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COVID-19 Relief Law - Senate Proposing $600/wk Unemployment Extension


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7/1/2020
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A Senate proposal would extend the current $600/week unemployment benefits boost until March 2021. Although, the bill includes an “automatic stabilizer” to phase down the benefit in states where the three-month average jobless rate declines below certain thresholds. The subsidy, established in the CARES Act (Public Law 116-136), is set to expire July 31.

The $600/wk additional unemployment would begin to phase down by $100 if a state reaches an average 11% unemployment rate over three months, and continue to decrease by $100 per percentage point in decrease of unemployment until that rate drops below 6%. 

The bill provides an extension of eligibility for unemployment benefits for contractors, part-time workers, and the self-employed until late March, regardless of state unemployment rate, and extends reimbursement of unemployment benefits for state and local governmental workers, as well as nonprofit employees covered by the CARES Act.

For any questions or assistance, please contact the Tax Attorneys at Fazzio Law, we are in your corner!



Category: COVID-19 Relief Law


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