Coronavirus relief bill could change unemployment benefits

Self employed were not previously reported in the weekly jobless rates until end of May 2020. 2.4 million workers applied for unemployment benefits by May 16th and nearly 2.2 self employed and independent contractors applied for aid under Pandemic Unemployment Assistance.

By Megan Henney FOX Business

Next coronavirus relief bill could include changes to unemployment benefits, Hassett says

Roughly two-thirds of workers on unemployment are receiving more from the government aid than they earned at their old job.

President Trump is meeting with his senior economic team this week to explore policy options for the next coronavirus relief package, which could include reforms to unemployment benefits, according to White House adviser Kevin Hassett.

The $2.2 trillion CARES Act expanded benefits for unemployed Americans by an extra $600 per week through the end of July; however, Republicans have increasingly expressed concern that the money is actually discouraging workers from returning to their jobs.


"We are absolutely meeting this week," Hassett told FOX Business' Maria Bartiromo. "We are going over what we think will be in the phase four deal, and we're going to try to reform unemployment insurance so that the factor you suggested goes away."

Roughly two-thirds of workers on unemployment are receiving more from the government aid than they earned at their old job, according to a recent paper written by economists at the University of Chicago's Becker Friedman Institute. The Federal Reserve's Beige Book, released last week, found that business owners have struggled to bring workers back as a result of the sweetened benefits.


Once the $600-per-week expires at the end of July, the typical unemployment check, which varies by state, will return to below $400 per week.

It's unclear what specific proposals the White House plans to pursue. Larry Kudlow, Trump's chief economic adviser, previously endorsed a back-to-work bonus for unemployed Americans returning to their jobs.

"We've got to reward individuals for coming back to work," Kudlow said during a "Fox & Friends" interview on Friday. "There will be some kind of re-employment bonus. We're not going to go to the $600, that's a disincentive to work."


One such proposal from Sen. Rob Portman, R-Ohio, would provide $450 weekly to laid-off Americans returning to work, in addition to their wages. The money would last through July 31, the same date on which the extra unemployment benefit expires. Another, introduced by Texas Rep. Kevin Brady, the top Republican on the House Ways and Means Committee, would give workers a one-time payment of $1,200, or two weekly payments of $600 when they go back to their job.

Other proposals the White House is mulling include a payroll tax cut; liability protections for businesses and tax deductions or write-offs for individuals who take a vacation, a senior administration official told FOX Business' Blake Burman on Tuesday.

More than 40 million Americans have lost their jobs as a result of the coronavirus-induced economic shutdown, a rate unseen since the Great Depression. The nation's unemployment rate surged to 14.7 percent in April, and likely ballooned to at least 20 percent in May.

Source: Fox business news

#hardshipresource #Ican'tpaymyhomeloan #gethelpnow #unemployemntassistance #mortgageassistance

1 view0 comments

Recent Posts

See All

Mortgage Relief Options and Protections

Relief for all federally or GSE-backed mortgages Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and guidance from federal agencies and the GSEs, there are two protections for ho

Early Impact on Credit

Great Blog post from the Consumer Financial Protection Bureau on the Impact to Consumer Credit FOR IMMEDIATE RELEASE: August 31, 2020 MEDIA CONTACT: Office of Communications Tel: (202) 435-7170 CONSUM

© 2020 by Hardship Resource. The Cofini Group LLC- 1-833-8-COFINI

Get Social

  • Grey Facebook Icon
  • Grey LinkedIn Icon
  • Grey YouTube Icon



The information provided by The Cofini Group LLC (“we,” “us” or “our”) on http://www.hardshipresource(the “Site”) is for general informational purposes only. All information on the Site is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information on the Site. UNDER NO CIRCUMSTANCE SHALL WE HAVE ANY LIABILITY TO YOU FOR ANY LOSS OR DAMAGE OF ANY KIND INCURRED AS A RESULT OF THE USE OF THE SITE OR RELIANCE ON ANY INFORMATION PROVIDED ON THE SITE. YOUR USE OF THE SITE AND YOUR RELIANCE ON ANY INFORMATION ON THE SITE IS SOLELY AT YOUR OWN RISK.




The Site may contain (or you may be sent through the Site) links to other websites or content belonging to or originating from third parties or links to websites and features in banners or other advertising. Such external links are not investigated, monitored, or checked for accuracy, adequacy, validity, reliability, availability or completeness by us. WE DO NOT WARRANT, ENDORSE, GUARANTEE, OR ASSUME RESPONSIBILITY FOR THE ACCURACY OR RELIABILITY OF ANY INFORMATION OFFERED BY THIRD-PARTY WEBSITES LINKED THROUGH THE SITE OR ANY WEBSITE OR FEATURE LINKED IN ANY BANNER OR OTHER ADVERTISING. WE WILL NOT BE A PARTY TO OR IN ANY WAY BE RESPONSIBLE FOR MONITORING ANY TRANSACTION BETWEEN YOU AND THIRD-PARTY PROVIDERS OF PRODUCTS OR SERVICES.




The Site cannot and does not contain financial literacy advice. The financial literacy information is provided for general informational and educational purposes only and is not a substitute for professional advice. Accordingly, before taking any actions based upon such information, we encourage you to consult with the appropriate professionals. We do not provide any kind of financial literacy advice. THE USE OR RELIANCE OF ANY INFORMATION CONTAINED ON THIS SITE IS SOLELY AT YOUR OWN RISK.




The Site may contain links to affiliate websites, and we receive an affiliate commission for any purchases made by you on the affiliate website using such links.