Explain the new unemployment benefits to me?

[circa1978]

Hello.

We were blindsided by my H's entire team being eliminated today. I am trying to understand unemployment under the new stimulus package - is it really $600 a week on top of the regular state unemployment insurance benefits? Does it take spousal income into account (H is the breadwinner under normal circumstances but I'm just trying to figure it out for budgeting purposes.) 

Under normal circumstances, I really wouldn't be that freaked out because he has a history of being very employable and I work in higher ed which is normally very stable but now, who knows. (I'm not tenured.)

Does anyone smarter than me understand this package?

[gt7301b]

Here is a good summary:

clark.com/personal-finance-credit/coronavirus-unemployment-benefits/

[jlt19]

Your income will not impact it at all. I've been on unemployment for about four weeks now. It'll be $320/week until the $600 extra kicks in (then $920). Not sure when he extra money will actually be deposited, but it'll be retroactive to the week beginning March 29. It's actually a fairly easy process through uinteract, but it may take some time to have the money start coming because I'm guessing they're a bit overwhelmed right now.

I'm sorry he was laid off. DH will probably be furloughed soon as well so we'll both be on it. That'll be fun...but I'm so thankful for this extra amount. I'd be a mess if we were about to go on $640 gross a week.

[ohgillian]

Apr 4, 2020 21:06:13 GMT -5 jlt19 said:

Your income will not impact it at all. I've been on unemployment for about four weeks now. It'll be $320/week until the $600 extra kicks in (then $920). Not sure when he extra money will actually be deposited, but it'll be retroactive to the week beginning March 29. It's actually a fairly easy process through uinteract, but it may take some time to have the money start coming because I'm guessing they're a bit overwhelmed right now.

I'm sorry he was laid off. DH will probably be furloughed soon as well so we'll both be on it. That'll be fun...but I'm so thankful for this extra amount. I'd be a mess if we were about to go on $640 gross a week.

This amount depends on your actual income history and also your State's max benefit. 

[jlt19]

Apr 5, 2020 15:40:29 GMT -5 ohgillian said:

Apr 4, 2020 21:06:13 GMT -5 jlt19 said:

Your income will not impact it at all. I've been on unemployment for about four weeks now. It'll be $320/week until the $600 extra kicks in (then $920). Not sure when he extra money will actually be deposited, but it'll be retroactive to the week beginning March 29. It's actually a fairly easy process through uinteract, but it may take some time to have the money start coming because I'm guessing they're a bit overwhelmed right now.

I'm sorry he was laid off. DH will probably be furloughed soon as well so we'll both be on it. That'll be fun...but I'm so thankful for this extra amount. I'd be a mess if we were about to go on $640 gross a week.

This amount depends on your actual income history and also your State's max benefit. 

You're 100% right. I just know OP is in my state and that's our Max benefit. It's based off a fairly low income, so I assumed he'd qualify for it.

[dr.girlfriend]

circa1978, I don't have any good info for you but I wanted to say I'm sorry. We're probably in the same boat, and it's very stressful at a time when no one needs more stress.

[circa1978]

Thanks, all.

jlt19 , yes, we did the calculation and that's right. He already has some leads but getting him in the system for these benefits was a huge relief. He has been laid off once before when his start-up was bought out but he had a new job so quickly we never had to file. I'm guessing that will not be the case this time. Under normal circumstances, he's aggressively headhunted but everything is so unknown. I spent most of Friday crying.

PDQ He and his team were the only three people in a HUGE local "family" company laid off. All high earners but it's staggering in its stupidity since they were leading strategy and new business, which is what that company needs most at this time. Not to mention that this employer literally makes its name on treating its employees well - people local to me can probably guess who it was - and gave no notice and no severance.)

I'm so sorry dr.girlfriend . I know the last unemployment projections are that 32 percent of Americans could lose their jobs so we're all in good company but it's just insane to me that the economy can crumple so quickly.

[jlt19]

circa1978 I'm sorry. It really sucks. I left my job in mid February via a settlement agreement (standing up for what's right! Dummy me) thinking I would have a new one easy (had many interviews lined up) and BAM. Hiring freezes. I have one that I'm supposed to get an offer the second they are able (local utility) but who knows if/when that will be. The increase in benefits from the Feds have definitely helped me be able to sleep better.

I think (hope) it'll bounce back quicker than the recession but I guess there's really no way to know as this is pretty unprecedented.