The status of the negotiations. Congress returns to Capitol Hill on Monday for a final sprint before 2021, and there are only a few working days to close a deal that has eluded a bipartisan agreement for six months. In an open letter published earlier this week, a group of 127 Republican and Democratic economists rallied behind a as the fastest, fairest, and most effective way to help people.
Meanwhile, coronavirus cases are approaching the “calamity level” and there are fears of a double dip recession due to renewed lockdowns across the country (this refers to the rise and second decline after a recession). If a stimulus bill is not passed before President-elect Joe Biden’s, the incoming leader might – but not for another two months.
Without additional resources, these are the most important programs that will disappear before January 1, 2021.
More weekly unemployment pay by check
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, 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 did not happen, 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.
Three months of extra unemployment benefit
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 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.
Money for people who are not normally eligible for unemployment
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 ends on December 31. If the federal government doesn’t renew it, it’s up to the states to determine whether to intervene on January 1.
Prohibition of evictions for inability to pay rent
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, 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, allowing them to defer their loan payments (and halt interest accrual) until the end of September 2020. In August . 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, and here it is .