NEWS

Extra $600 Unemployment Benefits Will Run Out Soon

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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