August 23, 2020
Have you been enjoying our 2020 visit to the COVID Carnival? Me either. But it isn’t over yet. Time to get off the roller coaster and enter the fun house. Slides, spinning floors, distorted mirrors, tilting stairs… pretty sure those are all features of the executive order President Trump signed that adds $400 to existing unemployment benefits.
The order calls for the federal government to provide the first $300 and states to provide the remaining $100 and is supposed to be available “immediately.”
**stair tilt left** First, states have to decide whether to apply for the money. Many cash strapped states simply do not have the funds to provide the required 25%. **stair tilt right** It was recently reported that states can count existing unemployment payments towards their contribution, reducing the extra payment to $300. **stairs flatten** For states who have applied and do receive funds, it is estimated that it will take at least a month for states to update their computer systems to distribute the extra funds.
The good news is that the money is retroactive to August 1st, so back payments will be made. **floor drop** The bad news is, the amount available to fund the payments is limited, and it is estimated that if all states opt in, funds will run out in around 5-6 weeks.
**giant slide** The other bad news is that, as of this writing, Governor Evers has not decided whether Wisconsin will apply for funding. However, if he does, the funds are available to all who were eligible under the CARES act, including small business owners, independent contractors, and solopreneurs. But only if your current benefits are $100 or more per week.
Okay, time to get out of this craziness. **fake exit door** You thought that was all? Sorry, I also need to add that there is also a chance that this, like the payroll tax deferment, could face legal challenges.
As always, watch my Facebook page and Instagram for the latest on this and all of the wacky fun. And since we are stuck in here for now, I am going to go find the hall of mirrors and see what I would look like if I could reach stuff on the top shelf.
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