Title: New Coronavirus Stimulus Proposal Would Extend $600 Unemployment Checks, Give More Workers Benefits
Headings: New Coronavirus Stimulus Proposal Would Extend $600 Unemployment Checks, Give More Workers Benefits
New Coronavirus Stimulus Proposal Would Extend $600 Unemployment Checks, Give More Workers Benefits
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Content: Workers receiving these benefits in states with high unemployment could continue to be eligible for over a year later. The bonus payments would also continue after the extreme social distancing period, gradually reducing in size from $600 at faster or slower rates depending on a state's unemployment condition. Generally, individuals will collect the reduced bonus payments for at least 13 weeks after the social period and continue to receive them until the national unemployment rate falls below 5.5 percent. Beyer released a Joint Economic Committee report last week arguing that unemployment insurance should be automatically tied to economic conditions and should not be allowed to expire because of legislative inaction. "The most sensible way for Congress to guarantee that economic assistance will continue as long as it is needed is by directly linking it to the state of the economy instead of picking arbitrary expiration dates," the report said. " This would mimic the automatic stabilizer approach that economists have long urged, provide certainty to families that they will get the aid they need, ensure that support does not depend on politics and automatically turn off support when it is no longer needed." The Congressional Budget Office, a non-partisan economic research arm of the U.S. Congress, concluded in late April that current economic trends forecast an unemployment rate of 9.5 percent by the end of 2021, a near-historic level. Request Reprint & Licensing, Submit Correction or view Editorial Guidelines