The COVID-19 Economy

The fears surrounding the Coronavirus are numerous. Setting aside the obvious medical issues of a brand new strain of the aforementioned virus making its way across the world in a way not seen since the Spanish Flu epidemic of 1918-1919, there is a great fear of the economic fallout from the current global epidemic.

Industries are slowing down. Brick and mortar commerce is grinding to a halt as people implement social distancing practices. Some nations are coming to a complete standstill as their medical systems become overwhelmed from the sheer volume of sick patients. And now, companies are implementing everything from reduced hours, working from home, furloughs, and straight up layoffs. With the prospect of weeks-long potential quarantines, how are you going to keep the lights on and not get evicted from your house?

First, take a deep breath. Everything will be okay. It will be okay. No one who values good publicity is going to foreclose on your house. Calling the power and water company will buy you a lot of grace. The credit card companies can go pound sand for a minute. The food supply is still there. There is no shortage; just a bunch of ass hats who think last minute panic buying and hoarding is cool. Seriously, what are you going to do with 20 cases of toilet paper? Do these people not know that this is a respiratory disease and not cholera? I digress.

Second step is you come up with an action plan. Your priorities are to keep food on the table, lights and water on, and a roof over your head. You do this via excellent, proactive communication. You call up your power company, your water company, your mortgage company, and you tell them that due to the Coronavirus, you have been temporarily laid off. Ask for grace. Ask what can be done in this time of hardship where your priority is making sure your family has food on the table. They will work with you. Don't worry about the credit cards. Don't worry about the car payment. If the creditors threaten to take your car, just tell them you have COVID-19 and have licked the doors and steering wheel, but they are welcome to come pick it up!

The uniqueness of this situation is the entire country, and by all accounts, the entire world is in the same predicament. There is going to be unprecedented grace from creditors so long as you are proactive and communicate with them. Hunker down, look after the basics, and the rest we can take care of together once this storm passes.

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