Coronavirus benefits is set to end the weekly $600 assistance by July 31. This new change may have a big impact to many. Hence, other possible options are being laid out.
On March 27, President Donald Trump approved the CARES Act that provides a cushion for unemployment and lost income. It may last for 120 days that provide money for people who are jobless and eviction protection for two months. This is all for the support of Americans in their hour of need, but everything ends on July 31 at midnight, reported CNET.
Having the $600 unemployment benefit disappearing sooner will be cross to bear for some. For those depending on it, better say goodbye and its drying up sooner than expected, mentioned CNBC.
Despite all the announcements about the release of the next stimulus for singles or families, it is not yet definite and if the tax season 2020 will be extended by the government.
To give an idea of what will come when the CARES Act ends, here are the expectations:
Unemployment benefits are gone back to work
Be informed that on July 26, the $600 dollar benefits will be suspended permanently. It ends sooner according to USA Today, hence recipients relying on it need to look for a source of income.
The statement from the Federal Pandemic Unemployment Compensation announces that the $600 should be given until Friday on July 31, 2020. It will include all states with New York as the exception, which is on Saturday, the 25th of July. But the date for New York is Sunday, the 26th of July.
It is advised that most gig workers, freelancers, self-employed contractors, small business owners and others not qualifying for unemployment will not have this benefit. But those who can avail of unemployment pay will still get it.
Protection from eviction ends
One of the most potent benefits of the Cares Act is the reprieve given to renters of apartments for two months. The shelter is critical for many residents living in apartments that are subsidized, including homes that are covered by Fannie Mae, FHA, and Freddie Mac.
Technically, when July 25 comes, it will be eviction for tenants, as landlords are authorized to do that after July 25. However, a 30-day notice to leave should be given before an eviction is enforced. It gives an increased chance of more homeless families after the month-long eviction notice has lapsed.
Filing taxes is extended
Taxes were due last April 15, but due to the coronavirus pandemic, it is extended to July 15.
Anyone can ask for an extension but expect fines to pay if it is not settled soon. It will be a hefty $300 fine when taxes are not paid.
The outlook does not look good for those grossly affect by the loss of the $600 benefits. But the government will think of a similar means to help the citizens.