How Financial Companies Like Concise Management Services San Diego Are Responding To Consumer Needs In The Face Of Rising Unemployment

In the weeks ahead, sharp spikes in US unemployment claims are expected. Unemployment offices are finding it hard to cope with the huge volumes of claims they have received in recent weeks. There are widespread reports of phone lines collapsing and websites crashing.

In the last three weeks, over 16 million Americans have filed for unemployment benefits. According to Labor Department data, states with the highest unemployment filings include California, New York, Michigan, Louisiana, Alabama, and New Jersey. 

Economists predict that upcoming weekly unemployment claims will shatter the records set even during the worst point of the 2008-2009 Global Recession. According to media reports, the figures are expected to be so bad that the Federal Government has requested state officials to delay releasing precise figures. 

Several states are now extending unemployment benefits to freelancers and gig workers. However, not all gig workers have been able to make claims. Some of them have stopped working because of fears of coronavirus.

The International Labor Organization (ILO) has predicted that over 200 million full-time jobs worldwide are now threatened by the coronavirus pandemic. The four worst-hit sectors are business services and administration, retail and wholesale, food and accommodation, and manufacturing.

There is a ray of hope; quick government action can help to slow down job losses. The latest stimulus package from the Federal Reserve will help to keep many small and medium-sized enterprises in business; therefore, slowing down job losses. 

Banks, Credit Unions, Web-Based Lenders, and Other Companies are responding to The Rising Job Loses

Over the last few weeks, several companies have published their response plans to help people deal with the looming job losses and other COVID-19 challenges. These response plans will be refined as circumstances change.

The Federal Deposit Insurance Corporation (FDIC) has pleaded with lending companies to offer financial relief to struggling Americans during these hard times. The Consumer Financial Protection Bureau has a resource page that will help you protect your finances during the COVID-19 crisis. Lending Companies are Offering Personal Loan Financial Assistance. Lending companies including Goldman Sachs, Wells Fargo, Capital One, PNC Bank, and Citi are working with borrowers to handle late payments. Most of them have waived late payment fees.

In most cases, relief assistance is provided on a case-by-case basis. Therefore, if you have been affected by COVID-19, you need to call your bank to explain your issue. The policies of each lender will vary. If an offer includes deferring or skipping a payment, you need to understand when and how the missed payment will be made. For individuals and businesses who want loans that will shield them from the effects of coronavirus, several financial institutions are offering loans with friendly terms. Some banks have reduced the APR on new loans to below 3%.

There are many financial relief options. You can file for unemployment benefits, request for a stimulus check or apply to defer your student loan payments. All these require you to have your documents in order. That is where Concise Management Services San Diego comes in handy.

Concise Management is a company that strives to help their clients obtain the right documents for their specific needs. They have a complete line of tailored documents that will assist you as you make the different applications for financial relief.

If you have lost your job or your business has collapsed and you want to file for bankruptcy, Concise Management Services San Diego will help you with that.

To contact Concise Management Services San Diego, call (855)260-8863. You can also visit their website at http://concisems.net/.

 

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