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First Impressions of the Congressional Rescue Package by Mark Schniepp and Ben Wright
Filings for Unemployment Benefits Soar Beyond Belief
The rapid spread of the coronavirus has led to massive business disruptions in the U.S. over the past several weeks. A growing number of states across the country ordered residents to “shelter in place,” and non-essential businesses such as sit-down restaurants, retail stores, and any event supporting public gathering have been forced to close or shut down.
Effectively, federal and state governments have shut down the U.S. economy. As a result, the pace of layoffs has been so swift, new fillings for unemployment insurance have skyrocketed to historic levels.
The Rescue PackageOn Wednesday night, the Senate voted 96-0 in support of the $2.2 trillion emergency package intended to avert economic collapse . The 880 page bill goes to the House for a vote on Friday.
Unemployment: Some Workers will be Getting a RaiseUnder the package, all unemployed workers across the U.S. will be eligible to receive $600 per week in federal aid. They will also receive unemployment benefits from their state-level unemployment insurance departments.
There does not appear to be any limiting criteria associated with the $600/week supplement in unemployment benefits.
In California, state-level benefits cover half of the salary of anyone earning up to $46,800 on an annualized basis. ... more
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