What a complete, unmitigated mess this pandemic is creating. Putting aside the health and lives that may be at risk for just a moment, the economic carnage is SWIFT, REAL, and IMMEDIATE. It feels like a bunch of clowns playing whack-a-mole with this, and you’re unemployed. I’m sorry for that.
Prior estimates warned, leading up to Thursday, that claims for last week AND this week, combined, may be as high as 2.25 million. Well they were wrong. By A LOT. In a single week, unemployment claims smashed estimates and obliterated the last highest record (I think set in the Great Recession) by FIVE TIMES. And that was just one week — not two.
Unemployment isn’t a “curve”; it’s real, and it’s here
Of course there’s a serious health crisis going on, but what gets lost in the headlines is that millions of you are paying a very high price, right now. It’s not some curve to be flattened for you. It’s not a mathematical model. You lost your job and you’re unemployed right now. How will you make rent? How will you feed your kids?
It’s not just the money that you lose. About six weeks ago, before all this happened, I was talking to a 50 year old guy who does (did) some of the light duty work around my cowering space (which is now closed).
He was so proud that they had recently let him run the closing shift. Not only was the traffic better on the LA freeways at night, but, more importantly, he knew meant management trusted him to take care of the facility (a multimillion dollar one) and to close everything up. That sense of pride and purpose is probably gone now, I guess, I don’t know. He got laid off so I can’t ask him.
But I do know there’s nothing to close at night because the coworking space didn’t open in the morning. It hasn’t in a couple of weeks.
What does he say to his family this weekend?
$600 extra per week
The massive bill that’s been working through Congress passed and Trump signed it today. There’s a lot to it. Stuff to make some bankruptcies easier, forgivable loans for small businesses, help for some big businesses, especially airlines.
But, aside from one time cash payments that I’ll try to explore soon, maybe the more important aspect is that you can get an extra $600/week ON TOP OF whatever your current unemployment is.
So if you were getting, say, $275/week, now you get $875 per week, which is a big increase!
As I understand it, it should last through late July. But I’m still trying to understand.
It literally just became law today, so it will probably take California EDD at least a few weeks to process it, at which I would guess, they may make catch up payments since I think you might be eligible starting next week.
Here’s the key part of Section 2104 of the “CARES Act”:
And here are some other places to read some more details:
- Coronavirus unemployment benefits. Here’s who qualifies and how much they get.
- Coronavirus relief act expanded unemployment payment and eligibility
- The $2 trillion stimulus deal will help people filing for unemployment benefits — here’s how – MarketWatch
- How unemployed workers could get more than 100% of their paycheck
More to come this weekend, rebooters!
By the way, here’s the full text of the CARES Act:
Attorney advertising. Now and then I help people file for bankruptcy under the Bankruptcy Code, but I do a lot more than that for my clients. As such I qualify as a debt relief agency, which I’m proud to say. Michael Rice is responsible for the content. 840 Apollo Street, No. 100, El Segundo, CA 90254