Enhanced Unemployment Insurance Near End As Recession Continues

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

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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.

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Welcome to our latest issue of ValueWalk’s hedge fund update. Below subscribers can find an excerpt in text and the full issue in PDF format. Please send us your feedback! Featuring Point72 Asset Management losing about 10% in January, Millennium Management on a hiring spree, and hedge fund industry's assets under management swell to nearly Read More


"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


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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver

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