It’s been recently suggested by the federal government that Americans with no work should get unemployment benefits for some extra time. Such a decision is going to prove a real life saving one. This is especially actual for people basing their income on what happens in the stock market. Forex trading has become truly unstable due to recent events in the world. Since the unemployment rates are getting higher, more people get desperate searching for any source of income. Even the most confident FX shareholders want to play on the safe side these days. Though top forex brokers 2020 suppose that things will only improve in the nearest future, such a thing as coronavirus is too unpredictable to make concrete global conclusions. What one may have to do to for that is to file an application once again.
According to the CARES law which has been providing protection to American citizens from coronavirus economic fallout since March, 13 more weeks should be the term during which to distribute unemployment financial aid. Thus, jobless Americans will be able to count on 3 more months of getting unemployment money help (which is about 380$ per week) when their standard 26 allotment weeks are over. Such unemployment help is implemented under the PEUC program.
As for the additional payment program (not to be confused with the additional 600$ per week one), it’s to be over after the year’s end.
Millions of people to file for PEUC once again
However, the financial help is not to be paid automatically but after filing a new application. Such a decision’s been made by the Department of Labor. The reasons for making people file again to get PEUC haven’t been revealed. Under the coronavirus pandemic conditions having to reapply for PEUC makes a lot of people worry. It’s explained by the real possibility of delays in paying the benefits. It all depends on whether the application process will go smoothly enough. As for the essence of the PEUC program, it implies that a citizen gets as much unemployment benefit money as he had been getting earlier. Among the states where citizens may need these benefits really badly soon are Florida and North Carolina. These states provide financial aid to people for just 12 weeks and there are lots of people who began getting payments when the pandemic just started.
One can easily imagine the disastrous effect of the pandemic upon the US economy just comparing the numbers: in February unemployment benefits were got by about 2 million citizens while this number was about 33 million in June. It remains to be seen whether such a situation will reflect in any way upon the US stock market. In March the number of people claiming for unemployment aid was way lower but it still led to the dollar dropping to a one-week low comparing to quite a number of currencies. Thus, who probably has the biggest reasons to worry about more than 30 million people applying for PEUC are the official American authorities. Nevertheless, the situation is gradually improving as the pandemic is being handled quite well at the time. Moreover, it won’t be very hard for states to organize notifying people eligible for PEUC as each person’s eligibility was determined quite a while ago.
Unemployment benefits: safety cushion during COVID
It’s noteworthy that there are states where jobless citizens aren’t required to reapply to receive financial aid. For instance, in the state of Pennsylvania the process is automatic: as soon as a worker’s state allotment is over, he automatically gets his benefits.
Providing extra weeks of benefits is referred to as the extended benefits program which exists in almost every state. Such a thing has been around for quite a long time, its purpose is to be used in periods of high unemployment. As the Labor Department explains, the program goes into effect as soon as federal unemployment aid has expired. The total unemployment benefits time may reach up to 59 weeks (for instance, in New York). Apparently, many states try to make it as easy as possible for people to reapply. For instance, in Oregon people are advised to apply by telephone.