Benefits designed to ease the financial constraints of Americans during theare , leaving millions of unemployed and underemployed Americans wondering what to do next. The CARES law, promulgated on March 27 by President Donald Trump, provided for benefits such as increased unemployment benefits to supplement the loss of earnings due to layoffs and , which ends on July 25.
At this time, it is unclear whether Congress plans to extend these benefits, although there is an ongoing debate that also includes a question of whether there will be a. Here are all the benefits that disappear when the CARES Act expires.
Improved unemployment benefits
When cities across theIn March, businesses had no choice but to temporarily close their doors, leaving millions of unemployed. Today, almost 21 million people receive unemployment benefits, as well as 9.7 million self-employed people receiving assistance. During the week ending June 20, nearly 1.5 million people applied for unemployment for the first time, the Ministry of Labor reported.
On July 31, 2020, thein addition to the usual compensation will end. It could also mean that workers in concert, the self-employed, independent contractors and small business owners – those who are generally not eligible for unemployment – will also lose this source of income.
Those who are still eligible for regular unemployment benefits will continue to receive them.
Federal protections against eviction
The CARES law provides for a temporary moratorium on evictions for most residents with subsidized apartments and tenants of housing covered by Fannie Mae, FHA and Freddie Mac. It protected the Americans who wereto be evicted from their homes for 120 days.
These protections will end on July 25 – and by that date, homeowners can start sending eviction notices. At this time, owners are required to give residents 30 days notice to vacate before eviction. It is feared that people who will not be able to pay their rent and who will be evicted may contribute to an increase in the number of homeless families across the country.
Extra time to file your taxes
The initial deadline for filing your taxes was April 15, but due to the coronavirus, it was. It’s still in effect, but the deadline is now a few weeks. If you have not already filed, you must do so before the deadline to avoid any future problems with the IRS.
If you don’t think you can deposit on time, you can request an extension, even if you have to pay the accrued interest. If you do not file your taxes on time, you will be charged a penalty of $ 300.
If you are one of the millions of Americans trying to figure out what the next steps are, we have other tips to help you. Here is what, and . In addition, here is the latest information on .