Tags: Coronavirus | Financial Markets | Money | unemployment | benefits | christmas | stimulus

Unemployment Benefits to Expire for 12M Day After Christmas

a graphic showing the impact of coronavirus lockdowns
(Dreamstime)

Monday, 23 November 2020 06:10 PM

About 12 million Americans will lose their unemployment benefits the day after Christmas unless Congress passes a new coronavirus relief package, leaving them with no income, according to a new study by the nonprofit think tank The Century Foundation.

"This cutoff threatens to pull the rug out from under an economy that has already seen millions of workers lose their state unemployment benefits this fall," the study reported.

Though the past few months have seen a steady economic recovery, the economy is still about 10.1 million jobs short compared to before the pandemic, according to the report. And the pandemic is expected to continue hurting the economy.

As savings are depleted, families will face food insecurity and loss of their homes, while many will not be able to pay for healthcare, the report points out.

"While there are major political challenges to reaching a stimulus relief deal before the holidays, jobless workers cannot wait until January," the study's authors wrote. "The stakes are simply too high."

The two main programs that have been sustaining workers affected by the pandemic, the Pandemic Unemployment Assistance, which provides jobless benefits to gig workers and others who normally are not eligible for benefits, and the Pandemic Emergency Unemployment Compensation, which extends state unemployment benefits an extra 13 weeks, both will end if the legislation fails to pass.

Rep. Adam Schiff, D-Calif., urged Senate Majority Leader Mitch McConnell, R-Ky., to pass the legislation in the house, tweeting Sunday:

"The day after Christmas, 12 million will lose unemployment benefits. On New Year's Eve, eviction moratoriums, small business relief and more will expire. The House has acted, and is willing to compromise. So is Trump. So far, nothing but a lump of coal from Mitch McConnell."

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About 12 million Americans will lose their unemployment benefits the day after Christmas unless Congress passes a new coronavirus relief package, leaving them with no income, according to a new study by the nonprofit think tank The Century Foundation.
unemployment, benefits, christmas, stimulus, congress, gridlock, senate, mitch mcconnell
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2020-10-23
Monday, 23 November 2020 06:10 PM
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