Last month, Congress responded to the harsh economic consequences of the COVID-19 pandemic in efforts to keep financially disadvantaged Americans afloat by passing a $2 trillion stimulus package, known as the Coronavirus Aid, Relief and Economic Security (CARES) Act. The components of the stimulus package include payments to individuals, expanded unemployment coverage, student loan changes, different retirement account rules, and more. As several million people are left struggling economically due to the coronavirus, the CARES Act will serve as financial relief.
The CARES Act also will add to existing unemployment benefits, giving jobless Americans an extra $600 a week through July 31, 2020. This new law expands the list of workers eligible to receive benefits to those Americans who usually don’t qualify for unemployment benefits if their employment was affected by COVD-19. As part of the federal CARES Act, the new Pandemic Unemployment Assistance (PUA) program helps unemployed Americans who are business owners, self-employed, independent contractors, have a limited work history. Others not usually eligible for regular state UI benefits, which are out of business or services, are significantly reduced as a direct result of the pandemic. The provisions of the program once operational include up to 39 weeks of benefits starting with weeks of unemployment beginning February 2, 2020, through the week ending December 31, 2020, depending on when you became directly impacted by the pandemic. Also, there will be an additional $600 given to each PUA weekly benefit amount you may be eligible to receive, as part of the separate CARES Act Pandemic Additional Compensation program. If you are one of the million employees affected by this outbreak, you might be eligible to collect unemployment benefits to assist you during this severe economic crisis. Learn more about this stimulus law that could be helpful to you, below.
Three things job seekers and furloughed employees need to know about stimulus payments.
1. The CARES Act stimulus recipients receive an extra $600 a week.
Unemployed employees receive an extra $600 a week. Americans who are approved for unemployment insurance will earn the extra money on top of the benefits they usually get from their state. If you are unemployed and have been approved for unemployment benefits from your state’s labor department, you don’t have to do anything to receive the extra $600 per week. If you are already approved for unemployment insurance from your state’s labor department, you won’t have to do anything to receive the extra $600 per week. If you are not already enrolled and approved for benefits in your state, you must do so to be eligible under the new provisions. This benefit began on March 27, 2020, and will last until July 31, 2020. Contact your state’s labor department for state-specific information. Read more here…
By: Glassdoor Blog