The CARES Act passed in back in March set aside an additional $600 per week in unemployment insurance (UI) for the tens millions of Americans who ended up losing their jobs during the pandemic.
Americans have been receiving an extra $600 per week in unemployment benefits on top of their state benefits, but that extra $600 UI benefit will stop coming in on July 31 unless the federal government extends it.
Millions of Americans are about to take a $2,400 per month cut in pay as the unemployment rate sits at 13.3%, and 59% of CEOs tell Fortune they've implemented hiring freezes since the onset of the pandemic.
Also, be aware that the extra $600 in weekly unemployment benefits that are due to expire on July 31 may end a week earlier in some states due to a technicality: the schedule for paying out unemployment benefits. Some states pay out their unemployment benefits on weeks that end on Saturdays or Sundays. If that's the case in the state you live in, according to the U.S. Department of Labor, the last week to receive the extra benefit will be the week ending Saturday, July 25, or Sunday, July 26.
Among the states where unemployment benefits will end earlier than July 31 are California and New York, with their labor departments ending their payment cycles on July 25 and July 26, respectively.