In just over seven weeks, the remaining US coronavirus relief programs will expire on December 31, 2020. These are the traces of President Donald Trumpfrom 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 .
The top US lawmakers and economists admit thatis urgent to help keep tens of millions of people eat, dress, stay and work, and . Former Vice President Joe Biden, who recently became the elected president of the United States, . 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 theare 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 or more unemployment benefits.
Marchauthority and They have provided aid to hundreds of millions of Americans when a pandemic strikes. These are the main programs that are set to terminate.
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,. 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.
Pandemic Unemployment Assistance Program
Another CARES Act initiative, the Pandemic Unemployment Assistance program, is also known as, 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,added one . 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.
Protection from deportation for not paying rent
Theprovides 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 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, gave them the option to postpone payment of their loans (and suspend interest accumulation) until the end of September 2020. In August, . 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. .
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