[ad_1]
Blake Burman of FOX Business on the rise in unemployment fraud during the coronavirus pandemic.
More than 11 million Americans are at risk of losing their unemployment benefits in mid-March if Congress does not pass another relief package by then, according to a new report released this week.
About 11.4 million workers will be without income between March 14 and April 11, when two major federal unemployment assistance programs created a year ago under the CARES Act – and extended into the relief program $ 900 billion Congress passed in December – will expire, according to a study released Wednesday by the Century Foundation, a nonprofit think tank.
WHAT IS BIDEN’S $ 1.9T STIMULUS PLAN?
Pandemic Unemployment Assistance (PUA), a program created to provide unemployment benefits to performing workers and other people generally ineligible for benefits, and unemployment compensation in the event of a pandemic ( PEUC), which extends state unemployment benefits for an additional 13 weeks, have both lapsed. about a month.
Another program that boosts unemployment assistance by $ 300 a week will also end on March 14.
“This latest expansion ends almost as soon as it begins,” the Century Foundation report said.
Up to 5 million Americans are expected to use Extended Benefits (PEUC), while 6.4 million will run out of PUA benefits over a period of several weeks. An estimated 4 million workers are facing a so-called “hard cliff”, which means the aid they receive will end abruptly on March 14. Just over 7 million workers will face a “soft cliff” and see their benefits end at some point between March 14 and April 11. Even if they are eligible for additional weeks of unemployment assistance, they will not be able to receive benefits through the PEUC or the PUA.
HOUSE PANEL ADVANCES PARTIAL RELIEF INVOICE FOR COVID-19 INCLUDING $ 1,400 STIMULUS CHECKS
Job losses remain high as COVID-19 cases across the country continue to trigger lockdown measures.
The longer workers are unemployed, the more likely they are to cut their savings to make ends meet and increase borrowing. A 2010 study indicates that 24% of workers facing prolonged unemployment have defaulted on a mortgage or rent payment, while around 10% have declared personal bankruptcy.
Congressional Democrats pledge to adopt nearly $ 2 trillion coronavirus relief package, aiming to pass the legislation by the end of the month and send it to President Biden’s office before the deadline of March 14.
A bill released by House Democrats this week includes a $ 1,400 stimulus check for Americans earning less than $ 75,000, expanded tax credits for low-income children and families, and unemployment benefits increased to $ 400 per week until the end of August.
GET FOX BUSINESS ON THE ROAD BY CLICKING HERE
[ad_2]
Source link