Ais in the center of . If approved, the bill would take four months along with increased funding for improved unemployment benefits. The package also includes assistance for state and local governments, additional funds for the Paycheck Protection programs, and money for the , which was .
Without that incentive relief, the following programs will disappear from December 26, 2021.
$ 300 Bonus 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, 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 did not happen, and most states have used up the six weeks of additional funding. The $ 300 bonus, according to the president’s memo, will expire on December 26 and is expected to go unused.
More months of improved 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. 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 freelancers, contractors 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. If the federal government doesn’t renew it, it’s up to the states to determine whether to intervene on January 1. .
Eviction protection for tenants
Thelimited 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 . The agency’s order related to 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 . United States Secretary of Education Betsy DeVos announced a one-month extension on December 4 due to a postponement to January 31.
On February 1, borrowers may again charge interest on these loans and students may have to pay them off again, unless the servicers offer deferment options.
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