What happens to unemployment benefits without a new stimulus?

The video discusses the expiration of federal benefits on December 31st, highlighting the uncertainty surrounding unemployment benefits and the CARES Act. It explains the impact on unemployment benefits, student loans, and payroll taxes, urging viewers to plan financially for 2021. The video advises on budgeting and asset management while keeping an eye on potential future stimulus legislation.

What is the significance of December 31st in the context of federal benefits?

• It is the date for the next presidential election.

• It is the deadline for tax submissions.

• It is when extended federal benefits are set to expire.

• It marks the end of the fiscal year.

How did the CARES Act affect unemployment benefits?

• It increased the tax on unemployment benefits.

• It reduced the number of weeks for benefits.

• It provided additional weeks of unemployment checks.

• It eliminated unemployment benefits entirely.

What happens to unemployment benefits if Congress does not extend the CARES Act?

• They will be extended indefinitely.

• They will be eliminated.

• They will be increased.

• They will revert to pre-pandemic state limits.

What was the impact of the executive order on payroll taxes?

• Payroll taxes were reduced by half.

• Payroll taxes were permanently canceled.

• Payroll taxes were increased.

• Payroll taxes were deferred until the end of 2020.

What should individuals do to prepare for potential changes in their financial situation?

• Ignore any changes and continue as usual.

• Increase discretionary spending.

• Plan based on current information and adjust budgets.

• Rely solely on future stimulus packages.