Several benefits were developed in March to help ease the financial strains on Americans during thepandemic. Those are set to come to an , which could impact 20 million Americans, MarketWatch reports. The CARES Act, which was signed into law on March 27 by President Donald Trump, provided benefits like enhanced unemployment payments to supplement lost income from layoffs. It also includes a clause to .
But now this assistance is dissolving, the $600 unemployment benefit stopping days sooner than was commonly thought. Although that might not make a material impact, it’s a jolt for those who thought they were supported longer. However, Senate Majority Leader Mitch McConnell said on Monday that the Senate is likely to unveil a new rescue package in July —— but it’s unclear if it will .
Also, no tax extension has been announced, so it’s unlikely we’ll see a second official extension. Here are all the benefits that go away when the CARES Act expires.
Enhanced unemployment benefits are drying up
When cities across thein March, businesses temporarily closed their doors, leaving millions unemployed. Now, nearly 21 million people are receiving unemployment benefits, as well as 9.7 million self-employed workers receiving assistance. In the week ending June 20, nearly 1.5 million people filed for unemployment for the first time, the Department of Labor reported.
By July 26, theon top of the usual allowance will end — a week sooner than originally expected, according to USA Today, which was first to report the news.
The US Department of Labor said this in a statement to USA Today, which was first to report the news:
The (Federal Pandemic Unemployment Compensation) $600 can be paid for weeks ending no later than the week ending prior to Friday, July 31, 2020,” according to the statement. “For all states except (New York), that is Saturday, July 25th. New York’s end date is Sunday, July 26th.
The expiration of these benefits could also mean gig workers, freelancers, independent contractors and small business owners — those who usually aren’t eligible for unemployment — will also lose this source of income. If you’re still eligible for the usual unemployment benefits, you’ll still continue to receive them.
Federal eviction protections
Included under the CARES Act is a temporary moratorium on evictions for most residents with subsidized apartments and renters of homes covered by Fannie Mae, FHA and Freddie Mac. This protected Americans who werefrom being evicted from their homes for 120 days.
These protections will end July 25 — and on that date, landlords can begin sending eviction notices. At that time, landlords are required to give the residents a 30-day notice to vacate before eviction. There’s concern that people who won’t be able to pay their rent and are evicted could contribute to a rise in the number of homeless families across the country.
Extra time to file your taxes
The original deadline to file your taxes was April 15, but due to coronavirus, it was. That’s still in effect. There was talk of a possible second extension, but with tax day just days away, it’s unlikely that will change. If you haven’t filed yet, you need to do so before the deadline arrives to avoid any future issues with the IRS.
If you don’t think you’ll be able to file in time, you can ask for an extension, although you’ll have to pay the interest that accumulates. If you don’t file your taxes on time, you’ll be charged a $300 penalty.
If you’re one of the millions of Americans trying to figure out what the next steps are, we’ve got more tips to help you. Here’s what the, and . Also, here’s the latest on .