Extra Unemployment Benefits Will Run Out Soon. Here's What Might Happen Then.
Although many businesses are beginning to reopen, millions of Americans are still unemployed or at risk of being laid off due to the COVID-19 pandemic. An additional 1.5 million Americans filed for unemployment benefits last week, with nearly 45 million workers filing for unemployment insurance since mid-March.
Under the CARES Act, unemployed workers can collect an extra $600 per week in federal benefits in addition to state unemployment benefits. However, these extra benefits will only be distributed through the end of July. At that point, the extra $600 per week will vanish from your unemployment checks if Congress doesn't take action.
There's a heated debate within Congress right now as to what to do about unemployment benefits. Some government officials are pushing to continue the $600 per week, while others have a different solution. While nobody knows exactly what will happen by the end of July, here are some of the possibilities.
Source Fool.com
