FOX Business’ Blake Burman on Unemployment Fraud Increasing During Coronavirus Pandemic.
More than 11 million Americans are at risk of losing their unemployment benefits by mid-March if Congress does not previously pass another emergency relief package, according to a new report published this week.
Some 11.4 million workers will be left without income between March 14 and April 11 when two major federal unemployment benefits created under CARES legislation a year ago – and expanded in the $ 900 billion aid package introduced by Congress in December – according to a study published Wednesday by the Century Foundation, a nonprofit think tank.
WHAT IS THE $ 1.9 T STIMULUS PLAN?
Pandemic Unemployment Assistance (PUA), a program created to provide unemployment benefits to gigs and others who are not normally eligible for benefits, and Pandemic Emergency Unemployment Compensation (PEUC), which will extend state unemployment benefits by an additional 13 weeks both expire in about a month.
Another program that expands unemployed aid by $ 300 a week also ends on March 14.
“This latest expansion is almost in effect as soon as it starts,” reads the Century Foundation report.
Up to 5 million Americans are expected to use up the Extended Benefits (PEUC), while 6.4 million will run out of PUA benefits in a few weeks. It is estimated that four million employees will face a so-called ‘hard cliff’, which means that the aid they will receive will suddenly end on 14 March. Just over 7 million workers face a ‘soft wreath’ and will see their benefits at some point between March 14 and April 11. Even if they are eligible for extra unemployed weeks, they will not be able to receive benefits through PEUC or PUA.
HOME PANEL BENEFITS PARTIAL COVID-19 REDEMPTION BILL INCLUDING $ 1,400 STIMULUS CONTROL
Job losses remain high as COVID-19 cases across the country continue to cause lock-in measures.
The longer workers are unemployed, the greater the chance that they will shell out savings to get money and increase loans. One study from 2010 indicates that 24% of employees who have long-term unemployment have missed out on a mortgage loan or rent payment, while about 10% have declared personal bankruptcy.
Congress Democrats are continuing to offer a nearly $ 2 billion coronavirus emergency relief package, with the goal of passing the legislation by the end of the month and sending it to President Biden’s office before the March 14 cut.
A draft bill passed by House Democrats this week includes a $ 1,400 incentive test for Americans earning less than $ 75,000, extensive tax credits for children and families with low incomes and unemployment benefits up to $ 400 a week until the end of August.
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