End of Year Means End of Federal Aid for Millions of Americans
End of Year Means End of Federal Aid for Millions of AmericanA whole range of pandemic aid programs are set to expire in the new year, leaving millions of Americans without the government support that’s helped keep them afloat -- and threatening to hold back a rebounding economy.
The biggest blow will likely come from the end of two federal unemployment-insurance programs, with roughly 12 million people facing a late-December cutoff, according to a study released Wednesday by The Century Foundation. Also, measures that froze student-loan payments, offered mortgage forbearance and halted evictions have a year-end deadline –- and so do Federal Reserve lending facilities for small businesses and local governments.
The CARES Act, the main pandemic relief measure passed in March, prohibited landlords with federally guaranteed mortgages from evicting tenants. When that moratorium expired in July, the Centers for Disease Control and Prevention halted evictions of eligible tenants through Dec. 31. Several states have enacted their own suspensions; just a handful extend beyond year-end.
When protections end, many landlords may have no choice but to evict. An Urban Institute survey of 1,381 landlords found that more than one-third weren’t paid full rent for September. “Landlords are also in a predicament here,” said Kate Reynolds, a researcher at the Urban Institute. “Especially landlords that have mortgages. They need to be able to pay their bill as well.”
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https://finance.yahoo.com/news/end-fiscal-cliffs-approaching-millions-100000636.html
