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2 million could be cut off by New Year’s if no action is taken!

December 5, 2010

The lawmakers are back in Washington DC with their gloves back on to tackle taxes and jobs. But Congress failed to pass an extension on this past Tuesday’s deadline which results in about 800,000 unemployed folks being cut off by the end of next week. Here are answers to some common questions.

  • Congress has restored benefits after they lapsed several times in the past year, and payments were made retroactively. Will that happen again? The current standoff is different from the past, not sure.
  • How many weeks of unemployment benefits can Americans receive? There are three tiers of benefits. Most state s provide 26 weeks of traditional benefits, then the federal govt provides an additional 34 to 53 weeks in “emergency” benefits, then (and lastly) there is extended benefits of 13 to 20 more weeks. So the jobless can receive up to 99 weeks of benefits, but that depends on where they live.
  • If benefits are extended, does that mean out-of-work American will get more than 99 weeks of checks? No, the issue is the other two tiers. If not extended those go away.
  • How many people in total get unemployment checks? Of the 14.8 million jobless Americans, 8.5 million get benefits.
  • How much is the average unemployment check? $290.00 a week which is about 35% of an average American’s wage.
  • What’s the cost of extending benefits? About $5 billion a month.

At GAI (www.gunwel.com) we are here to help you sort out all of your financial issues and concerns. Give us a call today at 212-979-6830 or stop by for a visit. See you soon!

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