Key pandemic relief programs are set to expire at the end of the year
November 18, 2020. Summarized by summa-bot.
A woman checks information as information signs are displayed at IDES (Illinois Department of Employment Security) WorkNet center in Arlington Heights, Ill., Thursday, Nov. 5, 2020. Illinois reports biggest spike in unemployment claims of all states. (AP Photo/Nam Y. Huh)
Some of the last remaining stimulus programs for the unemployed, renters and student loan borrowers are set to expire by the end of December unless Congress or President Donald Trump takes action.
Washington (CNN)Some of the last remaining stimulus programs for the unemployed, renters and student loan borrowers are set to expire by the end of December unless Congress or President Donald Trump takes action.
While the $600 payment enhancement lasted only four months, the other two run through the week ending December 26, which is the last weekend of the year.
Also, Congress created the Pandemic Emergency Unemployment Compensation program, which provides an additional 13 weeks of federally paid benefits to those who run out of state payments, which typically last 26 weeks.
More than 4. 6 million workers will have these payments halted at the end of the year, even if they haven't received all 13 weeks, according to The Century Foundation analysis.
Just under 3 million of them will be able to transfer to the extended benefit program, which provides up to 20 weeks of benefits in states with high unemployment rates.
Funding for this program is typically split between the states and the federal government, but the latter has picked up the entire tab during the pandemic -- a measure that also expires on December 31.
If neither Trump or Congress acts to push the deadline back, millions of student loan payments will come due a couple of weeks before President-elect Joe Biden takes office on January 20.