The weekly $600 unemployment bonus that millions of Americans are relying on will end on July 31 unless Congress can agree on a plan to extend the payments – By Graham Rapier and Joseph Zeballos-Roig (Business Insider) / June 10 2020
- Congress approved a $600 unemployment bonus on top of state payments as part of its coronavirus relief efforts in March.
- Those weekly payments are set to expire on July 31, and there’s no consensus from lawmakers about extending them.
- The president and GOP leaders oppose the extension, while the Treasury secretary is mulling another round of stimulus payments.
The extra $600 Congress afforded in March to Americans who were laid off as a result of the coronavirus pandemic is set to expire at the end of July, even as many businesses around the country remain unable to open.
The weekly payments are in addition to state benefits, which vary based on location and previous wages, averaging a combined $978 per week nationwide. For many workers, the checks have totaled more than their previous income. But with unemployment still at record levels, that could soon change if lawmakers don’t act before August.
With the virus still spreading, and new cases increasing in some states that have begun to allow businesses to reopen, it’s unlikely most of the 21 million unemployed Americans (as of June 6) will be back to work before the money runs out.
The unemployment rate will hover around double digits for the rest of the year, according to the nonpartisan Congressional Budget Office. It also projected unemployment would average 10% in 2021.
Continue to article: https://www.businessinsider.com/600-unemployment-weekly-stimulus-payments-expire-july-31-without-congress-2020-6
