UNEMPLOYMENT $600 FPUC $300 LWA & $450 PROPOSED FPUC UPDATE 09/18/2020 (WHEN IT STARTS)

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UNEMPLOYMENT $600 FPUC $300 LWA & $450 PROPOSED FPUC UPDATE 09/18/2020 (WHEN IT STARTS)

In this video we will visually mapping out on the calendar the enhanced unemployment benefits including FPUC, LWA and the current proposed FPUC because it can get a little confusing.

So first let’s start with the Federal Pandemic Unemployment Compensation (FPUC). This was enacted by the Phase 3 stimulus package known as the CARES Act in March of 2020. This provided an additional $600 per week on top of regular unemployment benefits for all those who lost their jobs due to the pandemic and were collecting $1 per week from unemployment. This was officially enacted the last week of March and set to last until July 31, 2020. Due to calendar distribution days being Saturday and Sunday for most states, it ended on the 25th or 26th of July.

We awaited congress to come to an agreement on another stimulus package and when they announced Friday August 7, 2020 they were at an impasse and would not, the very next day Saturday August 8, 2020 President Donald Trump issued four executive actions. One of those executive actions was known as the Lost Wages Assistance (LWA) program which reallocated $44Billion from FEMA’s Disaster Relief Funds to LWA to provide enhanced unemployment in the form of $400 per week. $300 per week from this LWA funding and an additional $100 per week was suggested to be provided by the states, however shortly after states said they couldn’t afford it and it then became optional however claimants would still receive the $300 per week from this LWA program. FEMA said they could only guarantee 3 weeks of funding however later said some states could receive up to 6 weeks of funding. This would be applied retroactively from the expiration of the FPUC program.

Now that we are coming to an end of LWA we have receive several suggested extensions of FPUC and this week we have one that looks like it might become a reality. HOWEVER, it is still in the form of a draft without specific dates clarifying its exact duration time. Here is the text from the proposal:
$450/week for 8-week transition period
Followed by up to $600/week and up to but no to exceed 100% of previous wage
13 weeks from mid October 2020 through January 2021

So let’s take a look at what this potentially could look like and are best guess at an interpretation on the calendar to provide a visual understanding. ALSO keep in mind this is a DRAFT PROPOSAL and is still subject to change and clarification as we progress.

Also, this proposal call for and “Automatic Booster” the text reads as follows regarding enhanced unemployment: Automatic 3-month UI enhancement in February 2021, if warranted – based on metrics: $120 billion

The bill does not mention anything about LWA or an overlap occurring so if there is overlap we can assume as currently written you could receive both, however if no overlap occurs these are totally separate programs and do not interfere or replace each other so if you did not qualify for LWA this FPUC benefit would not make up for LWA you did not receive.

As updates come out, I will be sure to share.
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