New $400 weekly unemployment bonus? What we know about Biden’s plan so far

New $400 weekly unemployment bonus? What we know about Biden’s plan so far – As part of his American Rescue Plan, President Joe Biden’s stimulus proposal includes continuing additional unemployment benefits. The plan also includes a third round of stimulus checks for up to $1,400 per eligible person, an extension to the eviction moratorium, expansion of vaccines, and more provisions to help struggling Americans.

For workers who are unemployed, the American Rescue Plan would extend the benefits established in a $900 billion COVID-19 relief package passed in late December, which was an extension to the CARES Act that was signed into law last March. Biden calls his plan the first step in helping Americans recover financially.

New $400 weekly unemployment bonus? What we know about Biden's plan so far

What could Biden’s American Rescue Plan do for unemployed workers?

The president’s $1.9 trillion COVID-19 relief package seeks to extend enhanced unemployment benefits until the end of September and increase the weekly federal bonus to $400 instead of the current $300. This is down from the $600 per week extended in the CARES Act, on top of unemployment checks issued by the state.

One additional change Biden wants with unemployment benefits is automated triggers, according to The Washington Post. When certain economic indicators change, such as the unemployment rate, the aid provided would change accordingly. This will allow the federal government to continue providing the amount of help as needed for unemployed workers without having to pass an additional package.

Would the additional $400 unemployment benefits be retroactive?

So far, there is no indication that the unemployment payments will be retroactive. That could change once a bill makes its way through Congress, or it could be determined by the states.

How long would the $400 extra unemployment insurance last for Americans?

Biden’s plan calls for the extended benefits to last until the end of September with triggers that would extend the benefits after September for those who continue to be out of work and include automatic payment adjustments linked to health and economic conditions. If and when his proposal becomes law, it’s likely the extra benefits would start mid-March, when the current unemployment benefits are set to expire

How many more weeks of $300 bonus checks are left?

The $900 billion COVID-19 relief package passed in December added 11 additional weeks of enhanced unemployment benefits. This includes the $300 weekly checks, Pandemic Unemployment Assistance for gig workers and an extension to benefits provided by the state. The official expiration date for these benefits is March 14 — a little over a month away — but there is a phase-out period until April 5 since some recipients have yet to receive any payments from their states’ unemployment offices. That leaves

What Happens at The End of September?

We won’t know the official expiration date of the Biden stimulus plan until it’s notated in the bill. However, as most states determine a person’s unemployment eligibility on Saturday of each week, the likely expiration date will be Sept. 25, 2021.

Where benefits stand will depend on the state of the US economy. COVID-19 vaccines continue rolling out across the country, and it’s expected that by the summer, a large percentage of the population will be vaccinated. If the economy opens up then there is less of a need for enhanced unemployment, but some individuals will still be out of a job and an extension will likely be needed.

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