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Enhanced Unemployment Insurance Near End As Recession Continues

By Jacob Wolinsky. Originally published at ValueWalk.

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Recession Continues as 1.4M More Lose Jobs, Small Businesses Denied Help As Enhanced Unemployment Insurance Near End


Q1 2020 hedge fund letters, conferences and more

Unemployment Rate Remains High

WASHINGTON, D.C. – The unemployment rate remains at over 11% and the U.S. economy is still on edge this week as over 1.4 million more Americans filed for unemployment insurance. The total number of workers drawing unemployment benefits remains at nearly 20 million, yet some senators are taking a hard line against extending enhanced unemployment insurance — despite an overwhelming 75% of the public supporting an extension. The news also comes as Congress pushed the application deadline for the Paycheck Protection Program (PPP) to August 8th — a move that provides five more weeks for businesses to get aid but does not address the fundamental flaws in the program that have denied access to relief for thousands of struggling small businesses it was intended to assist.

“Another week of crushing loss for workers and small businesses, and yet enhanced unemployment insurance is about to run out,” said Kyle Herrig, president of Accountable.US. “Congress needs to not only extend relief for out-of-work families amid a worsening health crisis, but also start getting assistance to all the small businesses they left behind, particularly in communities of color. Getting help to those who need it will require a bold new program that is fully transparent, data-driven, and accountable — all things the SBA’s current PPP program is not.”

WHERE TO START: Government watchdog Accountable.US renewed its calls on Congress to turn the page on the Small Business Administration’s secretive and corrupt PPP program and ensure a fairer and more transparent system for getting relief to the small businesses that need it most. There’s no fixing a program that was so fundamentally flawed that large, publicly-traded companies got tens of millions they didn’t need while upward of 90 percent of minority-owned small businesses were shut out.  A recent report from the bipartisan Congressional Oversight Commission confirmed that CARES Act money has mainly benefited large businesses.

Enhanced Unemployment Insurance Needed: The Recession Only Getting Worse for Millions of Americans


The post Enhanced Unemployment Insurance Near End As Recession Continues appeared first on ValueWalk.

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