What Would Happen if COVID-19 Kept You From Working?

It’s impossible to escape the daily headlines. More cases reported and lives lost. Businesses and schools closed. Markets in disarray and record unemployment.

The COVID-19 outbreak has disrupted much of daily life in the US. Much of that disruption is caused by people's reaction to the virus and the measures taken to minimize it. But for those who contract COVID-19, the impact is far more serious. In addition to the physical toll, the virus can lead to serious financial concerns.

Anybody who contracts the novel coronavirus needs to remain quarantined until they no longer carry it. Milder cases of COVID-19 typically take two weeks to recover from, while severe cases could be anywhere from three to six weeks. Even then, a greater risk of serious long-term health issues persists.

Hopefully, you won’t experience the illness. But if it were to happen, here are three financial considerations you should take into account now to prepare in case a COVID-19 diagnosis prevents you from working.

How much paid sick leave do you have?

Many workers are able to stay home and take time off to recover from COVID-19 by using paid sick leave offered by their employers. But not everyone is so fortunate.

Prior to the COVID-19 outbreak, the U.S. Bureau of Labor Statistics reported more than 32 million workers did not have paid sick leave. Currently, there is no federal law that requires companies to offer paid time off for illness.

This prompted Congress to pass the Families First Coronavirus Response Act (FFCRA) on March 18th, which guarantees two weeks of paid sick leave up to $511 a day to those who are subject to quarantine, experiencing COVID-19 symptoms and seeking a medical diagnosis, or caring for a quarantined family member. The bill also includes 12 weeks of emergency child care leave, with 10 of those weeks being paid.

While the FFCRA was certainly a step in the right direction, it may not have been enough. The Center for American Progress reports that the FFCRA excludes up to 106 million American workers from receiving guaranteed COVID-19-related emergency paid leave. Emergency responders, healthcare workers, and employees of businesses with less than 50 workers are some notable exemptions.

Those who fall in...

Keep reading on Quick and Dirty Tips