How much of your benefits would you lose if FPUC isn't extended and one of the current alternate bills replaces it
The Federal Pandemic Unemployment Compensation (FPUC) paid you an additional $600 each week on top of your regular state UI benefits. But FPUC has now expired.
For many people, the FPUC has been a significant portion of their unemployment benefits. Critics of the FPUC have argued that $600 is too much, with a lot of people earning more on unemployment than they were earning while working. Proponents of the FPUC argue that current state benefits are too little to support people in a pandemic stricken economy where not enough jobs are available.
Everyone receiving unemployment will get $600 less next week. The HEROES act passed in Congress on May 2020, extending FPUC through January of next year, however this bill has not passed the Senate. Senate Republicans support other bills. One is a 70% wage replacement in which you would get 70% of your wages (instead of around 50%), while the other one reduces the $600 amount to $200. Democrats are pushing to preserve the $600 as is.
What portion of your benefits will you be losing starting next week if no other bill is in place, or if one of the alternate bills pass? See the table below.
Explanation of Columns
MIN: Minimum unemployment benefit
MAX: Maximum unemployment benefit
AVG: This column is simply Min + Max divided by 2.
FPUC600: Average UI benefit plus $600.
LOSS1: Percent of benefits lost without the $600
WAGE70: Estimate of how much one getting AVG benefits would get with 70% Wage Replacement
LOSS2: Percent of benefits lost compared to current benefits including $600 FPUC
FPUC200: Average UI benefit plus $200, as proposed by one of the bills
LOSS3: Percent of benefits lost if getting only additional $200 instead of $600
FPUC400: Average UI benefit plus $400, if both parties settle in the middle
LOSS4:Percent of benefits lost if getting only additional $400 instead of $600
Let's look at COLORADO. Minimum unemployment benefit is $25, maximum is $618. Assuming you are getting the average of $321, with the $600 you have been receiving $921 a week for the past few months.
Without the FPUC, you will only be getting your standard UI benefits of $321 a week, and you have lost 65% of your benefits (LOSS1).
With the proposed 70% wage replacement, you will get $385 a week which is still a loss of 58% of your benefits (LOSS2).
With the proposed $200 extra, you will get $521 a week. In this case you would still be losing 43% (LOSS3), which is almost half of your benefits.
If both parties agree on $400 extra, you will get $721 a week, which is a lot better, but you will still be losing 22% (LOSS4) which is around a fifth of your benefits.