Here’s how unemployment benefits are calculated with the $600 coronavirus stimulus

Here's how unemployment benefits are calculated with the $600 coronavirus stimulus

More than 30 million Americans lost their jobs over the last six weeks.

And with the economy on hold, securing another steady paycheck may take some time. That’s where unemployment insurance benefits come in.

The average U.S. unemployment check was $378 at the end of 2019.

In most states, those benefits would keep coming for up to 26 weeks. The 2020 stimulus bill boosted that weekly unemployment check by $600 through July 31 and added an extra 13 weeks of eligibility.

First, you will need to determine if you qualify. The exact rules vary by state, but the new stimulus bill greatly expanded coverage to help people who are unable to work due to the coronavirus. The bill still disqualifies those who were fired for cause, people who were paid under the table with no payroll records and people still receiving paid time off. 

Now check out this video to see a case study of how benefits are calculated on a $50,000 salary. 

More from Invest in You:

How much you can expect to get from Social Security if you make $40,000 a year
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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.

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