The COVID-19 Crisis And Your Finances: Tips From Finance Expert James McEnerney of Kansas City
Many people who were doing well financially are finding themselves struggling in the world of the coronavirus. James McEnerney is here to help people who are struggling financially through this difficult time. James McEnerney of Kansas City has over 30 years of experience in the finance world, and has helped many people come out on top despite financial struggles.
James McEnerney recommends taking advantage of the federal paycheck protection program. According to James McEnerney, this program allows you to take out a forgivable loan that allows you to continue paying your employees, even though you may have a much lower revenue stream than normal. The purpose of this program is to keep businesses afloat while also stimulating the national economy.
On a more personal level, James McEnerney, Kansas City, recommends reaching out to insurance companies, landlords, student loan companies, and other people to whom you pay monthly to talk about a forbearance program. James McEnerney says that many companies are working hard to accommodate people who are struggling during this time. Some companies are suspending payments, while others are shifting to a 0% interest rate for a yet to be determined amount of time.
James McEnerney also says that if you have savings, this may be the time to dip in. While it can be tempting to put charges on credit cards, you don’t want to have to deal with paying them off at a high-interest rate for years to come. Using your emergency savings is a better way to cover immediate expenses. Rather than pay off credit cards after the crisis, you can work to rebuild your savings account.
If you’ve found yourself unemployed, James McEnerney of Kansas City recommends applying for unemployment. This paycheck will be lower than what you normally get, but it can help to carry you through until it’s time to go back to work. If you’re typically self-employed, you may still be eligible for unemployment benefits, depending on your state.
James McEnerney also recommends putting off your taxes if you owe money. Currently, taxes are not due until July 15th. If paying your taxes would put you in a tough financial spot, there’s no reason you should pay before that deadline. If July 15th still puts you between a rock and a hard place, James McEnerney recommends asking the IRS for a further extension.
Above all, James McEnerney of Kansas City wants people to know that these circumstances are temporary. Life will return to normal in due time. James McEnerney asks that you consider how the decisions you make during this unprecedented time will affect your financial future.