قالب وردپرس درنا توس
Home / Tips and Tricks / 5 benefits that will go up in smoke at the end of 2020 without more incentive money

5 benefits that will go up in smoke at the end of 2020 without more incentive money



023-cash-burning-cut-up-stimulus-fail-trump-2020-October

Utilities for COVID-19 are running out fast.

Sarah Tew / CNET

The President-elect may be Joe Biden ready to take office after his inauguration on January 20, but the House and Senate must now meet to negotiate what will new incentive account, which is expected to still be one second stimulus control worth as much as $ 1,200, and get it passed by Congress so that it’s on a payment schedule. Utilities created with the CARES Act in March are almost deflated and the extension of unemployment benefits and the $ 300 weekly bonus expires on December 31, unless new legislation is passed.

The CARES Act has established programs to help U.S. individuals and small businesses financially affected by the coronavirus pandemic. President Donald Trump added more aid in August when he signed four executive actions after the CARES Act provisions were exhausted and these final programs expire on December 31. Lawmakers and leading economists alike agree that more help is needed.

“We will have a stronger recovery if we can at least get a little more fiscal support,” said Jerome Powell, chairman of the Federal Reserve, on Nov. 5, acknowledging that Congress has the power to approve stimulus funding. However, lawmakers have competing approaches.

read more: Anyone who has until November 21 to claim their first stimulus check

The amount of funding for a new package remains an issue that cannot be reached by a bipartisan consensus. Republicans, led by Senate majority leader Mitch McConnell, want a smaller bill with less funding and no stimulus aid for Americans, while Congressional Democrats, led by house speaker Nancy Pelosi, prefer a larger package with more programs and a second stimulus payment.

These key programs will expire at the end of 2020 without more incentive funding.


Now playing:
Look at this:

Following stimulus checks: what to expect


3:03

The Extension of Federal Unemployment Benefits

Individual states handle unemployment insurance claims and determine whether a person qualifies, how much they receive, and for how long they can collect. While it varies from state to state, the CARES Act extended the duration of benefits from 26 weeks to 39 weeks. Beginning January 1, those additional 13 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.

read more: Coronavirus Unemployment: Who Is Covered, How To Apply, And How Much It Pays

The Pandemic Unemployment Assistance Program for those who are not normally eligible

Another initiative of the CARES Act, the Pandemic Unemployment Assistance Program, also known as PUA, offered economic relief to those who would not normally qualify for unemployment: the self-employed, contractors and handymen. The PUA ends on December 31. If the federal government doesn’t renew it, it’s up to the states to determine whether to step in on January 1.

The extra $ 300 extra unemployment check per week

Average weekly unemployment benefit does not always equal an employee’s income and typically ranges between $ 300 and $ 600. To help fill the gap, the CARES Act added one weekly unemployment benefit of $ 600. When that bonus expired on July 31, Trump signed an executive memo paving the way for a smaller weekly bonus of $ 300 (for a six-week period), with the expectation that Congress would soon approve another aid package. That hasn’t happened, and most states have used up the six weeks of additional funding. The $ 300 bonus will end on December 27, according to the president’s memo, and is expected to go unused.

033-cash-stimulus-bill-help-americans-poverty-last-dollar-torn-election

Can Congress put these programs back together before more damage is done? It’s a waiting game.

Sarah Tew / CNET

Eviction moratorium to protect tenants and homeowners

The CARES Act limited protection in evictions by focusing only on homes with a federal mortgage loan or households that received some form of federal funding. The the protections were then expanded in September by the Centers for Disease Control, calling for an end to evictions for non-payment of rent. This agency order covered more households, including tenants in 43 million households, but it also has a December 31st expiration date.

Federal Student Loan Deferral

Students who pay off federal student loans were also given a reprieve under the CARES Act, allowing them to defer their loan payments (and halt interest accrual) until the end of September 2020. In August Trump extended the delay to December 31. On January 1, borrower servicers may again charge interest on these loans and students may have to pay them back unless the servicers offer deferment options.

For more information, here the most recent status of stimulus negotiations, and here it is everything we know about the next lump sum payment.


Source link