With the reduction of federal aid programs, you might need to seek assistance. Here's where to turn for help.

Nearly a third of households in the U.S. have experienced reduced income since the onset of the pandemic. As jobless benefits expire under the CARES Act, around twelve million Americans will face financial strain. Moreover, programs offering mortgage and student loan forbearance are ending. Recently, unemployment claims surged again, reaching 778,000. Unfortunately, another stimulus package seems unlikely. Here's how to manage.

1. Seek Temporary Employment

This isn't about finding a career; it's about generating cash flow. Consider seasonal roles in delivery, retail, or logistics. Currently, there are 700,000 seasonal positions available, according to Challenger, Gray and Christmas.

2. Explore Hardship Loans

Many financial institutions are offering hardship loans tailored to individual circumstances. These loans typically allow for payment deferrals of 3-6 months, with reduced or zero interest rates. They're designed for quick access, often processed the same day, and usually require proof of financial distress. The Credit Union National Association reports that 80% of credit unions provide these options to members.

3. Utilize Local and State Support

Many states have set aside funds for residents and small businesses, often in the form of emergency grants. Visit 211.org to find local resources for food and essential services. Additionally, tools from Stanford University and the Pew Charitable Trusts can help identify eviction and rental aid options in your area at Legalfaq.org.

4. Investigate Income-Driven Repayment for Student Loans

If you face resuming federal student loan payments in December that you can't manage, consider income-driven repayment plans. If your income has decreased, you can adjust your payment plan at www.studentaid.gov.

5. Withdraw from Retirement Accounts

According to the CARES Act, you can take out up to $100,000 from eligible retirement accounts without the usual 10% penalty. If you repay within three years, you'll owe no taxes on it. If unemployed, the process may be more complex, so it's best to consult your plan administrator for guidance.

6. Consider Borrowing from Family and Friends

This option can be tricky, but if you have supportive loved ones, opening a dialogue can help. Be transparent about your ability to repay. If you do borrow, it's wise to document the agreement to avoid misunderstandings later. Search online for templates for simple loan agreements.

… And Help Others if You Can

If you're in a stable position, consider aiding those who are struggling. Organizations like feedingamerica.org support food banks, mealsonwheelsamerica.org addresses senior hunger, and nokidhungry.org works to eliminate child hunger. You can also assist local food banks. Additionally, the Red Cross is seeking blood donations due to a national shortage. Plasma from recovered COVID-19 patients is especially needed to aid others in their recovery.