Dominion Energy in Virginia plans to extend its grace period through Oct. 14, while Southern California Edison is waiving disconnections and late fees until April.The Paycheck Protection Program has provided forgivable loans of up to $10 million to about 4.5 million businesses that employ up to 500 workers, propping up restaurants, shops, beauty salons and other neighborhood outlets that have shut down or sharply scaled back during the crisis.The loan -- intended to cover eight weeks of payroll, rent and utility costs – becomes a grant as long as businesses retain or rehire their workers and 60% of the money goes to payroll expenses, a figure that Congress recently lowered from 75%.For the lion’s share of businesses that received the money from mid-April to mid-May, the eight weeks is set to end between now and mid-July. Many restaurant and retail workers, for example, are earning more from jobless benefits than their previous wages. After that, landlords can issue a notice to evict but can’t remove tenants for another 30 days. About 70% of outstanding single-family mortgages are owned or backed by a federal agency, according to NHLP. The new federal CARES Act makes this possible. Many tenants who don’t pay their rent can be evicted. That ended July 26 for all Americans when the CARES Act effectively expired (the official end date was July 31). Site last updated: August 12, 2020 What help can I get? My unemployment benefits have ended or soon will end. But there’s probably little left for many that already have kept or rehired their workers, and they’ll almost certainly choose the eight-week time frame over the 24 weeks, says Ami Kassar, CEO of MultiFunding, a small business loan advisor.The evaporation of the federal support is a daunting prospect for restaurants and other merchants that may be operating a 50% capacity and surviving on sharply diminished sales.To partially close the gap, Goldman Sachs believes Congress will expand a separate employee retention credit that pays businesses half of employee wages up to $10,000 this year as long as they suffered at least a 50% drop in revenue or their operations have been at least partly suspended by government order.Congress could expand the credit to cover 80% of payroll costs and provide a partial credit to firms enduring as little as a 10% percent revenue decline, Goldman says. © 2020 Oregon Employment Department. All rights reserved. The CARES Act is a new federal law, signed March 27, 2020. But that extra cash, currently $600 a week, will end after July 31. Many businesses have closed down permanently and many laid-off workers won’t be able to go back to their old jobs, Federal Reserve Chair Jerome Powell has told Congress.“We put a great deal of support into propping up the economy in the short run,” says Jay Shambaugh, senior fellow at the Brookings Institution.
The CARES Act legislation provides an extension to regular benefits called Pandemic Emergency Unemployment Compensation (PEUC). But if your application is approved, you will be paid at least the minimum weekly benefit amount, and if that amount is at least $1 per week, you will also receive an additional $600 weekly for weeks ending March 29 to … It makes it so more people can get unemployment benefits than ever before. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed by Congress with overwhelming, bipartisan support and signed into law by President Trump on March 27th, 2020. The grace period for renters of single-family homes ends Aug. 31. But the economic impacts of the pandemic will last more than a handful of months. But some of those bans have ended and 12 states never took steps to halt evictions. This new law did three main things: Sen. Lindsay Graham, R-S.C., is among the legislators who believe the payment encourages many jobless Americans to stay on unemployment rather than return to work. The additional $600 a week in federal unemployment benefits, included in the CARES Act, is set to end July 31. This new law did three main things: Pandemic Unemployment Assistance (PUA). And many small businesses won’t have a forgivable federal loan to cushion the blow of meager sales.Government and private-sector programs intended to keep millions of people afloat since mid-March during the most abrupt and severe recession in U.S. history are scheduled to expire soon even as near-record unemployment and deep financial hardship persist. Especially people affected by COVID-19. It makes it so more people can get unemployment benefits than ever before. Some states are ending it a week earlier, on July 25. The CARES Act, among other things, raised the amount of weekly benefits. The increased unemployment benefits have an expiration date — an extra $600 per week the act authorized ends on July 31. That means the unemployed will have to rely solely on state weekly benefits averaging $370, according to Goldman Sachs estimates.“A huge share of jobless people will be forced to exist on much less than what they had before,” says Heidi Shierholz, an economist at the left-leaning Economic Policy Institute.The Heroes Act, passed by the House of Representatives, would extend the perk until early next year, but the Senate is unlikely to approve the legislation. Act.
Yet an unprecedented 22 million jobs were shed the previous two months and the unemployment rate was still 13.3% in May, near the highest since the Great Depression.While a solid recovery is anticipated in the second half of 2020, unemployment is expected to hover near 10% by year’s end, up from a 50-year low of 3.5% in February.
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