The unemployment numbers are already worse than they look, and they will continue to get worse before they get better. But help is on the way — a lot of it. jbarro writes
Photo: Getty Last week’s report on initial unemployment claims broke records in all the wrong ways, showing nearly 3.3 million Americans filed for unemployment benefits after losing their jobs, about five times the previous record. That record lasted for one week — this week’s initial claims report, released Thursday, came to 6.6 million. Today’s jobs report looks much less grim at first glance, showing March unemployment at 4.4 percent.
All that said, help is on the way — a lot of it. People who have lost their jobs will get an additional $600 per week on top of the usual unemployment benefits, and benefits will be available to lots of people who wouldn’t normally qualify, such as people who were self-employed and people who had to quit their jobs because of the coronavirus crisis. State unemployment offices are working to get those benefits in place and when they are issued they will be available retroactively.
The Trump administration has been insisting it will be possible to apply for the loans as of today and in some cases it will be possible to get the loan proceeds the same day. But how many banks will be willing to process the loans and how quickly they will be able to do so remains an open question. So does the level of uptake among small business owners, who will have to put themselves in a position of borrowing money and getting comfortable with the idea that the loan really will be forgiven.
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