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These COVID-19 distributions will end on December 31 without a new incentive account



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COVID-19 emergency relief programs will be phased out soon.

Sarah Tew / CNET

Like the global pandemic continues and the year recedes, the financial situation for many is getting worse by the week. Unless Congress gives permission for more incentive aid forthcoming, tens of millions will be without income after programs launched by the CARES Act expire on the last day of 2020.

A bipartisan author Proposal for a $ 908 billion aid package that would extend improved unemployment benefits was fired for four additional months by Senate Leader Mitch McConnell on the same day it was unveiled.

However, Democrats view the $ 908 billion bipartisan bill as the first step toward economic recovery – it is backed by Senate Minority Chairman Chuck Schumer, House Speaker Nancy Pelosi and President-elect Joe Biden.

“That would be a good start. It’s not enough,” Biden told CNN last Thursday. “What is immediately needed is shelter for people at their unemployment checks, shelter for people who will receive them thrown from their apartments after Christmas because they can no longer pay the rent, easing mortgage payments. Help with all the things in it original bill the house took. “

Without that incentive relief, the following programs will disappear on January 1, 2021.

read more: Here’s who wants to give you a second stimulus check today


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$ 300 additional weekly unemployment 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, the CARES Act added one weekly unemployment benefit of $ 600. When that bonus expired on July 31, President Donald Trump signed an executive memo that paved the way for a smaller $ 300 weekly bonus (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.

More months of unemployment benefits

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 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

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

Sarah Tew / CNET

Money for freelancers, contractors and handymen

Another initiative of the CARES Act, the Pandemic Unemployment Assistance Program, also known as PUA, 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 step in on January 1.

Eviction protection for tenants

The CARES Act provided 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, who called for an end 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.

Student loan deferment

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.


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