Unemployment Benefits Under the CARES Act Explained (PART I)
Since the coronavirus outbreak, there have been a total of 26 million Americans who have filed for unemployment. The Coronavirus Aid, Relief, and Economic Security Act, also known as the "CARES Act," was signed into law on Friday, March 27, 2020, to relieve any financial burden due to COVID-19. Anyone that has filed for unemployment due to the COVID-19 pandemic will have some financial relief.
If you were approved to receive financial compensation, here are the two significant benefits under the CARES Act:
An Extra $600 Weekly
An additional payment of $600 weekly will go to all individuals who are eligible for unemployment benefits along with the benefit amount you will receive according to your state's law. Each state operates its own Unemployment Insurance program, to find more about your state unemployment benefits, click here.
Extended Unemployment Aid
An eligible employee will receive 13-weeks of unemployment benefits under the CARES Act. Your home state has a different set of rules as far as how long the state provides unemployment benefits and how much they will provide to individuals or families. To learn more about your state's unemployment insurance office location or phone number, click here.
-Anyone who was on unemployment before the COVID-19 outbreak is eligible for your respective state's unemployment benefits in addition to $600 weekly.
-Also, those who can work remotely, or receive paid sick leave, or other paid leave benefits will not be eligible for the CARES Act benefits.
There are three different unemployment compensation efforts in the CARES Act. To learn more about the specific compensation packages and to determine if you are eligible, click here.