These are the most uncertain times. Once would not be blamed for feeling anxious. As if we millennials didn’t already have enough to feel worried about, like the fact our avocado on toast addiction will stop us from ever being able to afford real estate, or so we are told…
In all seriousness, however, during this global pandemic, our very jobs are in jeopardy, and our livelihood foundations rocked.
We need to restore our confidence in the future, and there is only one way to do that, through the power of information. That’s why we wanted to create a space with all the most useful links, hints, tips and information to ensure you can make the best decisions during this time. Cutting through the noise and enabling you to take action.
So let’s break it down. Where to begin….
The Short Term Working Allowance
“Short-time working means that employers can reduce their employees’ working hours and receive financial support from the central government to compensate for a significant part of the costs for retaining the employee.” – Tillvaxtverket
This is a gamer changer, ensuring that those who already have full-time employment, (perhaps freelancing is your side hustle or maybe you work within an agency) this means your income is protected up to a certain percentage.
Applications are open from April 7th but only for permanent employees (who have been in their positions for three or more months) from March 16th, you can now retroactively apply also.
It will remain in effect for 2020 which ensures, long after these measures and relaxed, help is still available.
Where this initiative becomes a little blurred if for freelancers who work for themselves, if you are registered as a sole proprietor, you don’t qualify, only if you are logged as self-employed with an LTD/AB are you able to claim the same. However, this is being reviewed regularly so hang tight for more information if you are a sole trader. We will be keeping our eyes and ears open and report back as soon as we know.
Repayment Holidays
The FI has released information regarding the new special grounds criteria for amortisation. However depending on which loan type you hold the terms vary, but we recommend you speak to your mortgage/loan provider to find out if repayment aid or holidays are possible. This is only available if your income has been directly affected by Coronavirus, i.e. a disruption to earnings or extenuating circumstances.
“The exemption should be evaluated on an ongoing basis. The exemption may be extended, depending on how the economy develops and the type of event that affected the borrower. The exemption may apply for anywhere from 3 to 12 months, with the possibility of an extension.”- Investment Europe
Wellbeing
As arbitrary as it may seem, protecting your well being is vital during this period. Usual worries, concerns and anxiety about your financial situation are okay (It’s okay not to be okay right now) but it is essential to look after your mental state and challenge unhealthy thoughts.
This will pass, you will be okay, and with any luck, this could be an excellent opportunity for self-improvement. If you are finding time on your hands, why not invest that time in online courses to improve your professional skill set. Are you a digital marketer, why not do a google analytics course to discover their updates or maybe you are a designer, why not add to your portfolio.
When the anxiety sets in, and you are finding yourself up late at night thinking about the loss of earnings, remember we are in this together, and the government is continually reviewing provisions to ensure the suffering is minimal. There are means out there to ensure money worries are manageable and we will try and find them for you.
Just a few proactive tips from our team to you:
- Keep structure to your day, get up, get dressed and carpe diem, a routine is healthy.
- Don’t overdose on the caffeine or sugary foods as these will pique your heart rate which can lead to the physical symptoms of anxiety
- Don’t be ashamed to ask for help. There are apps and websites out there to allow you access help right away. Check out Better help or KRY
- Stay connected; host drinks over zoom, do a quiz with your friends or even just have skype on in the background to your family. Surround yourself with those you love, even if that is virtually.
- Don’t overindulge in the news to avoid being caught in an echo chamber of bad news. Yes there is a global pandemic, yes we haven’t quite turned the corner, but we have to press on. The best thing you can do is get up, get ready for the day #StayHome and keep on keeping on.
We are all in this together; we aren’t talking about the celebrities that host Instagram lives of their yoga workout, from their stunning homes, talking about how tough it is- no, us “normies” are all in this together; working hard, supporting our social services, being kind and trying to keep our heads up during a difficult time.
So, we all we can do for you here at Gigway is to pass on information we see and hear from our industry, then it would make us happy to know we assisted you in a small way. Check out this page as often as possible, and we promise to update this page and our social media with everything that could be valuable to you. And until we can all go back to normal, make sure you sign up to be a gigger with us and as the Italians have said #AndraTuttoBene!
PS. Our best advice, however, is to always read the terms and conditions. Eligibility will vary and you must read the fine print on the government websites carefully. We will share the basic content but always ensure you do your own due diligence and together we will get through this. Knowledge is power. . .