What will the unemployed get from the stimulus package
If you have not heard already, the Congress passed a large $787 billion stimulus bill on Friday, February 13th. This package includes a many benefits for the unemployed. Here is a quick rundown.
- Unemployment benefits are extended by 20 weeks and 33 weeks in states with high rates of unemployment. California is one of the states that gets 33 extra weeks, which means unemployed workers can collect benefits for over one year.
- The amount of unemployment benefits is increasing by $25 a week. This is nearly twice the $13 a week tax cut the employed will be getting.
- For people who lost their jobs between 9/1/2008 and 12/31/2009, the government will provide a 60% subsidy for COBRA health insurance payments. This could be worth thousands of dollars every month.
- The first $2400 of unemployment benefits will not be subject to Federal Income Tax.
So all in all, it seems like the unemployed will be receiving a bit of a windfall. I hope everyone uses this money towards their job search!
Great. We were laid of 8/15 and have a large (by today’s family) standards. COBRA is killing us, even with most of us uninsured.
“They’re singing songs of love, but not for me.”
A bit of a windfall????? Unemployment is a barely livable amount for most people, only a fraction of their work income; an extra $25 a week won’t make a significant improvement.
Yes, the COBRA subsidy will help those who became unemployed in the last six months, but it won’t do a thing for those of us who have been unemployed longer.
I’d like to see some wording on the exact terms of the unemployment extension. If someone has already had the first 13 week extension and the second 7 or 13 week extension, are they getting the 20 or 33 week extension in addition to that? Or is the 20/33 just the new term of the extension?
I’m hoping it means I’ll get another 20 weeks, because I don’t see jobs in my field opening up for several more months. I’d be glad to start my own business, but there’s no economic stimulus for small business startups, and it would disqualify me from getting unemployment anyway to be trying to go it on my own (one of the stupidest rules ever). In any case, having been unemployed for so long, my credit isn’t good enough to qualify me for any small business financing. They always want you to get your credit in order first, and that means having income…
I know exactly know what u mean Siean….we need some clearity on the 20 weeks…extention !!!!
Prowls08, perhaps if you learned to write English properly you would not be unemployed. I can’t believe how many mistakes there are in your short sentences. It’s spelt “clarity”, not “clearity”. Also, it’s “extension”, and not “extention”.
$25 a week may not seem like much…but it depends on how you think about it. That’s $100/month. A utility or phone bill. I have a family of three plus four animals. An extra $25 goes a long way at the Aldi grocery store. I buy meat at BJs Wholesale for $30/month. Therefore, and extra $25/week almost covers my meat bill for a month.
I say thanks to what we’re getting…use it wisely. No, $25 won’t pay my mortgage, but between that and the assistance with COBRA I might last a little longer.
Hi there — I came across your blog via The Unemployment Meter.
Needless to say I recently wrote a post about this very subject in my blog. The bottom line is that I was under the impression the Stimulus Package was to get people off of unemployment, not get more money in their unemployment checks. Especially when there are dangers of a few states dangerously running low on the unemployment funds. It’s scary!
[...] United States alphabetically sorted by state and territory. These amounts may have changed after Obama’s stimulus package. Additionally, you no longer have to pay taxes on the first $2400 of unemployment [...]
How many extra weeks of unemployment benifits will North Carolina recieve.