 While politicians continue to battle over whether or not to extend or provide additional relief during the COVID-19 crisis, over 160,000 Tennessee residents (resulting in over 100,000 families) continue to struggle.
The latest stimulus bill proposed on capitol hill (unveiled Monday) would provide another $1,200 stimulus check for qualifying taxpayers. In addition, those who are unemployed would receive an additional $600 per week in unemployment benefits, through January. The bill also includes an extension of the Paycheck Protection Program for small businesses. A vote on the bill could take place soon, with benefits available as soon as November 3rd...if everything falls into place. The current environment in D.C. makes that highly unlikely. It's almost as if politicians are standing along the rail of a ship, unwilling to throw a life saver to those who are drowning below. Meanwhile, in Tennessee, as of September 27th, unemployment claimants are again required to make at least three potential job contacts each week. Failing to do so will result in denial of benefits. The current average Tennessee unemployment check is around $250 per week. As a reminder, currently over 160,000 Tennesseans receive unemployment checks, compared to just 14,000 this same time last year. Smart families are planning their next steps, including debt resolution or bankruptcy choices. If you already feel your financial situation is out of control...contact us for a FREE CONSULTATION for debt resolution and/or bankruptcy at (731) 423-1888. The law office of T. Verner Smith has helped thousands overcome financial problems, and can help you too. Call today!  The most recent Tennessee unemployment headlines shout 'UNEMPLOYMENT CLAIMS CONTINUE TO DECREASE'.
Those same news articles, doing their best to paint a rosy picture, state "A new report shows there have been 10,771 new unemployment claims filed in the state of Tennessee last week...down from the previous week's 11,706." If you continue to read the articles, however, usually in the last paragraph, they'll admit that over 160,000 Tennesseans are still receiving unemployment checks...compared to just 14,000 this same time last year. That's well over 140,000 Tennessee residents, who had jobs this time last year...with no job today. Well over 100,000 families affected by either one or both paychecks eliminated due to this crisis. Even further, when you realize that the average salaried worker in Tennessee makes $1,000 a week (statistics here) and compare that to the average Tennessee unemployment check of (now) about $250 per week....how can those 100,000 families, who were benefitting from a steady paycheck this time last year, expect to survive now? Smart families are planning their next steps, including debt resolution or bankruptcy choices. If you already feel your financial situation is out of control...contact us for a FREE CONSULTATION for debt resolution and/or bankruptcy at (731) 423-1888. The law office of T. Verner Smith has helped thousands overcome financial problems, and can help you too. Call today!  Hurricanes have been in the news again recently as Hurricane Sally is wreaking havoc, slowing moving along the gulf coast with damaging winds and heavy flooding expected from the Florida Panhandle through Southeastern Mississippi. The COVID-19 crisis can be viewed as being hurricane-like in its impact, moving slowly along the national landscape causing damage of all kinds. While some recent numbers have been encouraging, many experts are concerned that we may be in the eye of the hurricane...a brief calmness before the second wave of the storm hits. They are concerned that a relaxing of measures leading into seasonal flu season and upcoming fall and winter weather driving people into fewer social distancing options....could result in a spike we are not prepared to handle. Regardless of whether or not their health concerns are accurate, there is no denying the economic impact is certainly about to be felt in a 'second wave' type pattern.  Yesterday, for example, Nashville released figures stating that the crisis has cost the city nearly $3 BILLION in tourist revenue alone. (story here)
Economies all across the nation, across Tennessee, and in every local county and town are being affected by this crisis. The tax revenue impact is ultimately felt by everyone, as governmental services will be affected and ultimately those who need help the most are hurt worst. The effects of the COVID-19 crisis haven't really been felt just yet, and they will be long term in their reach. Smart families are planning their next steps, including debt resolution or bankruptcy choices. If you already feel your financial situation is out of control...contact us for a FREE CONSULTATION for debt resolution and/or bankruptcy at (731) 423-1888. The law office of T. Verner Smith has helped thousands overcome financial problems, and can help you too. Call today!  Since mid-March, when the pandemic started shutting down businesses, over 800,000 Tennesseans filed an unemployment claim over the six months afterward. That equates to one out of every four Tennessee workers who previously held a job in February. While many have gone back to work, in some capacity, Tennessee's unemployment rate is still more than twice the level of last year at this time. Combine that with workers finding their jobs may offer fewer hours, fewer benefits, and fewer opportunities for bonuses or advancement...and you soon realize times are still tough for most folks. In a story last week from WalletHub, Tennessee is among the 10 worst states for job recovery. (story here)  In addition, according to a story from CBS News, income inequality has become decidely worse during the pandemic. Current research shows nearly 40 million Americans are living in poverty, and up to 54 million may not have enough to eat this year. And while more than 29 million are collecting unemployment benefits, during this same time period, the net worth of over 600 billionaires in the U.S. grew by 20%. (story here)
Most families admittedly were already living paycheck to paycheck even before the crisis, and the 'new normal' isn't exactly a rosey picture. The fact remains the vast majority of Tennesseeans were unprepared for this crisis and as bank accounts dwindle, debts continue to mount, and bill collectors are determined to COLLECT...the average family's financial stress will soon become too much to handle. Smart families should be preparing to take legal steps now. If you already feel your financial situation is out of control...contact us for a FREE CONSULTATION for debt resolution and/or bankruptcy at (731) 423-1888. The law office of T. Verner Smith has helped thousands overcome financial problems, and can help you too. Call today! |
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