President Trump's Unemployment Boost May Last for Only 3 Weeks

As the U.S. grapples with a recession, millions of Americans are still out of work -- and out of options. Though many jobless folks are entitled to unemployment benefits, lawmakers let the $600 weekly boost established under the CARES Act expire in late July. The result? The average worker on unemployment now gets just $308 a week in benefits, while many jobless workers get a lot less.

Since lawmakers have been unable to come to terms on a second COVID-19 relief package that would include a boost to unemployment, President Trump opted to take matters into his own hands by signing an executive order calling for a $400 weekly boost to unemployment instead. That $400 boost, however, may actually only amount to $300, since states would need to contribute $100 out of their own coffers and many just don't have the funds.

Still, a $300 weekly boost is certainly better than no boost at all, what with the minimal amount many jobless workers are being forced to live on right now. But in some states, that $300 boost may not last very long. In fact, some recipients may only get three weeks' worth of payments after all is said and done.

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Source Fool.com