Federal unemployment checks to end - VT Digger

The federal free money tree is looking pretty bare.

"More than $542 million has flowed into Vermont since March, when the federal government started supplementing Vermonters’ unemployment checks with $600 a week to help them through the Covid-19 pandemic. With those payments due to stop at the end of July, Vermont business leaders are weighing the likely impact of a sharp drop in income that will affect thousands of people at once. It will most likely affect lower-income households that have had less of a chance to accumulate savings over the years, as well as people in the service industry who don’t have the opportunity to return to work, said legislative economist Tom Kavet. “There will definitely be a downdraft from that,” Kavet said. “There will be people who are then on 45% of their prior income, or whatever their (state) unemployment benefits work out to be, and that will be a drastic reduction in income. It’s going to be that much less money pumped into the state.”."

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