The economic fallout from the coronavirus will hurt, and Michigan workers aren't sure they'll keep up

While it'll be years before the full impacts of the coronavirus are understood, the financial shockwaves left by the pandemic outbreak are beginning to creep into the minds of Michigan residents.

Ten days since the state's first confirmed COVID-19 case and less than a week since the governor ordered all dine-in restaurants to close, layoffs and reduced shifts are already being reported. The contraction in the state's economy is starting to worry some workers.

"Because you don't know what you're gonna do, you know? It's crazy," said Michelle Piron, who is out of work.

While it was the hotel and travel industry that first felt the effects of a global halt in traveling, the retail and restaurant industry is starting to feel the effects, too.

"I'm alright right now, but you know, I don't know what to do in the next couple weeks," said Johnny Algers, who had his shifts cut at Potbelly.

With no coronavirus end in sight, money concerns growing for Michigan residents

As the economic fallout from the coronavirus outbreak starts coming into focus, residents in Michigan whose shifts were cut or were laid off from their jobs are worried how they will pay bills

Based on the rapid shifting of state executive orders, federal policy and public health official guidance, it's tough to tell what the next day will bring, let alone the next couple of weeks.

From two confirmed cases on March 10, Michigan health officials reported 336 positive cases of coronavirus March 19. As more state restrictions begin to magnify and space to move in public spaces declines, financial planners are recommending an odd remedy at this uncertain time: start hoarding.

"We definitely need to be hoarders, but we don't need to be hoarding things like paper products and frozen TV dinners. We need to be hoarding out cash," said Planner Tim Wyman. "We need to hunker down right now financially."

Wyman usually emphasizes the need to pay off debt first. But under the unique circumstances, it's more important to have cash readily available.

If cash is already tight, the financial planner says people should be combing through credit card statements and transactions and trimming any excess billing fat that one can do without.

"That $4 app on your phone during good times may not be an issue, but right now it's probably something you can do without," he said.

That means dipping into savings accounts. Even during times of distress, it's important to still pay bills if you can. And if not, try setting up a payment plan.

"If you're going to be more than 30 days late you should give a phone call and see if there's some special programs," he said.

As with the ever-changing times, other financial relief may be on the way: Congress is currently legislating to provide $1,000 checks to every American - part of a trillion-dollar stimulus plan designed to offset some of the economic collapse heading for individual's wallets.

Unfortunately, those bills are still being drafted and no resolution has been confirmed - and that's too long for workers strapped for cash now.

"Truthfully, I won't believe it until it comes to my house," said Algers.

"That'd be nice, but that's gonna last for what? Maybe two weeks?" asked Piron.