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An epidemiological threat like the new coronavirus, which causes the disease COVID-19, can have disruptive effects on the economy. It can disrupt the worldwide supply of products , making it harder for U.S. firms to fill orders. It also can waylay workers in affected areas, reducing labor supply on one end and on the opposite slow the demand for U.S. products and services.
COVID-19 will most directly shape economic losses through supply chains, demand, and financial markets, affecting business investment, household consumption, and international trade. And it’ll do so both in traditional, textbook supply-and-demand ways and through the introduction of probably large levels of uncertainty.
So with the people sitting at home the labor department claims that a record of 3.3M Amricans have filed for unemployment beating the 695000 previous record in October 1982. We have tried to cover few of the trending questions you may be looking for;
Current Unemployment Rate in US
The US Unemployment Rate 2020 was 3.5% in February but it is predicted that the US unemployment rate may rise 30% in the second quarter because of shutdowns to combat the coronavirus.
How to Apply for Unemployment Benefits or Who gets the money?
With over 3 Million Americans filing for unemployment “There is absolutely no reason to delay” filing for unemployment benefits, said Heidi Shierholz.
“People are pulling back spending appropriately to save lives … the things we can’t let slip, like necessities, like rent, it’s essential that those things remain in the economy,” Shierholz said.
- Go to careeronestop.org
- Click “File for unemployment benefits,”
- Scroll down and select your from drop down
- You will the links you need to follow to start your claim
At first you will be asked to verify your unemployment reason. And you must also qualify for your state’s work and wage requirements. For example, the qualification process and benefits of florida unemployment application may be different to washington state unemployment benefits.
You will also need a Social Security number or Alien Registration Number, mailing address, date of birth, email address, phone number, your driver’s license, and proof of income.
You may also be asked to create login and answer a few questions like other sources of income. Once this is done you will start receiving within 3-6 weeks as per your state.
“Our expectation is within three weeks we will have direct payments out where we have depository information,” Mnuchin said. “We’re looking to get a lot more information and we have procedures to do that.”
There may be chances of delays or errors in government websites, people should come later and try again. Because of a rush of filers, some state unemployment state websites have given errors or crashed.
“If you’re frustrated, just take a break and come back to it. It’s just really important,” said Shierholz. “This is a crisis.
Who will get the stimulus package 2020?
Many Americans individuals will get checks of $1200 and married couples will get checks of $2400.
Did the stimulus package work?
The Senate passed a $2 trillion stimulus deal on 26th Feb 2020 that has sending checks on to individuals amid the coronavirus crisis — but it’ll likely take 3-6 before the cash goes out.