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At this time, it is unclear whether Congress plans to extend these benefits, although a debate is underway which also includes a question of whether there will be a. Here are all the advantages that disappear when the CARES law expires.
Unemployment benefits improved
When cities around thein March, businesses had no choice but to temporarily close their doors, leaving millions of unemployed. Currently, nearly 21 million people receive unemployment benefits, as well as 9.7 million self-employed workers who receive assistance. In the week ending June 20, nearly 1.5 million people applied for unemployment for the first time, the Department of Labor reported.
On July 31, 2020, theon top of the normal allowance will end. This could also mean that concert workers, freelancers, independent contractors and small business owners – those who are usually not eligible for unemployment – will also lose this source of income.
Those who are still eligible for regular unemployment benefits will continue to receive them.
Federal eviction protections
Under the CARES law, a temporary moratorium on evictions is included for most residents with subsidized apartments and tenants of houses covered by Fannie Mae, FHA and Freddie Mac. This protected Americans who werefrom being evicted from their homes for 120 days.
These protections will end on July 25 and on that date the owners will be able to start sending eviction notices. At that time, owners are required to give residents 30 days’ notice to release before eviction. There is concern that people who will not be able to pay the rent and are evicted will help increase the number of homeless families across the country.
Extra time for filing taxes
The original deadline for submitting taxes was April 15th, but due to the coronavirus it was. It is still in effect, but the deadline is now a few weeks. If you have not yet submitted your application, you must do so before the deadline arrives to avoid any future problems with the IRS.
If you don’t think you can archive in time, you can ask for an extension, even if you will have to pay the accrued interest. If you don’t file your fees on time, you will be charged a $ 300 cancellation fee.
If you are one of the millions of Americans trying to figure out what the next steps are, we have other tips to help you. Here’s what the, is . Also, here are the latest news .