For the tens of millions of Americans receiving unemployment benefits, the extra $600 boost will soon be no more.
The $600 weekly payments from the Federal Pandemic Unemployment Compensation program were initially set up as part of the $2.2 trillion CARES Act Congress passed in late March, given the COVID-19 pandemic.
Americans eligible for unemployment insurance receive an extra $600 plus what they usually claim under their state’s benefits.
However, this extra cash is scheduled to end “on or before July 31, 2020.”
Over a week ago, 2.2 million workers applied for unemployment benefits.
This is the 14th week in a row that initial unemployment claims are more than twice the worst week of the Great Recession.
The Economic Policy Institute (EPI) noted that allowing the benefits to expire would be a disaster for recipients, who would have to drastically cut their spending and the macro-economy, which is being held afloat by this spending.
“Letting this $600 expire will hurt all of us,” the EPI noted.
Marcia Wright, Readers Bureau, Contributor
Edited by Jesus Chan
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