Can you financially survive another lockdown?

[umpteennamechanges]

I've put this in chat rather than Coronavirus as I don't want to get into whether another lockdown is right or wrong...

If you are self-employed can you financially survive a January lockdown?

What about a lockdown in Jan and then another lockdown after a few weeks of relaxation?

We have seen an email from Jeremy Hunt saying our area (Hants) will go into Tier 4 from 30th December (I would be expecting this now anyway irrespective of the email).

We've already used the maximum mortgage holiday allowed.

We've used all of our savings.

We've cut back to the bone.

We've taken in a lodger.

We've set up two new businesses.

We are also doing temp work.

But if we have to close our gym again we won't be able to make our mortgage payment next month.

And we're out of options now really, I can't think of much else we can do.

Is anyone else the same?

I work in adult social care and so while financially I will be okay I think, I am so tired now. Work has been backbreaking and stressful. DS who is at university has been needing more financial support as he lot one job and was furloughed from another.

[quote userxx]@ZZTopGuitarSolo What support are you getting in the US if you don't mind me asking? [/quote]
A variety of support sources are available - I've taken some but not others. Unemployment insurance has been made available to people who are self-employed, and there's a supplementary Covid portion of it both federal and state ($300 per week from each at this point I believe) on top of the regular state unemployment insurance. I haven't needed that yet but it's there.

PPP loans which are forgivable, so effectively grants. I got $8k in the last round, and will probably qualify for the next round. They've also been made non-taxable, so they're not going to be classed as income when we do our tax returns.

There are some other loans I haven't taken eg the Economic Injury Disaster Loan, mainly because those are repayable after the first $1k per employee.

My state and town have local loans/grants available too - luckily I haven't needed them yet. DH's company has received a recent grant that came from the state using money from the CARES Act.

I'm on my last day of a contract I've had for most of this year, so January is already looking sparse. I'm preparing to apply for whatever help I can get if we do go into lockdown and no work appears as a result.

I'm NHS - my contract ends in March, but because of long service they either have to find me a suitable job (up to 1 pay grade lower but protected pay for a year) or pay me (generous) redundancy. I also have substantial savings so will be OK.

@ZZTopGuitarSolo Thanks for that, It sounds like plenty of help is available if needed.

Yes. I haven't worked since March, my industry has completely shut down, but my OH has a good paying, covid safe job. We have plenty of savings. I expect to go back to work late summer

[quote userxx]@ZZTopGuitarSolo Thanks for that, It sounds like plenty of help is available if needed. [/quote]
The really tough bit was early on, when the CARES Act had been passed, but the unemployment insurance systems were overwhelmed, and the PPP loans were not yet available, and there wasn't much else out there.

Then the long wait to see if a second act was passed that would continue the support.

Still waiting for Trump to sign it, but I think it's veto-proof. There's a lot of other stuff in that bill that we need - funding for schools, towns, states, for vaccine administration, continued access to Covid testing, etc. The bastard could still screw us all over royally

But hopefully things are improving...