Hi all, sorry if this has been covered. I scanned the thread titles but didn’t see anything that jumped out. If this has been covered just c&p.
I remember reading a news article about the CARES Act that mentioned the enhanced unemployment compensation from this latest crisis. Specifically that the weekly benefit would be $600 per week. I don’t know how state unemployment factors in nor if it applies.
In the article there was mention that those still working in essential business (yay me) would get some sort of tax rebate. But no specifics of what it was or how workers would see it.
I’m seriously wondering if I should step up efforts to catch this damn thing. Maybe better off financially to catch it?
Anyway, sorry for the snark. Just wondering how I’m not getting screwed by this.
Your exact question is not very clear to me, but perhaps this will help: There are two separate things going on: (1) For those who are now unemployed, when you apply for unemployment compensation, you’ll get a lot more than it would have without covid-19. (2) Everyone, whether employed or not, will be getting a one-time payment provided they made less than $200,000 last year, and this will be automatic (without even having to apply for it).
You should have received $1200 by now if you made less than $100K last year, filed taxes, and used direct deposit for your refund. If you owed during your last filing, you will need to provide direct deposit information to the IRS (you can do that online) or wait for your check to come in the mail.
An unemployed person still gets the regular benefits/protections. On top of that state money, the person received the extra $600 a week from the federal budget.
In many states, and if you make less than $25 and hour, you are better off if you had been laid off, as your unemployment benefits with the additional $600/week put more in your pocket than if you kept working.
This has been highlighted by many small businesses that applied for and received the small business forgivable loans through the Payroll Protection Program. Those funds are required to be used to keep people paid. When many small businesses let their employees know that they were being kept on the payroll, many employees complained because they were making more on unemployment than they were being paid through their jobs.