The first step workers should take after a layoff, as job losses soar

This year has been the worst for layoffs since the start of the pandemic, a new report shows — and those newly unemployed workers are entering a tough job market.

While a job loss can leave workers scrambling to keep up with bills like their mortgage or children's college tuition, there is one thing it's important to do before you reassess your expenses or talk to lenders, experts say: apply for unemployment benefits.

It can take weeks for the benefits to reach you, and minimizing that wait can help you shore up your financial situation.

"After a layoff, workers should apply for unemployment benefits immediately to help cover essential expenses and preserve their savings for true emergencies," said certified financial planner Douglas Boneparth, president of Bone Fide Wealth in New York. Boneparth is also a member of the CNBC Financial Advisor Council.

U.S. employers have cut 1.17 million jobs through November of this year, with corporate restructuring, artificial intelligence and tariffs to blame, consulting firm Challenger, Gray & Christmas reported Thursday. That number is the highest level since 2020, during the Covid pandemic.

Payroll processing firm ADP also found this week that the labor market slowdown intensified in November, with private companies cutting 32,000 workers.

Here's what workers need to know about unemployment benefits.

Before filing for unemployment benefits, you'll want to gather the following information, said Michele Evermore, senior fellow at the National Academy of Social Insurance:

• Details of your pay over the last 18 months.
• Names of previous employers during that period and their addresses.
• Your Social Security number.
• Your state-issued identification, such as a driver's license.
• Any documentation from your last employer, including information related to your termination.

If you live in one state and work in another, you'll want to apply for the aid in the state where you worked, experts say.

On a DOL-sponsored website, you can find the contact information for state unemployment agencies.

State agencies should pay benefits within three weeks of your application, but delays have become more common since the pandemic, Evermore said.

"It's probably going to get worse as layoffs increase," she added.

Maximum unemployment benefit amounts vary by state. For example, California's maximum weekly benefit is $450; in Florida, the cap is $275, Evermore said. Recently, the maximum weekly benefit in New York rose to $869.

In most states, claimants can get unemployment benefits for 26 weeks, Evermore said — although it's less in some states. In Florida, for example, the benefits last for just 12 weeks.

Unemployment benefits are taxed at the federal level, and many states tax them, too. When you start to receive the payments, your state will typically give you the option to have taxes withheld, Evermore said.

It's a good idea to take that option to avoid a potentially hefty tax bill later, she said.