The ongoing COVID-19 pandemic has left the economy in tatters. As the crisis continues to drag on, more and more individuals are losing their jobs. With unemployment at record highs and many states going backwards in their reopening plans, it is clear that this difficult time is not going to end anytime soon.

Many professionals are currently experiencing the stress that comes with a job loss. The loss can be confusing, particularly if you are unsure of the odds that you will be hired back again. While many people use the terms interchangeably, there is a difference between being fired, laid off, or furloughed. Understanding the differences will help you to take the right steps to get back on your feet again quickly.

Here is a quick guide to help you to understand exactly where you stand.

Fired

There is no getting around the fact that being fired is not good news. The key difference between being fired and getting laid off is where the fault lies. If you are fired, it means that the organization deemed you to be at fault for something. Examples of reasons for being fired included excessive tardiness, inability to complete assigned tasks, or any type of negative behavior.

Clearly, if you are fired, you are do not have a good position for recourse. While it is never a good time to be fired, having it happen during this current health and economic crisis is particularly worrisome. If you feel like you have been wrongly terminated, it is important to get the reason for the firing in writing. The human resources department is a good place to start for this.

While you are talking with the human resources department, you can negotiate your severance pay. Depending on the reason for the firing, you may have room for negotiation. If you are fired, you will not likely qualify for unemployment, making it important that you turn over all stones to try to obtain some type of severance package.

It is understandable to be upset if you are fired. This feeling of frustration is compounded further if you feel as if you wrongly terminated. Despite the circumstances, it is vital that you take the high road and resist the urge to speak negatively about your former employer. Your future job prospects may depend on how you handle this challenging situation.

Laid Off

If you are officially laid off, it generaly means that you lost the job because of changes that the company made. As opposed to being fired, being laid off means that you did not do anything wrong that led to the loss of the job. Examples of employees being laid off include downsizing or restructing within the organization or financial difficulties. Because of the current economic climate, it is not uncommon to be laid off due to a downturn in business.

Because you are likely eligibile for unemployment, it is vital that you meet with the human resources department to ensure that you have the necessary exit paperwork that you need to process your claim. Once you have this paperwork in hand, you need to reserach the next steps to file for unemployment in your specific state.

This is also a good time to leverage the relationships that you have with your supervisor or peers. Asking for a letter of recommendation is a good move before you exit the company. This will set you up to immediately begin looking for a new job.

Furloughed

Being furloughed is a bit trickier. This means that you are still officially employed by the company, however, you are not working or getting paid. Every situation is different with a furlough. Some employers may offer benefits during this time. You also may be eligible for unemployment. The benefits are also largely dependent on your state rules.

If you are furloughed, there is a good chance that you will be hired back by the same company down the road once the economic conditions improve. In the meantime, you can look at picking up some side gigs to help to supplement your income. Contract work is also booming during this unprecedented time.

It is important to remember that you are not alone during this time of job uncertainty. Understanding your options will help to put you in the position to guard your financial picture and move forward.