Coronavirus unemployment benefits

  • Bloomberg reports that about a third of unemployment benefits have yet to be paid out to Americans who lost their jobs as a result of the novel coronavirus pandemic.
  • The Treasury Department says that it disbursed $146 billion from March through May, but Bloomberg’s calculations suggest that it owned jobless Americans about $214 billion.
  • Congress is now debating whether or not to extend the additional unemployment benefits provided by the CARES Act beyond their July expiration.

As nightmarish as this pandemic has become for countless Americans who were furloughed or laid off, it would have been even worse if not for the passage of the Coronavirus Aid, Relief, and Economic Security Act, which significantly increased unemployment benefits for virtually everyone in the country. Unfortunately, that doesn’t mean much to the millions of Americans that have yet to see any money after losing their jobs.

Bloomberg reports that nearly a third of unemployment benefits owed to Americans have yet to be paid. On Monday, the Treasury Department released data showing that it disbursed $146 billion in unemployment benefits from March through May, which is more than was sent out in all of 2009. But based on Bloomberg’s calculations, the Treasury owed about $214 billion over those three months, which means $67 billion is unpaid.

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A third of coronavirus unemployment benefits have yet to be paid originally appeared on BGR.com on Tue, 2 Jun 2020 at 17:01:14 EDT. Please see our terms for use of feeds.

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