Catch a lover clothes benefit1/30/2024 Given the elevated levels of unemployment, that will be a matter of weeks, once the program is up and running in more states. While the Federal Emergency Management Agency says that "up to $44 billion in Disaster Relief Funding is available to support this initiative" the program will end once that funding is spent. According to Sherwyn, "the $300 comes from the FEMA, which is why there's a maximum to it, tens of billions of dollars. And the duration depends on how many people receive payouts and when. The supplemental unemployment insurance payouts will only be available for a limited time. The White House has since backed off the requirements that states had to kick in an additional $100. So it's unlikely they would have the funds during a recession that has seen local tax revenues plunge. "So it's a little iffy whether the feds can tell the states to give the $100."īy law, most states have to balance their budgets anyway. "The current one is $300 from the federal government and $100 from the states," says David Sherwyn, professor of hospitality human resources and a professor of law at Cornell University's School of Hotel Administration. (Those whose initial unemployment benefit is less than $100 are ineligible to receive the additional aid.) That's because of the way the program has been set up. While the additional benefit promised was $400, most of those who qualify will receive an extra$300. How Much Is The Additional Unemployment Aid? However, there is more information on the LWA program and what people can expect. And the coronavirus pandemic, with over 180,000 deaths and close to six million confirmed cases to date, remains in the way of any real recovery. The economy, after dropping off a cliff in the second quarter, remains sluggish. New unemployment claims exceeded one million last week. The end of August is now approaching, and the unemployment rate remains historically high, 10.2 percent for July. Congress is locked in a standoff on a second round of stimulus. Those payments counteracted the economic effects of the coronavirus pandemic. That legislation included $600 in weekly unemployment insurance payments from the federal government on top of whatever individual states provided. This has definitely boosted investor confidence as the quarterly numbers to be published by corporates will no longer be a horror story.LWA was part of a series of executive orders meant to follow the first round of stimulus, known as the CARES Act. To add to it, a 25bps reduction in the fixed reverse repo rate will enable banks to lend further and improve liquidity in the system. However, for the moment major concerns have been addressed as real estate and NBFC sectors have received massive relief, NBFCs (small and large) have liquidity coming in from TLTRO 2.0, financial institutions like SIDBI, NABARD and NHB have received liquidity directly from the RBI and there is relief on the NPA recognition and stressed asset reclassification for Banks. 50,000 Crs in the form of TLTRO is rather conservative. The measures though significant were not substantial enough as a mere Rs. RBI’s big bang stimulus was not a bazooka afterall, given the expectations, rather it was a conservative approach and indicated a piecemeal manner of infusing liquidity. Reserve Bank of India (RBI) Governor Shaktikanta Das in a press conference informed that RBI has been very proactive, and have been coming out with announcements. In his previous meeting, Shaktikanta Das had announced an emergency rate cut of 75 basis points. Nifty Private Bank index surged 7.76 per cent led by gains in Axis Bank, Bandhan Bank, Federal Bank and ICICI Bank. Except for Nifty FMCG and Nifty Pharma, all the sectoral indices finished in green today. Out of 30 Sensex stocks, just seven scrips settled in red with Nestle India as the top laggard, followed by HUL, Tech Mahindra, Sun Pharma and Titan. ICICI Bank, RIL, Axis Bank and HDFC Bank were among the top contributors to the index today. While the broader Nifty 50 index settled near the 9,300-mark, up 300 points or 3.32 per cent. S&P BSE Sensex advanced 986 points or 3.22 per cent to end the session at 31,589. RBI Governor Shaktikanta Das also announced to cut reverse repo rate by 25 basis points from 4 per cent to 3.75 per cent maintaining the repo rate unchanged. Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks Sensex and Nifty settled more than 3 per cent higher in Friday’s trade after Reserve Bank of India (RBI) announced a slew of measures to inject liquidity in the financial system.
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