP (SPG) - Retail
EQUITY RESIDENTIAL (EQR) - Residential
COVID-19 has already had an unprecedented impact on the world economy and continues to cripple supply chains, manufacturing, retail and almost all other sectors of the global economy (Source). Due to the pandemic, consumer purchasing power is most certainly expected to decline as a result of a projected loss of $580 billion in wages from the hospitality, food, entertainment and travel sectors.
The actual economic burden that the Novel Coronavirus (COVID-19) will exact remains to be seen; the pandemic must first be contained. Based on the current trajectory however, the $2.7 trillion projection may be an underestimation.
No matter the economic cost, millions of human lives are at stake and doing everything we can to preserve each individual life remains our main priority. The aforementioned resources should help every person going through a difficult time during this COVID-19 pandemic.
6 thoughts on “Financial Relief & Impact Tracker For Coronavirus (COVID-19)”
I still haven’t received my $1200 from the US government but i did follow the instructions you outlined for people who haven’t received it and hopefully will get the money shortly.
I found it pretty hard to find the information on our government’s website and this guide came in handy. Thanks for putting this together!
I have a private student loan in the US, am i eligible for payment/interest deferral?
Even if you have a private student loan, you are eligible for up to 90 days of loan and interest forbearance. I suggest visiting the following link for more info: https://www.consumerfinance.gov/about-us/blog/what-you-need-to-know-about-student-loans-and-coronavirus-pandemic/
Hi i heard that there was a new $480 billion package on the news, are there any new benefits i can claim as a temporarily unemployed worker?
Unfortunately there are no additional benefit provisions for temporarily unemployed workers. The package is designed to provide additional funding to paycheck protection program and help hospitals with COVID-19 testing and equipment.