With millions of families all across the United States of America receiving Covid-19 pandemic protection benefits, unemployment benefits, moratorium on evictions, many are facing an end to all these benefits.
What will be the outcome of our nation as a whole when all of these benefits come to an end?
Many experts say that an economic correction/crash is just on the horizon, while others are saying that the government will most likely continue to aid many Americans with assistance.
In the last year or so the federal government has pumped trillions of dollars into the economy to help property owners, tenants, and the unemployed.
With the government extending these benefits multiple times, many are worried that these extensions will be gone forever leaving many wondering what they will do to survive.
With all that being said many Americans across the whole county relying on these benefits will need to plan ahead for the upcoming weeks and months.
Below we’ll discuss a timeline of some of the critical protections and benefits that will end, unless the united states government steps in and help.
When Will The housing Protections End?
The federal eviction moratorium is scheduled to end on July 31, 2021. To help the economy and the citizens of the united states, it has been extended multiple times.
But chances are they will not likely extend it another time.
Many landlords within certain cities are finally going to have the opportunity to reposes their properties from tenants who have not paid rent since the pandemic started.
But in some states like New York, they have extended their protections which will last all the way until August 31.
You can find out more about that extension in the link below.
In some states they have said to have billions of dollars in rental relief to disperse to tenants who need the relief. But the relief process from state to state vary and can cause delay.
With the mortgage foreclosure moratorium ending late July, it is most likely not to be extended.
Luckily the Consumer Financial Protection Bureau has stepped up by adding three additional measures in place to help people behind on their mortgage payments.
When Will The Unemployment Benefits End?
Some Republican states have cut the federal benefits early which has caused some people to file lawsuits in retaliation.
This action of some Republican states have caused millions of people to loose their enhanced unemployment benefits.
For the rest of the country, the $300 per week enhanced unemployment benefits will soon come to an end Sept. 6, 2021.
The Pandemic Emergency Unemployment Compensation program will also set to expire when all the federal benefits come to an end this Sept.
After the end of all the Enhanced unemployment benefits then will people be eligible for the standard number of weeks of benefits that their states allow.
Some of the states also offer extended unemployment benefits that start when the unemployment rate hits a certain threshold.
People should always check with their local municipalities for more information.
When Will The Food Assistance Program End?
An astonishing 15% increase in maximum benefits for those who receive (SNAP) Supplemental Nutrition Assistance Program benefits will also expire around late August.
When Will Student Loan Payment Resume?
Many students across the nation who have Federal student loans will be set to resume to pay their student loans starting October 1, 2021.
For the past 16 months students all across the nation have had their student loan payments paused due to the pandemic.
Some experts are claiming that the student loan payments will continue to be put on hold and some experts say that borrowers will most likely resume receiving payments this fall 2021.
Whatever sacrifices you’re going to make in order to come up with that payment each month, I would say start now,” Shelly-Ann Eweka, senior director of financial planning strategy at TIAA, told CNBC Make It.
What About The Child Tax Credit?
With many Americans facing an end to the protections of the recent Covid-19 relief programs, millions will still receive the expanded child tax credit each month through the end of the year.
The bottom line is that many Americans across the country will be facing some sort of economic hardship if the federal government does not step in and help those in need.
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