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These five benefits will explode if no new stimulus funds are resolved by the end of 2020



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The remaining COVID-19 relief benefits eventually expire, before they dissolve into smoke.

CNET staff

In just over seven weeks, the remaining US coronavirus relief programs will expire on December 31, 2020. These are the traces of President Donald Trump four executive actions from August. Without another stimulus package to renew benefits, these programs will lapse, setting the stage for a wide range of financial problems starting Jan. 1. Some anticipation increases Increase the number of people filing personal bankruptcy as a way to keep from getting chased.

The top US lawmakers and economists admit that more stimulant aid is urgent to help keep tens of millions of people eat, dress, stay and work, and give economy a shot in the arm. Former Vice President Joe Biden, who recently became the elected president of the United States, has a stimulus plan of its own. However, he won’t be able to formally act until he takes on his official mission on January 20.

“We’ll have a stronger rebound if we can get at least some more financial support,” Jerome Powell, chairman of the Federal Reserve, said on Nov. 5, admitted that Congress has the power to approve stimulus funding. It just happens that congressmen have competitive approaches.

The size of the another stimulus package and how long it can last are arguing hotly along the party line. Congressional Democrats, led by House Speaker Nancy Pelosi, prefer a larger package with more shows. Republicans, led by Senate Majority Leader Mitch McConnell, want a smaller bill with less funding. It is not clear whether a future Senate proposal will include Second stimulation test for individuals and families or more unemployment benefits.

March CARES Act authority stimulus checks for the first $ 1,200 and $ 600 weekly unemployment bonusThey have provided aid to hundreds of millions of Americans unemployed or financially needed when a pandemic strikes. These are the main programs that are set to terminate.

Read more: You do not need to be a US citizen living in the US to be tested for stimulation


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13 weeks to add unemployment benefits

Individual states process unemployment insurance claims, determining if a person is eligible, how much they get, and for how long they can collect it. Although it varies from state to state, The CARES Act has extended the benefit period from 26 weeks to 39 weeks. Starting January 1, the additional 13 weeks provided by the federal government will be gone.

According to the Center for Budget Priority and Policy, some states have filled the void themselves, including increasing their grant period to 59 weeks. Others, including Alabama, Arkansas and Utah, have taken no action to address the issue, which could leave workers unemployed in those states without support as the new year begins.

Read more: Unemployment due to coronavirus: Who is covered, how to apply and how much to pay

Pandemic Unemployment Assistance Program

Another CARES Act initiative, the Pandemic Unemployment Assistance program, is also known as PUA, has provided economic relief to those who are generally unemployed: freelance, contractor, and contract worker. The PUA ends December 31st. If the federal government doesn’t renew, the states will decide if they will participate on January 1.

Unemployment benefit $ 300 per week

The average weekly unemployment benefit is not always equal to the income of a worker and usually ranges from 300 to 600 dollars. To help fill the void, CARES Act added one the weekly unemployment benefit bonus is $ 600. When that bounty expired on July 31, Trump signed an executive memorandum that paved the way for a weekly $ 300 bonus (over a period of six weeks) with the expectation that Congress will soon pass a Other bailout packages. That didn’t happen and most states ran out of additional funding in six weeks. The $ 300 bonus clause will end on December 27, according to the presidential memo and is expected to be discontinued.

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

Cnet

Protection from deportation for not paying rent

The CARES Act provides limited protection against deportation by focusing solely on homes that are supported by federal mortgage loans or by households receiving some type of federal funding. The The safeguards were then expanded in September of the Centers for Disease Control, has called for an eviction to stop for failing to pay rent. The agency’s order already covers more households, including tenants in 43 million households, but it also has an expiration date of December 31.

Deferred student loans

Students who are paying off federal student loans also receive the loan CARES Act, gave them the option to postpone payment of their loans (and suspend interest accumulation) until the end of September 2020. In August, Trump extended the delay until December 31. On January 1, loan providers will again be able to charge interest on these loans and students may have to continue paying off unless service providers offer deferred options. .

For more information, here it is the latest status of stimulating negotiationsand here Everything we know about the next bailout bill.


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