Time to cancel my Gucci order. Those $600 a week federal unemployment checks could be disappearing very soon.
Falling off the income cliff. For millions who lost their jobs since COVID hit, those $600 checks have been a dire life support for their finances. And for some, it has helped Americans beef up their savings.
- Federal unemployment checks will go back to normal July 31st.
- This will result in weekly income drops of up to 60% for many unemployed Americans.
It pays to stay unemployed—for now. It’s estimated that as many as 40% of unemployed workers are making more dough jobless thanks to the CARES Act.
How does it affect my wallet?
Still in the swamp. Things are finally starting to open up. But before we celebrate too soon, 21 million workers are still unemployed, and COVID cases are still running rampant.
- Things are looking cloudy whether Congress will pass another bipartisan stimulus bill.
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