What should I do if I’ve been laid off or furloughed?

Apply for unemployment insurance benefits right away. The Cares Act provides a bunch of money for states to pay out folks who lose their jobs or get furloughed. Here’s how to apply.

Next, experts say, assess your financial situation. Do you have money saved? Do you have any other sources of income? Take that all into account and make a new monthly budget. Use it as an opportunity to find out what expenses you can do without. Maybe you don’t need a paid subscription to a music streaming service. Maybe you can cancel a gym membership.

[Stimulus package offers relief for retirees with RMD waiver, penalty-free 401(k) withdrawals]

“You may see people making jokes about engaging in online retail therapy to deal with the boredom, but don’t buy into that,” said Kelley Long, a member of the financial education advocates committee at the American Institute of CPAs. “This is the time to brag about your frugality and prove to yourself how little you truly need to live on in.”

If you have a 401(k) retirement account and are younger than 59½, you can withdraw as much as $100,000 without incurring the 10 percent penalty, which has been temporarily waived under the Cares Act. You’ll still be on the hook for taxes, though.

Finally, start dusting off your resume. It’s never too early to start looking for your next job, said David M. Smith, professor of economics at Pepperdine Graziadio Business School in Malibu, Calif. Even though businesses in your field may not be hiring during the coronavirus crisis, you’ll be better off when jobs do start appearing for having prepared for those openings.

“Use the time you have to upskill and prepare for when the country is open for business again,” he said. “Set aside adequate time for this. Make it your ‘job’ to prepare yourself for your next position.”

How should I pay my bills if I don’t have a job?

Before you do anything else, see if there’s any relief available for some of your bills.

If you have a mortgage, federal officials have imposed a nationwide halt to foreclosures and evictions for more than 30 million Americans with home loans backed by the Federal Housing Administration or two government-controlled companies, Fannie Mae and Freddie Mac. (Check to see if your mortgage is backed by Fannie Mae here and Freddie Mac here.)

But close to 5 million homeowners with loans valued at $3.7 trillion are not covered by federal moratoriums, according to Inside Mortgage Finance, an industry research group. Some states, including California and New York, have paused foreclosure and eviction that would also apply to those borrowers. In other states, homeowners may have to negotiate arrangements with their mortgage provider. Regulators are encouraging banks and other mortgage providers to simply extend the life of the mortgage to make up for any missed payments brought on by joblessness.

For renters, the Cares Act in most cases forbids landlords from evicting tenants for 120 days on properties secured by government-backed mortgages (though renters’ credit scores could get dinged if their landlord reports them for non-payment). But that leaves 40 million renters without protection. Some municipalities, including Los Angeles, have passed laws temporarily banning evictions. Others, and some nonprofits, have launched rental assistance funds for residents struggling to make payments.

(Here’s a blog that’s compiling information about eviction moratoriums and advice for renters who are not covered by them.)

If your landlord is an individual, rather than a management company, contact them personally to tell them you’re struggling financially, said Long, from the American Institute of CPAs, and ask for flexibility with how much you’ll pay per month until you get back on your feet.

“Call every single one of your bills and ask them what they have to offer people who are experiencing a temporary reduction in income,” she said. “Take notes and ask about any fees, additional interest, and whether they report any postponed payments to credit bureaus.”

The new law also automatically suspends payments for six months for the 42 million Americans holding $1.5 trillion in federal student loan debt.

Is there anywhere else I can get work?

You may not be able to get work similar to your old job. So many firms are cutting jobs and freezing hiring. But there are lots of companies hiring in “essential” fields, including grocery and drugstores, order fulfillment and delivery drivers.

Walmart is hiring 150,000 new employees around the country and has sped its normally two-week hiring process down to 24 hours in some cases. Amazon is hiring 100,00 new workers to manage a surge in demand. CVS wants to add 50,000 more jobs. Pizza chain Domino’s is hiring 10,000 workers.

There are also opportunities to work as a freelancer or independent contractor. Uber is trying to recruit drivers to its Eats food delivery platform. With folks cloistered at home, there could be some money in delivering for other platforms such as Grubhub or DoorDash.

Is there anywhere else I can get work?

You may not be able to get work similar to your old job. So many firms are cutting jobs and freezing hiring. But there are lots of companies hiring in “essential” fields, including grocery and drugstores, order fulfillment and delivery drivers.

Walmart is hiring 150,000 new employees around the country and has sped its normally two-week hiring process down to 24 hours in some cases. Amazon is hiring 100,00 new workers to manage a surge in demand. CVS wants to add 50,000 more jobs. Pizza chain Domino’s is hiring 10,000 workers.

There are also opportunities to work as a freelancer or independent contractor. Uber is trying to recruit drivers to its Eats food delivery platform. With folks cloistered at home, there could be some money in delivering for other platforms such as Grubhub or DoorDash.

“If [gross domestic product] falls 15 percent in the second quarter and then rises back 8 percent in the third quarter,” he said, “economic activity remains at a permanently lower level and does not need the same number of workers. Wishing and hoping it wasn’t true. It’s a game of musical chairs and there won’t be as many seats at the table once we get on the other side of this pandemic.”