Financial Assistance for Unemployed People in United States

by on October 1, 2011

Unemployment is a grave issue. Hundreds and thousands of Americans out there are finding it difficult to meet their expenses without a steady income. Needless to say, it can take several weeks or months for an unemployed person to find the right job. In the meantime, one will have to arrange for some alternate source of cash to meet their day to day expenses. After all, a person needs at least the basic necessities of life such as food, clothing and shelter for himself and his family members. Fortunately, there are good numbers of financial assistance programs for unemployed people in the United States. Financial assistance programs for unemployed people are proving to be a great resource to tackle the monetary problems of jobless individuals.

To begin with, one can seek unemployment benefits. Unemployment benefits are offered through Federal State Insurance Program as stated by the United States Department of Labor. Almost every state runs its own financial assistance program, which is centered towards helping the unemployed people. Employed people in the United States can seek temporary financial assistance through these programs.

Depending upon the state where one resides, one must meet certain requirements to qualify for the financial assistance program for unemployed people. Those who qualify generally receive unemployment benefits up to 26 weeks. Needless to say, 26 weeks is a good enough time period to secure a new job. The amount offered is generally half of what a person used to earn in the past. What one should also know over here is that the offered amount is taxable. The good news is that the unemployment benefits can be extended for a period of 13 weeks. Although not guaranteed, the Extended Benefits programs are generally offered to those individuals who live in a state with high unemployment rate.

Long term financial assistance can also be availed by the unemployed people in the United States. As one may expect, the time limit varies from one state to another. A typical financial assistance unemployment program is meant to offer financial assistance for few months to an unemployed person until a person is able to get his life back on track by securing a job. For instance, the SNAP program provides food to cash deprived families via a preloaded debit card that can be used to purchase necessary food items from affiliated grocery stores. In addition to this, subsidized housing, public housing and Section 8 program provides free or discounted housing facilities to unemployed individuals. Above all, one can also seek discounted health care benefits through Medicare program.

Those who are unable to avail any form of unemployment benefit can consider secured loans to deal with their financial issues. Needless to say, most banks and financial institutions shy away from offering loans to unemployed persons. This is primarily due to the fact that a person may fail to pay the installments if he is not able to secure a job on timely basis. As a result, banks might have to incur major bad debts. However, there is hope for unemployed people who have strong assets. One’s properties and bank accounts will be thoroughly scrutinized before the acceptance of the loan proposal. One can also pledge their gold and shares to avail a secured loan while hunting for a job in the meantime. Individuals with good credit score will also benefit over here because banks and financial institutions favor people who have maintained good credit history in the past.

Apart from considering the above mentioned financial assistance programs, one must also keep an eye on their expenses. Needless to say, one may have to trim down one’s expenses to a great extent. Life can be harsh on some occasions, but there is always a ray for hope for determined individuals. It’s important for a person to stay calm and composed during such times and also give their best shot during job interviews. With courage, perseverance and determination, anyone out there can turn their life around for the good.

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