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Various benefits that were designed to ease the financial strains of Americans during theThey are , leaving millions of unemployed or underemployed Americans wondering what will come next. The CARES Act, which was enacted on March 27 by President Donald Trump, provided benefits such as improved unemployment payments to supplement the loss of earnings from layoffs. It also includes a clause for .
But now these benefits are dissolving, the $ 600 unemployment benefit sooner than previously thought. And the possibilities are not so high as to renew them. Senate Majority Leader Mitch McConnell said Congress does not plan to extend unemployment benefits of $ 600, but it is unclear if this is a final decision.
It is also unclear whether there will be ato help keep families afloat, and if You will see a second official extension. Here are all the benefits that disappear when the CARES Act expires.
Improved unemployment benefits are running out
When cities around theIn March, the companies temporarily closed their doors, leaving millions of people unemployed. Now nearly 21 million people receive unemployment benefits, as well as 9.7 million freelancers who receive assistance. In the week ending June 20, nearly 1.5 million people applied for unemployment for the first time, the Labor Department reported.
By July 26, 2020, thein addition to the usual allocation it will end, a week earlier than originally expected, according to USA Today, which was the first to report the news.
The US Department of Labor said this in a statement to USA Today, which was the first to report the news:
The (Federal Pandemic Unemployment Compensation) $ 600 can be paid for weeks ending no later than the week ending before Friday, July 31, 2020, “according to the statement.” For all states except (New York), that is, Saturday, July 25th. New York’s end date is Sunday, July 26.
The expiration of these benefits could also mean that workers, freelancers, independent contractors, and small business owners, those who are not generally eligible for unemployment, will also lose this source of income. If you are still eligible for regular unemployment benefits, you will continue to receive these.
Federal eviction protections
The CARES Act includes a temporary moratorium on evictions for most residents with subsidized apartments and tenants of homes covered by Fannie Mae, FHA, and Freddie Mac. This protected Americans who wereof being evicted from their homes for 120 days.
These protections will end on July 25, and on that date, homeowners can begin sending eviction notices. At that time, landlords must give residents a 30-day notice to vacate prior to eviction. There is concern that people who will be unable to pay their rent and who are evicted may contribute to an increase in the number of homeless families across the country.
Extra time to file your taxes
The original deadline to file your taxes was April 15, but due to coronavirus, it was. That is still valid, but now there is talk of a possible second extension. Until then, the deadline is only a few weeks. If you have not yet filed, you should do so before the deadline date to avoid future problems with the IRS.
If you do not think you will be able to file it on time, you can request an extension, although you will have to pay the accrued interest. If you do not file your taxes on time, you will be charged a $ 300 fine.
If you are one of the millions of Americans trying to figure out what the next steps are, we have more tips to help you. This is what the, and . Also, here is the latest .