Title: Extended Unemployment Benefits, $400 Weekly Payments—Here’s What To Expect This Year If You’re Jobless
Headings: Extended Unemployment Benefits, $400 Weekly Payments—Here’s What To Expect This Year If You’re Jobless
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Extended Unemployment Benefits, $400 Weekly Payments—Here’s What To Expect This Year If You’re Jobless
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Content: Personal Finance
Head of education at Acorns and author of "Think Like a Breadwinner"
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If you’ve been out of work for awhile, you are not alone. Last month, nearly 40 percent of those filing jobless claims reported being out of work for 27 weeks or longer, meaning they’ve likely exhausted all regular state benefits and are now either receiving federal benefits or extended benefits. And the average duration of those filing unemployment claims has climbed to nearly six months, so millions more may soon fall into that category. Last month, an estimated 12 million Americans or more risked losing their jobless benefits, as federal pandemic unemployment programs expired without a new deal in place to extend them. But lawmakers came together just before year’s end to pass an estimated $900 billion in stimulus relief measures that included the extension and expansion of unemployment benefits, providing much-needed relief to millions. In addition to extending the deadline for getting federal unemployment benefits, the bill included a new round of federal unemployment insurance supplements—this time at $300 per week. Both are set to last through mid-March, or about six more weeks. What happens then to the millions of Americans who’ve been out of work for months? The good news is, more relief is likely on the way. Here’s what President Joseph Biden has proposed and how Congress is likely to act.