What Happens When That Rainy Day Comes?

loss of household income

We’ve all heard the term “saving for a rainy day”, but what happens when that difficult day arrives? We all hope it never does, but an unexpected layoff, disability or a death in the family can create a loss of household income and wipe out a rainy day fund. If the family has been living paycheck-to-paycheck, bills can start to accumulate immediately even before the family member can return to work or find a new job, draining existing savings.

The Binc Foundation offers financial assistance for booksellers and their family members who have experienced an unexpected loss of household income. The Foundation may provide financial assistance to help cover basic living expenses for up to three months while the book store employee and their family regroups and gets back on their feet.

Binc provides loss of household income assistance for a variety of circumstances:

 

Loss of household income due to death in the family

A sudden financial hardship due to the loss of regular household income can be caused by the death of an immediate family member living in the household. When a bookseller experiences loss of income for this reason, Binc may be able to provide financial assistance to help cover basic living expenses if there is sufficient evidence that financial equilibrium will be achieved during that period.

Loss of household income due to disability

In situations when a bookseller or their immediate family member in the household is off work due to a disability, or recovering from a disability, Binc may be able to provide financial assistance to help cover basic expenses while the bookseller or family member recovers or until they can return to work after recovery.

Loss of household income due to divorce or separation

A loss of income due to a bookseller’s divorce or legal separation from their spouse can create a financial hardship in the household. If a bookseller experiences this type of life event, Binc may cover the cost of basic expenses to help them stabilize the household finances.

Please note: The Foundation does not cover legal or court fees associated with any qualifying event.

Loss of household income due to partner or spouse job loss

A sudden financial hardship due to the loss of regular household income may be caused by the unexpected, involuntary job loss by a bookseller’s spouse or partner. When a bookseller experiences loss of income for this reason, Binc may provide financial assistance to help cover basic living expenses while financial equilibrium is again achieved.

Loss of household income due to emergency child or elder care

A Binc grant may be available to help when unexpected childcare or eldercare causes a bookseller to miss scheduled work. An application for assistance may be submitted by a bookseller who has lost more than 50 % of their scheduled weekly income due to a verified emergency need for child or elder care. The applicant must be the parent or legal guardian of the child or the primary caregiver of the elder. Grants for loss of household income due to emergency child or eldercare must be made within 90 days of the qualifying event.

Loss of household income due to unexpected disruption of business

If a bookseller’s store is temporarily closed due to natural disaster, extreme weather conditions, states of emergency, or the like, Binc may be able to assist to help cover immediate, essential personal household expenses. A bookseller who has lost more than 50% of their scheduled weekly income due to a verified emergency may submit an application for assistance.

Contact Binc for more information

There is no way to predict when a loss of income may occur, but Binc can help relieve the pressure they can put on a household’s finances. If you are a bookseller, and you think you qualify for financial assistance to cover the loss of household income under one of the above categories, fill out an application or contact Binc at info@bincfoundation.org or 1-866-733-9064 to get more information on how to receive assistance. You can also visit our Resource Directory to find more helpful materials and websites that can help.

Please note: The Foundation is not able to provide financial assistance in lieu of an associate’s regular compensation from their personal employer. Since the nature of the retailing industry typically presents fluctuations in the amount of work hours requested by each employee, the Foundation does not provide assistance for reduction of income due to reduced work hours or changes in employment status.

 

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