How unemployment benefits are calculated under the stimulus bill

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

More than 33 million Americans lost their jobs and filed for unemployment benefits over the last seven weeks.

Unemployment insurance was designed to partially replace your income until you can get back on your feet. How much money you can expect, however, greatly depending on your previous salary and where you live.  

The average 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 extended eligibility to 39 weeks.

First, you will need to determine if you qualify. The 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. 

To learn more,  check out this video to see a case study of how benefits are calculated on a $40,000 salary. 

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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.

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