These coronavirus stimulus benefits will expire this month

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These coronavirus stimulus benefits will expire this month
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The CARES Act was signed into law on March 27 by President Donald Trump. Along with the stimulus checks, the relief package offered several benefits. Many of these benefits were one-time or came with an expiration date. Let’s take a look at the coronavirus stimulus benefits that are set to expire this month.

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Coronavirus stimulus benefits that will expire soon

One of the first benefits of the CARES Act that will expire is the extension to file your taxes. The original deadline to file taxes was April 15. Due to the coronavirus pandemic, the deadline was extended to July 15.

There were reports that this deadline could be extended further. However, with July 15 now just days away, any further extension is unlikely. If you haven’t filed your taxes yet or were confused about whether it could be extended, then you must file your taxes now to avoid any issues with the IRS.

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Those who don’t file their taxes on time will be charged a penalty. You can request an extension, but you will still have to pay the interest that accumulates.

Another coronavirus stimulus benefit that is set to expire soon is the temporary moratorium on evictions from a rented home. This benefit covered most people with subsidized apartments and renters of homes backed by Fannie Mae and Freddie Mac. This benefit protected those who were unable to pay their rent from being evicted for 120 days.

This coronavirus stimulus benefit is set to expire on July 25. That means landlords are allowed to start sending eviction notices after July 25. However, landlords need to give tenants a 30-day notice before eviction.

Enhanced unemployment benefits ending

One more coronavirus stimulus benefit that will expire later this month is the enhanced unemployment benefits. The CARES Act promised $600 in weekly unemployment benefits in addition to the benefit offered by states. About 21 million people are currently receiving unemployment benefits.

Initially, it was believed that the federal unemployment benefit would end by July 31. Now it is being reported that due to technical issues, the enhanced unemployment benefit will end about a week before, by July 26.

“The (Federal Pandemic Unemployment Compensation) $600 can be paid for weeks ending no later than the week ending prior to Friday, July 31, 2020,” the U.S. Department of Labor told USA Today in a statement.

This is the biggest coronavirus benefit that is set to expire soon. There are discussions to extend the enhanced unemployment benefit, but it seems unlikely. Those against extending it, mainly Republicans, argue that it discourages people from going to work, while those in favor say that unemployed people still need support to survive the coronavirus pandemic.

The last two jobs reports have shown improvement in the job market. However, some states are seeing an increase in coronavirus cases again, resulting in another shutdown of businesses. Thus, voices are growing in favor of extending the enhanced unemployment benefits for a few more months at least.

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Aman is MBA (Finance) with an experience on both Marketing and Finance side. He has worked as a Risk Analyst for AIR Worldwide, and is currently leading VeRa FinServ, a Financial Research firm. Favorite pastimes include watching science fiction movies, reviewing tech gadgets, playing PC games and cricket. - Email him at amanjain@valuewalk.com
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