Coronavirus relief will include $1,200 checks and extension of eviction moratorium, says White House economic adviser Kudlow.
“The check is there, the reemployment bonus is there. The retention bonus is there,” Kudlow said of the next relief legislation. “There will be breaks, tax credits for small businesses and restaurants.”Kudlow also said the administration plans to lengthen the federal eviction moratorium, which has protected millions of renters in the last four months from getting evicted.
Cities across the U.S. have been bracing for a surge of evictions when the moratorium expired on Friday. The moratorium covered renters in building with mortgages backed by the government. Lawmakers and housing advocates have called for a nationwide eviction ban along with rent cancellations and other forms of housing relief.The $600 weekly supplement to state unemployment checks that was imposed in March ended over the weekend.
Kudlow said the administration’s plan to cap unemployment benefits on approximately 70 percent wage replacement is “quite generous by any standard.” Last week, Republicans were considering extending the insurance benefit at a reduced level of $400 per month, or $100 a week, through the rest of the year.
As negotiations continue, it’s not yet clear when the potentially reduced unemployment supplement would go into effect. The U.S. unemployment rate has surged to above 10 percent because of the pandemic, with nearly 32 million Americans now receiving unemployment benefits, according to the Labor Department.
Even as cases surge across the South and West, Kudlow remained optimistic about a U.S. economic recovery: “The odds favor a big increase in job creation and a big reduction in unemployment,” he said.
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