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New York : What if the CARES Act benefits expire and there is no new financial aid law or stimulus check approved?

New York :

What if the CARES Act benefits expire and there is no new financial aid law or stimulus check approved?

5 million people will be left without receiving an unemployment check.

Photo: William Thomas Cain / .

Congress is closing in on a new stimulus bill even though negotiations between Republicans and Democrats have been delayed by a group of senators who oppose certain aspects of the US aid package. $ 908,000 million which is on the table.

If approved, the bipartisan proposal would allow money to be given to state and local governments, fund the Check Protection Program, and help pay for the development and distribution of the COVID-19 vaccine but does not contemplate a payment of a second stimulus check.

What if the Benefits the CARES Act expire and there is no new financial aid law without a stimulus check?

A report in The New York Times newspaper reveals that without a new stimulus bill to expand the programs that were established by the CARES Act:

  • Wax 21 million people will need to start making their payments of student loans.
  • 125,000 businesses will lose tax incentives for failing to lay off workers.
  • $ 150 billion of aid to state and local government will end.
  • 7 million workers and contractors will lose their benefits.
  • 5 million will stay no unemployment checks.
  • And millions of people will face evictions.

So far there is no news of an agreement between the political parties or by the United States government until Joe Biden takes office on January 20. So now the president Donald Trump would have to sign any aid package that passes through Congress, which would be the only way to keep your improved unemployment benefits before they expire on December 31st.

The CARES Act established multiple programs with an expiration date on December 31, 2020. In addition to direct paychecks, the bailout bill also extended unemployment benefits for new applicants to 39 weeks instead of the typical 26 weeks set by states. Those extra weeks will disappear Except in those states that have already established a longer period of time until 2021.

Related: Why a second stimulus check might have less money than the previous one.

Another program that will expire is the Pandemic Unemployment Assistance Program which this year supported contractors and freelancers to receive weekly funds similar to that of other unemployed workers.

According to the Department of Labor in the United States, 712,000 new unemployment claims last week, 75,000 less than the previous week. The The New York Times He said Thanksgiving may have reduced the number of new lawsuits.

The employment report for November shows that 245,000 jobs, 45 percent less than the 444,000 expected, according to the NBC News report.

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