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Funding for Trump's $300-a-week unemployment boost is running out
Kudlow: Unemployment assistance would be ‘smart’ to help economy
National Economic Council Director Larry Kudlow discusses the possibility of additional stimulus, Joe Biden’s plans to raise taxes and how the Trump administration has rebuilt the U.S. economy.
The federal $300 boost in unemployment benefits could end for millions of laid-off Americans just a few weeks after it began.
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"It is likely that the benefit will stop abruptly for individuals," Arizona's director of the Department of Economic Security said during a recent call with reporters. "It is likely that after the sixth week there will be some amount of jeopardy to the availability of these funds going forward."
President Trump signed an executive action on Aug. 8 partially restoring the just-lapsed $600-a-week unemployment supplement after Congress failed to cut a deal on another coronavirus aid package.
Under the edict, the federal government will give unemployed workers an extra $300 in weekly payments. Trump allocated $44 billion to cover the sweetened aid, using money from the Disaster Relief Fund, which is managed by the Federal Emergency Management Agency.
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States applying for the federal grants will receive an "initial obligation of three weeks of needed funding," according to a memo issued by FEMA about the relief. FEMA will make additional disbursements to states on a weekly basis "in order to ensure that funding remains available for the states who apply for the grant assistance," according to the memo.