New jobless claims dip slightly, still over 800,000
A hiring sign shows outside of Gray M. Sanborn Elementary School in Palatine, Ill., Thursday, Nov. 5, 2020. Illinois reports biggest spike in unemployment claims of all states. On Wednesday, Dec. 23, the number of Americans seeking unemployment benefits f
Many employers still cutting jobs under pandemic business restrictions.
Posted: Dec 23, 2020 8:50 AM
Posted By: Mike Bunge
WASHINGTON (AP) The number of Americans seeking unemployment benefits fell by 89,000 last week to a still-elevated 803,000, evidence that the job market remains under stress nine months after the coronavirus outbreak sent the U.S. economy into recession and caused millions of layoffs.
Wednesday, December 23, 2020 9:13 am
US layoffs remain elevated as 803,000 seek jobless aid
PAUL WISEMAN | Associated Press
WASHINGTON – The number of Americans seeking unemployment benefits fell by 89,000 last week to a still-elevated 803,000, evidence that the job market remains under stress nine months after the coronavirus outbreak sent the U.S. economy into recession and caused millions of layoffs.
The latest figure, released Wednesday by the Labor Department, shows that many employers are still cutting jobs as the pandemic tightens business restrictions and leads many consumers to stay home. Before the virus struck, applications typically numbered around 225,000 a week before shooting up to 6.9 million in early spring when the virus – and efforts to contain it – flattened the economy. It has since come down but remains at historically high levels.
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Congress passed additional COVID-19 relief legislation (H.R. 133) on Monday evening, December 21, 2020. Today, President Trump is expected to sign the deal, which includes a $900 billion economic stimulus package that will provide relief benefits to businesses and individuals impacted by the COVID-19 pandemic.
The following is a summary of some of the provisions that will have a major impact:
Financial Support for Businesses
PPP Loan Recipients
The legislation includes more than $280 billion for additional PPP loans. It includes: (1) $12 billion designated for minority-owned and very small businesses; (2) $15 billion in dedicated funding for live venues, independent movie theaters, and cultural institutions; and (3) expands eligibility for more non-profits/not-for-profits, as well as local newspapers, TV and radio broadcasters.
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Facing a government shutdown and the expiration of many of the relief programs included in the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) enacted in March 2020, on December 21, 2020, Congress passed a $900 billion pandemic relief package as part of a broader $1.4 trillion government funding bill. Along with other relief measures, the new legislation includes additional funding for unemployment benefit programs that had previously been funded in the CARES Act.
Unemployment Benefits under the CARES Act
The CARES Act expanded unemployment insurance benefits available to workers, including through the following three programs: (1) Federal Pandemic Unemployment Compensation (“FPUC”); (2) Pandemic Emergency Unemployment Compensation (“PEUC”); and (3) Pandemic Unemployment Assistance (“PUA”). In short:
U.S. layoffs remain elevated as 803,000 seek unemployment aid
The latest figure shows that many employers are still cutting jobs as the pandemic tightens business restrictions and leads many consumers to stay home.
By PAUL WISEMANAssociated Press
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WASHINGTON The number of Americans seeking unemployment benefits fell by 89,000 last week to a still-elevated 803,000, evidence that the job market remains under stress nine months after the coronavirus outbreak sent the U.S. economy into recession and caused millions of layoffs.
The latest figure, released Wednesday by the Labor Department, shows that many employers are still cutting jobs as the pandemic tightens business restrictions and leads many consumers to stay home. Before the virus struck, jobless claims typically numbered around 225,000 a week before shooting up to 6.9 million in early spring when the virus – and efforts to contain it – flattened the economy. The pace of layoffs has since declined but remains his