Need Extra Cash? The Deadline for Retroactive Unemployment Is Closing Fast!

• Author: Kelly Cooke
• Posted: 2024-11-14

With the holidays right around the corner and Black Friday just behind us, it'd be hard to find someone who couldn't use some extra cash right now! After such a challenging year, some last-minute bailout money would be extremely useful for most people. Although we have yet to see the federal government come out with a second COVID stimulus package, you may still be able to take advantage of CARES Act provisions.

When Did You Last Certify You Were Unemployed?

If you were already approved for your state's unemployment program but re-employed, you may be missing out on part of a check. That's because many people simply stop certifying they're unemployed as soon as their employer offers them a position back.

However, most states offer an "allowance" amount on unemployment checks. This is the amount each week that you can earn while you claim unemployment that doesn't affect the check amount. Of course, if you made more than your unemployment check was per week, then you're probably out of luck in this regard.

However, let's say you were getting a $300 weekly unemployment check, and you were called back to work part-time. Working just a few days a week, you got $150 in wages. Though you're "employed", let's take out the standard allowance of 25% of your benefit amount, or $75. This is the amount that doesn't count against your check. Then, the other $75 would count against your check. This means that you'd be entitled to another unemployment check for $225 for that week!

Remember that the timeline for many types of aid will expire before Christmas, so you need to act fast! Go through and ensure you earned more than your check amount each week you didn't get unemployment money. If there are any weeks of missing money, claim them!

Why Even Small Unemployment Checks Matter

The winner of the unfortunate competition of "smallest possible unemployment check" is Hawaii, coming in at a meager $5 per week. Let's say that you did qualify for unemployment in Hawaii, but you didn't care about the $5 per week.

As we saw in the initial CARES Act, the federal government required that you earn $1 or more in state-level unemployment money weekly to receive a $600 weekly bonus on your unemployment check! Although this level of generosity isn't likely to repeat itself, federal officials are still in talks regarding what amount this "bonus" should be.

Even on the conservative end, experts estimate it'll be minimally $200 or $300 per week after Trump's extra $300 per week expired the week ending September 5. That's a lot of weeks to get an extra $200 or $300 retroactively! The key here is to not lose hope.

Timing Doesn't Matter (If You Act Soon)

If you're reading this information and thinking that you missed out because it's been months since you've touched your state's unemployment portal, stop thinking you're too late! The week ending with December 26 is when you'd be too late if you were receiving PUA aid, but there's plenty of time now!

Even if you're months behind, the good news is that most states will let you certify you were unemployed for the specific weeks you were even awhile after the fact. Keeping in mind that there is a very high chance of more federal aid being pumped in retroactively per week of unemployment, getting in on the ground floor is key here!

If you're all set up in terms of unemployment filing by the time the federal government comes to an agreement on the second stimulus package, you'll likely be among the first people to receive this aid. Though there's no guarantee, leaders from both sides of the aisle have signaled they're fairly close to a deal.

Will This Affect a Second Stimulus?

Some are hesitant to file for unemployment benefits from months ago because they're worried that they wouldn't get a second COVID-19 stimulus. If such a package were passed again, being on unemployment would have no impact on your stimulus. Stimulus money is considered an advance on a refundable tax credit. That means that you don't even need to pay income tax on it, let alone worry about how your unemployment benefits might affect you getting it!

Unemployment insurance money is something to which workers in most states have a legal right to obtain, so don't be shy, and get what's yours!