We don’t know exactly what’s in the $ 900 billion bill, but here we use theas a basis, as it serves as the basis for the larger package. The proposal contains important extensions for future benefits created by the back in March. President-elect Joe Biden called the package a good start, but insisted there would be more relief next year.
“The stimulus package has taken place. It looks like they are very, very close. And it looks like there will be‘Biden said on Wednesday.’ But it’s a down payment, a major down payment for what is due in late January and February. But it is very important to get it done. “
Here are the benefits expiring this month and what the upcoming stimulus law could do to extend them.
The $ 300 Weekly Unemployment Check Bonus
Average weekly unemployment benefit does not always equal an employee’s income and typically ranges between $ 300 and $ 600. To help fill the gap, theadded one . When that bonus expired on July 31, President Donald Trump signed an executive memo that paved the way for a smaller weekly bonus of $ 300 (for a six-week period) with the expectation that Congress would soon approve yet another aid package.
That hasn’t happened yet, and all states have used up the six weeks of additional funding. According to the president’s memo, the $ 300 bonus will expire December 31.
In the, the $ 300 bonus will restart for an additional 16 weeks once it expires, although it’s unclear when states would send the payments.
More weeks of unemployment insurance
Individual states handle unemployment insurance claims and determine whether a person is eligible, how much they receive, and for how long they can collect. While it varies from state to state, the. Beginning January 1, those 13 additional weeks provided by the federal government are over.
Some states have already filled the void themselves, including extending their disbursement period to 59 weeks, according to the Center for Budget and Policy Priorities. Others, including Alabama, Arkansas, and Utah, have taken no action against it, which could leave unemployed workers in those states unaided when the new year begins.
If Congress, it would add another 16 weeks of unemployment insurance to include job seekers in April.
Unemployment benefits for contractors, freelancers and handymen
Another initiative of the CARES Act, the Pandemic Unemployment Assistance Program, also known as, provided economic relief to those who would not normally qualify for unemployment: the self-employed, contractors and handymen. The PUA will end on December 31, but most will receive their final check on December 26.
Thewould bring an additional 16 weeks of PUA, along with the $ 300 weekly bonus.
An eviction ban for tenants and home owners
Theprovided limited protection in evictions by focusing only on homes with a federal mortgage loan or households that received some form of federal funding. The by the Centers for Disease Control, who called for an end .
This agency order covered more households, including tenants in 43 million households, but it also has a December 31st expiration date.
If itpasses, it would extend the moratorium by one month. It is then expected that President-elect will give Biden a longer extension once .
Student loan deferment
Students who pay off federal student loans were also given a reprieve under the, allowing them to defer their loan payments (and halt interest accrual) until the end of September 2020. In August . United States Secretary of Education Betsy DeVos announced a one-month extension on December 4 due to a postponement to January 31.
Thedoes include a student loan deferment that would last until April.
For more information, hereand here is .