$300 Unemployment Extension WHEN? Week 12 23 PUA FPUC PEUC Enhanced Unemployment Benefits

$300 Unemployment Extension WHEN? Week 12 23 PUA FPUC PEUC Enhanced Unemployment Benefits. Here’s your COMPLETE unemployment update for Wednesday, December 23rd, 2020 & Stimulus Check Update, Second Stimulus Check & Stimulus Update, and Last Trump Bill.

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With Christmas just 2 days away, we received an early gift of the weekly jobs report from our friends over at the Department of Labor a day earlier than usual.

This week’s report finally shows some good news for the economy, as the actual unemployment figures were lower than last week, and exceeded the estimates of those DOW Jones economists.

The weekly report showed that 803,000 Americans filed their first time unemployment claims, which is significantly lower than the previous week’s 892,000 initial claims.

These numbers are also way lower than the 880,000 initial claims predicted by economists, and breaks the streak of increasing weeks of first time unemployment claims.

Meanwhile, we’ve talked about it on this channel before, but financial experts are warning Americans that are collecting unemployment benefits about a potentially huge tax bill in the new year.

It’s important to remember that unemployment benefits are considered taxable income, which means that your taxes next year might be way higher than usual if you don’t request to have your taxes taken out of weekly payments.

Jackson Hewitt Tax Service conducted a study and found that: “38% of Americans receiving benefits were unaware that the money was taxable – and nearly two-thirds of those individuals had not set aside or withheld money from the payment for their 2020 income taxes.”

Mark Steber, chief tax information officer at Jackson Hewitt explained: "This year there is real potential for refund shock. A large number of people receiving unemployment benefits don't know that the benefits are taxable, that taxes are not automatically withheld, or that unemployment pay can impact other tax credits."

Finally, we’re still waiting on President Trump’s signature on the $900 billion stimulus package, offering 11 weeks of $300 extended enhanced unemployment benefits.

Whenever the bill becomes law, state labor officials will probably still be a bit fuzzy on the details, as they are currently having difficulties understanding and implementing the new unemployment benefits.

Many states are asking for input from the U.S. Department of Labor on how to implement and disburse the payments, including California, Michigan, New Mexico, Texas and Utah.

Bill McCamley, cabinet secretary for the New Mexico Department of Workforce Solutions, explained: “We need to know exactly what the rules of the game are before we move forward. Everyone’s asking for timelines, but we just don’t know right now.”

Hopefully President Trump can sign the bill ASAP, so that states can get some direction on how and when to disburse these vital unemployment benefits.

If you still haven’t applied for unemployment assistance, get your application into your state’s program before the new stimulus package is signed into law.

Simply visit your state’s PUA or UI website, hand over your employment history, and let them know that you’ve been out of work due to that thing out there.

For honestly answering their questions and telling the truth, you could receive a backdated unemployment check for up to $20,000.

To all of the gig-workers, self employed, independent contractors, 1099 workers, even side hustlers,volunteers and freelancers, get your PUA benefits that could help bridge the financial gap into 2021.

Source: https://finance.yahoo.com/news/initial-jobless-claims-week-ended-dec-19-2020-coronavirus-pandemic-182745328.html

https://www.foxbusiness.com/economy/americans-unemployment-aid-surprise-tax-bill

https://www.cnbc.com/2020/12/23/when-will-the-300-unemployment-benefit-start-officials-dont-know.html

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