- The supplementary unemployment insurance benefit of $ 600 per week expires on July 31, and Congress has not yet passed a benefit.
- Nearly 30 million Americans still receive unemployment benefits, according to the latest figures from the Department of Labor.
- Over 5 million Californians just continued to receive benefits in the week ending July 11th.
- Visit the Business Insider website for more stories.
Millions of Americans are losing a vital lifeline when extended unemployment benefits expire.
In response to the new coronavirus pandemic and the resulting recession, Congress included a $ 600-a-week supplement to unemployment insurance as part of the CARES Act stimulus package in March.
This strengthening of the unemployment safety net expires on July 31
A Bank of America analysis pointed out that the loss of benefits, combined with the roughly 30 million Americans still laid off and receiving unemployment insurance, could lead to a huge collapse in total income. A reduction from $ 600 to $ 200 per week would add up to about $ 12 billion in this week’s national income loss, and a complete end to unemployment data would lead to a reduction in weekly income of $ 18 billion, according to the bank.
A study by the liberal think tank Century Foundation calculated the effect of a reduction from $ 600 to $ 200 per week in additional benefits in each state, based on how average payments would change under the potential compensation law. Some states could see weekly benefits for unemployed workers decrease by about half.
When the extended benefits ceased, approximately 28 million Americans in the 50 states and DC still received unemployment benefits as of July 11, according to the non-seasonal weeks from the Department of Labor released Thursday. This map shows the total totals from the report for residents receiving traditional unemployment insurance and those receiving emergency pandemic benefits: