What will happen when extra $600 per week in unemployment ends?

CHARLOTTE — A lot of people who have been without a job because of the coronavirus pandemic have been getting an extra $600 each week in unemployment, but that is scheduled to end the weekend of July 25.

The federal government has been talking about extending the payouts with the Heroes Act, which passed the House but stalled in the Senate.

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Republicans have talked about giving people a bonus for going back to work, but it’s not clear how much traction that’s getting.

According to national news reports, the administration is considering sending out some extra money after July, but less than the current $600.

Action 9's Jason Stoogenke posted a reminder about this hot button issue on Facebook.

On one hand, many feel the extra $600 a week encouraged people not to work. The University of Chicago and the National Bureau of Economic Research both put together studies and found that roughly two-thirds of people are making more money on unemployment than they did when they had a job.

On the other side, others say the extra money is keeping them afloat and that they can’t go back to their old jobs. In fact, some economists predict 11% of Americans will never go back to the jobs they had a few months ago.

Plus, the Congressional Budget Office released a report which says that if you take away that $600 per week, it’ll hurt women and minorities the most.

“I’m really hoping they extend the money, but if they don’t, then I can’t control it. What am I going to do?” Mike Speenberg asked. He’s a stand-up comedian, a job hit hard by the pandemic.

“I’m just kind of hoping I can weather the storm,” he said.

If the government still owes you that extra $600 for any weeks, you should still get that money retroactively.

Americans will not have to pay back coronavirus stimulus payment Americans will not have to pay back coronavirus stimulus payment

Cox Media Group