The coronavirus outbreak could pose a financial threat to consumers.

Banks and the federal government recognize this reality. It’s not just about stocking up on hand sanitizer and toilet paper. It may be about preparing to pay your bills.

Citi reached out to its credit card customers via email to address concerns about COVID-19.

Citi encouraged customers to access their accounts from home 24/7 to manage their money digitally. If customers face a loss of income, perhaps due to a temporary shutdown at a brick-and-mortar store or factory, Citi said it is ready to offer support and "dedicated assistance" programs.

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What will banks do for consumers?

"Please contact us at the number on the back of your card to find out about 'always on' assistance programs that may be available to you, such as credit line increases and collection forbearance," the Citi notice read.

PNC Bank sent coronavirus-related emails to its customers Tuesday. The overall message: "We stand ready to work with those experiencing financial difficulty as a result, and we are taking the necessary steps to avoid potential disruptions of service to our customers."

PNC customers were told to contact the bank if they "encounter hardship as a result of the coronavirus."

During the coming weeks, consumers could see similar types of outreach as the virus spreads in the USA and there may be some front-line impact involving job cuts and other disruptions to the economy.

Will we see some short-term windows for skipping a mortgage payment or two in some hard-hit areas? Mortgage companies offer borrowers such breaks after natural disasters. In Italy and the United Kingdom, homeowners got some relief when some mortgage payments were suspended after COVID-19 spread there.

Will those touched directly by the health crisis here see some breaks on fees for cash advances? Or short-term breaks on offering a bigger credit line on their credit cards? Maybe.

Many things are working just like you’d expect. I walked into a bank branch Monday afternoon in Detroit and talked to a teller. No problem. Granted, the friendly teller offered me some hand sanitizer after we discussed coronavirus.

And you can get your taxes done during tax season. "At this time, coronavirus has not impacted the tax season, but we are continuously monitoring the situation and have plans in place, if needed," said Susan Waldron, a spokeswoman for H&R Block.

Going forward, the situation can change depending on the depth of the health crisis. Banks, credit unions and others could face staffing challenges as cities report more coronavirus cases.

Consider a blurb this week from federal and state regulators, relating to the impact of coronavirus on banking customers. The notice talks of regulatory assistance and encourages financial institutions to "work constructively with borrowers and other customers in affected communities."

"Prudent efforts that are consistent with safe and sound lending practices should not be subject to examiner criticism," the financial regulators noted.

How will some people pay their bills?

Moody's economist Mark Zandi said the Consumer Financial Protection Bureau, the Federal Reserve and other regulators asked banks and other lenders to show forbearance to their borrowers.

Regulators, he said, are worried that if borrowers’ incomes are disrupted, they may not be able to make payments on their loans.

"If banks cut them a break, then they won’t go delinquent and hurt their credit scores. It is a bit of financial relief and should be helpful," Zandi said.

Zandi predicted that the U.S. economy will see some job losses in the next few months due to the coronavirus. Imagine the difficulty of running a company that focuses on travel, tourism, transportation, energy and manufacturing.

As conventions, concerts and conferences are canceled across the country, hotel workers could face cuts in hours or job losses.

If people can't work and don't get paid, Zandi said, they technically can't be counted as being employed.

"Moreover," he said, "businesses will be more cautious in their hiring."

Zandi said he expects the U.S. jobless rate to top 4% by the end of 2020, up from 3.5% in February.

On the plus side, he said, the jobless rate is unlikely to skyrocket if the Trump administration and Congress pass a fiscal stimulus package. The tight job market may help some workers avoid layoffs or cutbacks if the coronavirus spreads.

"Businesses have also been struggling to fill open job positions and will work hard not to lay off workers as they know it will be hard to hire them back when conditions improve," Zandi said.

Will we see a payroll tax holiday?

President Donald Trump backs a plan to cut payroll taxes to offer some immediate relief and put more money in weekly paychecks. Trump floated an idea for getting hourly wage earners help, “so they can be in a position where they’re not going to miss a paycheck.”

Some want to see paid time off for workers who get sick but aren’t allowed any paid sick days on their jobs.

A payroll tax holiday isn't a brand-new idea. It had support from Democrats and the GOP in the past. After some haggling, Congress agreed in late 2010 to a one-year 2% payroll tax cut under President Barack Obama's administration, then Congress extended the holiday for one more year at the end of 2011.

We're not talking about a great deal of extra money per check, but it can add up.

Under the 2% cut, a person who earned $50,000 in wages would have seen an extra $38 in take home pay if they were paid every other week or over 26 pay periods in a year, according to Nathan Rigney, lead tax research analyst for the Tax Institute at H&R Block.

Some workers might have seen an extra $1,000 or so over a year – more or less, depending on wages.

"A payroll tax holiday shows up immediately as a bigger paycheck," Zandi said. "So it is a quick cash infusion to consumers and the economy."

One concern is that higher income households may not spend the money immediately if they really don't need it. Some might not even realize they're getting extra money if they utilize direct deposit and don't pay much attention.

Even so, Zandi said, the multiplier of payroll tax holiday is close to 1 – meaning that every $1 in tax break results in $1 in added consumer spending within six months.

It's a decent bang for the buck.

Though there may be some help along the way, consumers need to shore up their finances and create their own disaster recovery plans.

It might be tempting if you’re not eating out as much to use that extra cash to sit at home with a cocktail and do a little online shopping. Realistically, given the dramatic declines in the stock market and the projected job losses, it isn’t a bad idea to set aside a few extra dollars in emergency savings, too.

Just in case.

ContactSusan Tompor at313-222-8876 or stompor@freepress.com. Follow her on Twitter@tompor. Read more on business and sign up for our business newsletter.