INDIANAPOLIS — Jobless Hoosiers could be getting some additional unemployment benefits soon. But a financial planner tells us the money on the horizon could be both good and bad.
The unemployment rate in Indiana has fallen from 17% during the peak of the pandemic to about 7 percent. That improvement could mean there won’t be any additional unemployment benefits after this round.
Hoosiers are waiting with empty pockets for September 21st, the day the additional unemployment benefit of 300 dollars begins. This part of President Donald Trump’s executive order that was initially meant for three weeks of unemployment assistance. Now FEMA has added an additional three weeks of relief.
“As long as you’re getting at least $100 dollars a week in benefits, meaning that you’re in the Indiana program, those new benefits, those additional benefits of that $300 dollars a week will begin showing up September 21st,” said Personal Finance Expert, Peter Dunn.
With these benefits, eligible struggling Hoosiers will get a total of $1800 in benefits with 6 weeks as opposed to $900 in three weeks.
Dunn says the money is retroactive back to August 1st covering up until September 5th.
These funds are coming from FEMA and every state in the country had to apply for them, but some have already run out.
“I think Hoosiers can expect the same thing to happen. Especially since the latest stimulus package was shot down in the Senate this week. Which would’ve extended that $300 a week through the end of the year that doesn’t appear to be happening right now,” said Dunn.
With the unemployment rate dropping it shows that Hoosiers are finding other lines of work.
“I think it is quite possible this is the end to enhanced unemployment benefits going forward at least prior to the election,” said Dunn.
Since March 8th the Indiana Department of Workforce Development says they’ve paid nearly 670,000 Hoosiers $4.9 billion dollars.