The following resources were compiled by our Benevolence and Financial Counseling Deacons for those grappling with or preparing for the economic effects of the COVID-19 pandemic.
COVID-19 SERVICES FOR New York
Resources from NYC and NY State related to unemployment and assistance with food, medical care, rent, and general financial assistance (including for small business owners). Learn more »
ACCESS NYC
ACCESS NYC offers a screening tool that recommends public benefits programs for you to consider based upon information you provide about your household. To enroll in a benefit, you need to apply through the appropriate administering agency. ACCESS NYC will tell you how to apply for any benefit on this website, but cannot guarantee eligibility. The administering agency will determine final eligibility upon your submission of an application for each program. Eligibility is dependent upon each individual’s circumstances. Learn more »
TENANT PROTECTION
Resources from the Mayor’s Office to Protect Tenants for tenants who have COVID-19 or are under quarantine. Learn more »
ROBIN HOOD FOUNDATION
The Robin Hood Foundation has put together a comprehensive list of links to resources in lots of different areas, including emergency response for families and workers, organizational and small business support, and other resources. Learn more »
FEDERAL STIMULUS
As this page is being published, Congress is preparing to pass the federal stimulus bill they have been working on in response to this crisis. We will update this information in the coming days but for now, here is a summary of the aid expected to be delivered through the bill per published reports. Learn more »
TGC DEACONS FUND
Our church has a dedicated fund for meeting practical needs that arise within our community. If you are a member of TGC Park Slope who is going through financial hardship due to the current public health crisis associated with COVID-19, please share your situation via email so we can see how we may be able to come alongside you.
PREPARING FOR FINANCIAL HARDSHIP
Below are tips for individuals and households that have not yet lost their source of income but would struggle to pay for immediate expenses if that did happen, or for anyone seeking some additional guidance on what the upcoming days, weeks, and months may mean for your personal finances. This list is by no means exhaustive, but a place to start.
Combat fear with truth.
Do your best to maintain perspective on the current situation. Keeping a biblical perspective will be difficult if you allow your decisions to be made out of fear. Take a moment to stop, breathe, and pray. Praying through Psalm 23 might be a good place to start.Focus on your four walls and prioritize your payments.
Do your best to determine what your monthly costs are for food, shelter, utilities, and transportation, in that order. Make a commitment to set aside money to cover those first.
Prioritize which bills you’re going to pay this month. It may not be possible to pay all of them. If you can't make your credit card payment, for example, call your credit card issuer and ask for more time and/or if they can waive interest fees because of your financial situation right now. Given the crisis the world is going through, they are more likely than ever to be willing to work with you. The key is to proactively call and ask. Let that be one of your first steps if you’re concerned about being able to cover all of the bills for this or next month.
Also, given the current magnitude of this situation, local and state officials have requested that landlords and utility companies not cut off power or evict tenants, but it will be in your best interest to call them and communicate with them directly if you will not be able to make a payment.
For now, it may be best to cut out all unnecessary expenses like subscriptions, personal care spending, ordering out, activities, alcohol, etc. The good thing is, that many of the activities you may have had planned have been cancelled and the temptation to take a Taxi, Uber, or Lyft should be greatly reduced because of the social distancing protocols.Go to the emergency fund.
If you have an emergency fund, now is the time to dip into it, but only if you absolutely need to. If you don’t have an emergency fund of 3-6 months of expenses, now is the time to begin taking as much of the money you have been able to save from cutting back on discretionary spending and putting it into a separate savings account that you will not be tempted to touch.Don’t rush to cash out your retirement.
The stock market can be a roller coaster. If you have been contributing to a retirement account and are feeling sick to your stomach when you look at what has happened to it over the last two weeks, you’re not the only one. Although the stock market can feel like a roller coaster, you are probably best served to not jump off that roller coaster in the middle of the ride. Markets go up and down in the short term. But if you’re in it for the long haul—it probably makes sense to leave your money right where it is.
