In just over seven weeks, all of the most significant coronavirus relief programs will go expire on Dec. 31, 2020, after some were extended in August when President Donald Trump signed people filing for personal bankruptcy.. Their expiration would set the stage for a tangle of financial issues starting on the first day of the new year, including an expected uptick in
America’s top lawmakers and economists acknowledge thatis imperative to help keep people fed, clothed, housed and employed, and to . Former Vice President Joe Biden, who on Saturday became the US president-elect, . However, he won’t be able to formally act on it until taking up official duties on Jan. 20.
“We’ll have a stronger recovery if we can just get at least some more fiscal support,” Jerome Powell, Chairman of the Federal Reserve, said Nov. 5, adding, “When it’s appropriate and the size Congress thinks it’s appropriate.”
The size ofare hotly contested along party lines. Republicans in Congress, led by Senate Majority Leader Mitch McConnell, want a smaller bill with less funding while Democrats, led by House Speaker Nancy Pelosi, prefer a larger package with more programs. It isn’t clear if a future Senate proposal would include or more unemployment assistance.
The Marchauthorized the and the , which collectively provided aid to hundreds of millions of Americans who when the pandemic hit. Here are the key programs that are set to end.
13 extra weeks of unemployment benefits
Individual states handle unemployment insurance claims, determining if a person is eligible, how much they receive and for how long they can collect. Though it varies from state to state, the. Starting on Jan. 1, those additional 13 weeks provided by the federal government are gone.
Some states have already backfilled the void on their own, including increasing their benefit period up to 59 weeks, according to the Center on Budget and Policy Priorities. Others, including Alabama, Arkansas and Utah, haven’t taken action on it, which could leave unemployed workers in those states without assistance as the new year begins.
Pandemic Unemployment Assistance program
Another initiative of the CARES Act, the Pandemic Unemployment Assistance program, also known as , provided economic relief to those who wouldn’t typically qualify for unemployment: self-employed workers, contractors and gig workers. The PUA is set to end Dec. 31. If the federal government doesn’t extend it, it will be up to the states to determine whether they will step in on Jan. 1.
Unemployment benefit of $300 per week
The average weekly unemployment benefit doesn’t always equal a worker’s earnings and typically ranges between $300 and $600. To help fill the gap, the president’s memo, and is expected to sunset unused.added a . When that bonus expired on July 31, Trump signed an executive memo paving the way for a $300 weekly bonus (for a six-week period) with the expectation Congress would soon pass another relief package. That hasn’t happened, and most states have exhausted the six weeks of extra funding. The $300 bonus provision is set to end on Dec. 27, according to the
Protection from evictions for failure to pay rent
The Centers for Disease Control, which called for a halt on evictions for failure to pay rent. This order by the agency covered more households, including renters in 43 million households, but it also has an expiration date of Dec. 31.provided limited protection on evictions by only focusing on homes backed with a federal mortgage loan or households that received some type of federal funding. The by the
Student loan deferrals
Students who are paying off federal student loans also received a reprieve under the, which gave them the option to defer their loan payments (and which paused the accrual of interest) until the end of September 2020. In August, . On Jan. 1, loan servicers will once again be able to charge interest on these loans and students may have to resume paying them off unless the servicers offer deferment options.
For more information, here’s, and here’s .