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PPP is running low which means more layoffs could be coming to a main street near you. In addition, the additional $600 a week in unemployment provided by the federal government is set to run out end of July. That means an out of work husband and wife are going to lose $4,800 a month. Anyone else thinking this could get really ugly really fast???
It is my understanding that businesses can't lay off before October (if they want their loans forgiven), so I think we will actually see a large influx of layoffs come October.
It is my understanding that businesses can't lay off before October (if they want their loans forgiven), so I think we will actually see a large influx of layoffs come October.
It is my understanding that businesses can't lay off before October (if they want their loans forgiven), so I think we will actually see a large influx of layoffs come October.
I believe the original deadline was 7/31/20. And there's nothing to say they can't furlough the employees with 0 hours...
Things will get ugly in August unless the extra 600 bucks per week is extended. Having said that the 600 bucks per week should NOT be extended in my opinion. It is a huge disincentive for lower wage workers to seek employment. Yes they have to look for work but it's pretty easy to blow an interview making them eligible for continued payments. The problem is we are making unemployment comfortable.
If they do another federal unemployment check it needs to be much lower and not exceed the wages earned by previous employment. We can't continue paying people more to not work than work. Giving people 60 to 70% of their former wage would go a long way towards reemployment.
Things will get ugly in August unless the extra 600 bucks per week is extended. Having said that the 600 bucks per week should NOT be extended in my opinion. It is a huge disincentive for lower wage workers to seek employment. Yes they have to look for work but it's pretty easy to blow an interview making them eligible for continued payments. The problem is we are making unemployment comfortable.
If they do another federal unemployment check it needs to be much lower and not exceed the wages earned by previous employment. We can't continue paying people more to not work than work. Giving people 60 to 70% of their former wage would go a long way towards reemployment.
There's talks of paying unemployed to go back to work and all sorts of stuff. I think they should just phase out the pandemic unemployment over time, that should be incentive enough. All states already have a mechanism to deliver the money in place already, so why move to something totally different? from 8/20 - 9/20 $300/week. 10/20 - 12/20 $150/week. Completely phased out afterwards.
There's talks of paying unemployed to go back to work and all sorts of stuff. I think they should just phase out the pandemic unemployment over time, that should be incentive enough. All states already have a mechanism to deliver the money in place already, so why move to something totally different? from 8/20 - 9/20 $300/week. 10/20 - 12/20 $150/week. Completely phased out afterwards.
Things will get ugly in August unless the extra 600 bucks per week is extended. Having said that the 600 bucks per week should NOT be extended in my opinion. It is a huge disincentive for lower wage workers to seek employment. Yes they have to look for work but it's pretty easy to blow an interview making them eligible for continued payments. The problem is we are making unemployment comfortable.
If they do another federal unemployment check it needs to be much lower and not exceed the wages earned by previous employment. We can't continue paying people more to not work than work. Giving people 60 to 70% of their former wage would go a long way towards reemployment.
I am seeing this locally.
I frequent restaurants and bars. Many of these places can't get former staff to come back because they're making more on UI. It's incredibly short-sighted for those folks to not return to work because they have only six more weeks of the enhanced benefit and who knows when or if they'll find work again if they don't take it now. There will be a ton of people in that low end of the labor market after August.
It's going to get really damn ugly and I wouldn't want to be in a major city when this happens.
I frequent restaurants and bars. Many of these places can't get former staff to come back because they're making more on UI. It's incredibly short-sighted for those folks to not return to work because they have only six more weeks of the enhanced benefit and who knows when or if they'll find work again if they don't take it now. There will be a ton of people in that low end of the labor market after August.
It's going to get really damn ugly and I wouldn't want to be in a major city when this happens.
it depends what they do and how much they make.
a part time worker making 150 bucks a week at some min wage job would be an idiot to go back to work when they can get 650-700 a week from unemployment.
Even a full time minimum wage worker would be a fool. They're getting around 280 a week to work or 750ish to stay home. No brainer. They can even work off the books with their extra time off.
And keep in mind there are almost always expenses to get to work so the difference is even bigger than that.
If you're already at the bottom you won't have that much trouble finding another bottom of the barrel job.
If I could get triple my normal income (or more) by not working I wouldn't want to work either.
Now someone with a decent job who might be making a little more by not working- they should want to get back to work if there is a job available (assuming they aren't high risk for covid) because the risk reward isn't worth it.
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