Most Households Affected By COVID-19 Suffering Financial Stress Amidst Pandemic: Survey

September 29, 2020 Updated: September 29, 2020

A new survey conducted on the impact of the CCP Virus on households in America indicated that over half of the households affected by COVID-19 are suffering from financial stress.

The survey, which was conducted by NPR, the Robert Wood Johnson Foundation, and the Harvard T.H. Chan School of Public Health from July 1 to Aug. 1, set out to find out what were the most serious issues and problems faced by families across the United States amidst the CCP (Chinese Communist Party) virus outbreak.

The survey was also designed to locate vulnerable individuals during the pandemic who are in dire need of help, either through governmental or charitable aid.

A total of 3,454 people responded to the survey.

The results indicated that 64 percent of households across the United States who have had a COVID-19 infected individual in their family saw an adult member of the household lose their job, be asked to leave their job, or have their wages cut amidst the pandemic.

Furthermore, out of all the households who reported having a COVID-19 infected family member, 63 percent of those households experienced severe financial trouble. This includes families that either used up all of their savings, or have had trouble paying off their loans and debts.

Moreover, families that make less than $100,000 a year have also reported facing financial issues during the pandemic, of which 71 percent of families reported having an income below $30,000 per year. In addition, one of four of these families also reported having trouble paying for medical care amidst the pandemic.

The pandemic didn’t just impact those households with COVID-19-infected individuals. Households that had family members who are disabled also reported suffering from financial troubles. As indicated by the report, over 60 percent of households do.

Furthermore, 31 percent of households that have disabled family members also reported not being able to receive the medical care that they need when serious health problems arose. As a result, 61 percent of those reported suffering negative health consequences.

Response

According to the International Monetary Fund, the United States has taken steps to address some of the problems caused by the pandemic in order to better tackle the financial situation within the nation.

One was the executive order President Donald Trump issued to address the expiration of some of the CCP virus reliefs, such as using money from the Disaster Relief Fund to provide individuals with extra unemployment benefits, student loan payment relief, and delaying social security payroll tax collection from employees. Home evictions were also halted.

Others include the $483 billion Paycheck Protection Program and Health Care Enhancement Act, which is broken up into three parts—$321 billion for small businesses to provide them forgivable loans and $62 billion for grants and loan assistance, $75 billions for hospitals, and $25 billion for expanded virus testing.

There are also others such as the Coronavirus Aid, Relief and Economy Security Act (CARES Act), Coronavirus Preparedness and Response Supplemental Appropriations Act, and the Families First Coronavirus Act.